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South Korean regulators are intensifying scrutiny of the Upbit hack as investigators connect the incident to a broader pattern of North Korean cyber operations, well-known as Lazarus Group. What do South Korean authorities say about the Upbit incident? South Korean authorities now suspect that North Korea’s Lazarus Group executed the recent attack on Upbit, one of the country’s largest cryptocurrency exchanges. According to a report by YONHAP NEWS AGENCY, the breach resulted in the theft of approximately 44.5 billion won ($30.4 million). The incident surfaced after the platform detected suspicious activity affecting customer assets. Officials noted that confidence in Lazarus’s involvement has grown as the investigation progressed. Moreover, they emphasized that the scale and sophistication of the theft resemble earlier operations linked to North Korean actors. Authorities are coordinating with domestic cybersecurity teams and international partners to verify the attribution and recover as many funds as possible. How did Upbit detect the abnormal activity? On Thursday, Upbit identified unusual withdrawals involving Solana-based crypto assets. In response, the exchange halted all deposit and withdrawal services, aiming to contain any further outflows. The platform quickly launched an internal review to trace the origin of the transfers, which involved substantial sums across several wallets. Initially, the company reported losses of 54 billion won ($36.8 million). However, after further reconciliation, that figure was revised down to 44.5 billion won ($30.4 million). Upbit’s rapid suspension of services helped limit additional damage. That said, the incident triggered renewed concerns about cryptocurrency exchange security in South Korea’s fast-growing digital asset market. Why is Lazarus Group suspected in the Upbit exchange hack? Investigators highlight clear similarities between this latest theft and a major incident that struck Upbit in 2019. That earlier attack, which South Korean police also attributed to Lazarus, led to the loss of 342,000 ETH. Moreover,…

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Filed under: News - @ November 28, 2025 2:27 pm