North Korean Hackers Behind $50 Million Upbit Breach, South Korea Confirms
South Korean officials have officially linked the 2019 Upbit cryptocurrency hack to North Korean hacking groups.
The National Office of Investigation revealed on November 21 that Lazarus and Andariel, notorious North Korean cybercriminals, were behind the $50 million theft, which involved the pilfering of 342,000 ETH from Upbit’s hot wallet.
At the time of the hack, Ether was valued at $147 per coin, but with the recent rise in Ether’s price, the stolen assets would now be worth over $1 billion. This confirmation marks the first time that South Korean authorities have publicly attributed a major cryptocurrency hack to North Korea.
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The investigation was aided by the tracking of cryptocurrency transactions, IP addresses, and linguistic analysis, with help from the FBI. Although the full details of the attack’s methodology were not disclosed, officials noted that the stolen funds were laundered through multiple overseas exchanges, with 57% of the stolen Ether allegedly sold on exchanges linked to North Korea.
This development comes shortly after South Korean regulators launched an investigation into Upbit for possible violations of Know Your Customer (KYC) regulations. The Financial Intelligence Unit discovered that Upbit had accepted improperly blurred identification cards from users, potentially leading to significant fines and issues with its business license renewal.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
