North Korean Hackers Behind Massive 2019 Upbit Cryptocurrency Heist:South Korean Police
Seoul, South Korea – November 21,2024 – South Korean authorities have officially linked the 2019 theft of 342,000 Ether (ETH)from the Upbit cryptocurrency exchange to North Korean state-sponsored hacking groups. The announcement, made today by the National Investigation Headquarters of the Korean National Police Agency, marks the first time domestic investigators have definitively attributed a major virtual asset heist to Pyongyang.
The stolen cryptocurrency, valued at 58 billion South Korean won (approximately $300 million USD) at the time of the theft,now holds a staggering estimated value of 1.47 trillion won (approximately $1.1 billion USD) due to the volatility of the cryptocurrency market. The heist, which Upbit publicly disclosed on November 27,2019, involved the compromise of the exchange’s hot wallet, a readily accessible online storage for cryptocurrency.
The investigation, which involved collaboration with the Federal Bureau of Investigation (FBI), relied on a multifaceted approach to identify the perpetrators. Key evidence included analysis of IP addresses originating from North Korea,meticulous tracing of the cryptocurrency’s flow after the theft, the detection of distinctive Korean language patterns used in the hacking operation, and intelligence shared with the FBI. The South Korean police specifically implicated the Lazarus and Andariel groups, both known subsidiaries of North Korea’s Reconnaissance General Bureau, a notorious intelligence agency linked tonumerous high-profile cyberattacks globally.
This confirmation adds another significant chapter to the growing body of evidence linking North Korea to sophisticated cybercrime operations. The Lazarus Group, in particular, has a long and well-documented history of targeting financial institutions and cryptocurrency exchanges worldwide, generating significant revenue for the reclusive regime throughillicit means. This revenue is believed to be used to fund North Korea’s weapons programs and bolster its struggling economy.
The scale of the Upbit heist underscores the escalating threat posed by state-sponsored cybercrime. The continued development and deployment of advanced hacking techniques by groups like Lazarus and Andariel highlight theurgent need for enhanced cybersecurity measures within the cryptocurrency industry and beyond. The South Korean police investigation serves as a stark reminder of the vulnerability of even major cryptocurrency exchanges to highly organized and well-resourced cyberattacks. Further investigation into the full extent of the operation and the potential involvement of other actors remains ongoing.
References:
- Yonhap News Agency. (November 21, 2024). South Korean police: North Korean hackers behind massive Ether theft. [Link to original Korean article would be inserted here]
Note: Currency conversions are approximate and based on current exchange rates. Theexact value of the stolen cryptocurrency at the time of the theft and its current value may vary slightly depending on the source.
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