● South Korean investigators have revealed that North Korean hacking groups were behind the 2019 Upbit cryptocurrency heist, which involved the theft of $50 million worth of ETH. ● The attack on Upbit, one of South Korea’s leading cryptocurrency exchanges, occurred five years ago, during which 342,000 ETH were stolen from the exchange’s hot wallet.
● The investigation involved collaboration with the FBI and resulted in the identification of North Korean IP addresses, virtual asset flow patterns, and vocabulary traces as key evidence. ● South Korean police, in collaboration with Swiss prosecutors, recovered 4.8 bitcoins worth approximately 600 million won from a Swiss exchange and returned them to Upbit in October.
● This marks the first time a domestic investigative agency has officially confirmed North Korea’s involvement in virtual asset hacking. ● Upbit has since implemented measures to prevent a recurrence, including the distribution and operation of hot wallets, but has experienced a significant increase in hacking attempts in recent years.
● North Korean hackers have a history of targeting South Korea for crypto-related crimes, including email phishing tactics to deceive victims.
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