intelligence reports or official government statements

South Korea Confirms Lazarus and Andariel Stole $41.5 Million in 342,000 ETH Upbit Hack in 2019

Nov 21, 2024, 07:55 AM

On Thursday, South Korean police confirmed that North Korean hacker groups Lazarus and Andariel, linked to North Korea's military intelligence agency, were responsible for the theft of 342,000 ETH (worth $41.5 million or 58 billion won) from Upbit, South Korea's largest cryptocurrency exchange, in 2019. The National Office of Investigation announced the findings, tracing the Ethereum cryptocurrency heist using IP addresses, language analysis, and collaboration with the FBI. Approximately 57% of the stolen ETH was exchanged for Bitcoin at low prices, with the remaining assets potentially used to fund North Korea's cyber operations.