South Korean police confirm that North Korean hackers Lazarus group and Andariel were behind the 2019 Upbit theft of 342,000 ETH
The stolen assets, worth 1.4 trillion won at the current price, flowed through multiple exchanges worldwide. Despite the theft’s massive scale, only a small portion was recovered. Specifically, 4.8 Bitcoins were retrieved from a Swiss exchange
South Korean police confirmed that North Korean hacker Lazarus group and Andariel orchestrated the 2019 theft of 342,000 Ethereum (ETH) from Upbit, South Korea’s largest cryptocurrency exchange. This is the first time authorities have officially acknowledged North Korea’s involvement in a domestic exchange hack.
The stolen assets, worth 1.4 trillion won at the current price, flowed through multiple exchanges worldwide. Despite the theft’s massive scale, only a small portion was recovered. Specifically, 4.8 Bitcoins were retrieved from a Swiss exchange.
Lazarus and Andariel Steal 342,000 ETH From Upbit
Lazarus and Andariel, North Korea’s notorious hacker groups, carried out the 2019 theft of 342,000 ETH from Upbit, South Korean police confirmed. The stolen Ethereum, valued at over 1.4 trillion won (approximately $1 billion), was carefully laundered. According to yna.co report, 57% of the stolen ETH was exchanged for Bitcoin at a 2.5% discount on three exchange sites, likely created by North Korea. Meanwhile, the remaining cryptocurrency flowed through 51 exchanges across 13 countries, including major players in the US and China.
South Korean authorities worked closely with the US FBI and other international agencies to track the stolen assets. Despite many laundered funds being spread across foreign exchanges, the investigation led to a significant recovery. After presenting evidence to Swiss authorities, they successfully recovered 4.8 Bitcoin, worth 600 million won, and returned it to Upbit. This marked a rare instance of recovering stolen funds.
This theft highlights North Korea’s increasing reliance on cryptocurrency hacks to fund its activities. The Lazarus Group has led North Korea in carrying out multiple high-profile cyberattacks on top crypto exchanges.
Besides, this report also highlights the growing hacks and scam incidents in the crypto space. For context, the US DOJ has charged five hackers recently for stealing $6.3 million in digital assets.
