Event:

• South Korea suspects North Korea’s Lazarus Group carried out the recent hack of Upbit, its largest cryptocurrency exchange.
• The hack resulted in unauthorized withdrawals of 44.5 billion won ($30.4 million) in cryptocurrencies.

Investigation:

• South Korean authorities are inspecting Upbit’s systems.
• The heist shows similar patterns to the 2019 Upbit hack, which also involved Lazarus.
• Officials from the National Police Agency have launched an investigation, while the National Intelligence Service has not commented.
• Upbit’s operator, Dunamu, stated they are investigating the cause and scale of the asset outflow.

Context:

• Lazarus Group is a North Korea-backed cybercrime team, responsible for several high-profile crypto heists.
• The U.S. FBI considers Lazarus to be one of the most advanced persistent cyber threats globally.
• The attack coincided with Naver’s announcement of acquiring Dunamu, raising concerns over timing and regulatory scrutiny.

Exchange Details:

• Upbit is South Korea’s largest cryptocurrency exchange.
• Current exchange rate: $1 = 1,465 won.