10 months ago
South Korea's Upbit Exchange Hacked, Suspects North Korean Group
South Korea's biggest cryptocurrency exchange, Upbit, was hacked, and about $30.4 million worth of digital money was stolen.
The authorities think a group called the Lazarus Group, which is linked to North Korea, might be responsible.
The hack happened just before a big internet company in South Korea, Naver, was going to buy the company that runs Upbit.
Upbit has stopped all deposits and withdrawals for now.
This is not the first time such hacks have happened.
Other exchanges have also been attacked recently, and North Korean hackers have stolen a lot of money from cryptocurrency exchanges this year.
South Korea's largest cryptocurrency exchange, Upbit, was hacked, resulting in the theft of 44.5 billion won ($30.4 million) in cryptocurrencies.
Authorities suspect the Lazarus Group, linked to North Korea, is behind the attack, citing similarities to a 2019 heist.
Upbit has suspended all deposits and withdrawals following the hack, which occurred just before Naver's acquisition of Dunamu, Upbit's operator.
The stolen assets were initially estimated at 54 billion won but were later revised to 44.5 billion won to reflect asset prices at the time of the exploit.
Cryptocurrency exchanges have faced a surge in cyberattacks, with North Korean hackers stealing over $2 billion in cryptocurrency this year.
- Who
- South Korean authorities and Upbit exchange
- What
- A cyberattack resulting in the unauthorized withdrawal of cryptocurrencies
- Where
- South Korea, targeting Upbit exchange
- When
- November 27, 2023
- Why
- Suspected North Korean hackers, possibly the Lazarus Group, targeted the exchange for financial gain
Key facts
- Exchange Hacked
- Upbit
- Amount Stolen
- 44.5 billion won ($30.4 million)
- Date of Hack
- November 27, 2023
- Suspected Hackers
- Lazarus Group (North Korea)
- Assets Stolen
- Solana network-based assets
- Exchange Operator
- Dunamu
- Investigating Authorities
- South Korean National Police Agency
Quotes
Dunamu
Operator of Upbit, the cryptocurrency exchange
“We are currently investigating the cause and scale of the asset outflow.”
businesstoday.in
Sources
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