Upbit crypto cyber attack: South Korea suspects North Korea's Lazarus Group in $30 million theft

South Korea suspects a North Korean team to be the culprit behind a recent theft from its biggest cryptocurrency exchange, Upbit. The platform was hit by an unauthorised withdrawal of 44.5 billion won, which is approximately $30.4 million.

Authorities examining Upbit's systems believe a hacking group linked to North Korea's spy agency, known as the Lazarus Group, to be involved. The exchange described the incident as "an abnormal withdrawal."

The Lazarus Group has been implicated in several cryptocurrency heists over the past few years. The US Federal Bureau of Investigation (FBI) has identified North Korea's cyber operations as "one of the most advanced persistent threats."


A government official noted that Thursday's hack at Upbit bore similarities to a 2019 heist of 58 billion won in cryptocurrencies, which was also linked to Lazarus.

An official from South Korea's National Police Agency team investigating cyber crimes confirmed that an investigation has begun. However, they declined to provide further details. The National Intelligence Service was unavailable for comment.

An official at Dunamu, the company that operates Upbit, stated: "We are currently investigating the cause and scale of the asset outflow."

This attack took place just hours before South Korean internet giant Naver announced its acquisition of Dunamu. Upbit is recognized as the largest cryptocurrency exchange in South Korea.