South Korea's largest cryptocurrency exchange, Upbit, suffered a hacking incident involving cryptocurrencies worth 44.5 billion won (126 million ringgit) on the 27th. According to government and industry sources reported on the 28th, there is a strong possibility that this incident was perpetrated by the North Korean hacker group Lazarus.
According to a Yonhap News report on the 28th, South Korean cryptocurrency exchange Upbit was hacked for cryptocurrencies worth 44.5 billion won on the 27th, and suspicion strongly points to the Lazarus hacker group under the North Korean Reconnaissance General Bureau.
Experts in South Korea's cybersecurity sector believe that while the investigation results are pending, it is highly likely that foreign-exchange-starved North Korea hacked into Upbit to steal cryptocurrency.
An expert noted that after hacking in, the stolen cryptocurrency is transferred to wallets on other exchanges and then subjected to coin mixing (money laundering), which is consistent with Lazarus's methods. Moreover, after mixing, the transactions become difficult to trace, especially since member countries of the international Financial Action Task Force on Money Laundering prohibit mixing, making it even more likely that North Korea is responsible.
This hacking incident happened to occur on the same day—the 27th—that South Korea’s largest portal site Naver announced a merger press conference with Upbit’s parent company Dunamu. Experts pointed out, "Hackers often have a strong urge to show off, so they may have chosen the 27th to attack precisely to flaunt 'we did it on the day of the merger.'"
The report noted that the hacker group Lazarus was also suspected to be involved in the theft of 58 billion won (164 million ringgit) worth of Ethereum in Upbit’s 2019 incident.
Additionally, this year alone Lazarus has stolen over 2.7 trillion won (7.62971 billion ringgit) in crypto assets. In May, Lazarus hacked the Taiwanese cryptocurrency exchange BitoPro and stole about 15.8 billion won (44.6479 million ringgit) in assets; in the hacking incident at the Bybit exchange in February, Lazarus stole Ethereum worth approximately 2 trillion won (5.65164 billion ringgit) in one swoop.