Foresight News|Nov 28, 2025 02:27
[South Korean Authorities Suspect Lazarus Group as the Perpetrator of the Upbit Theft Incident]
According to Foresight News, citing Yonhap News, South Korean authorities are focusing on investigating whether Lazarus Group is responsible for the Upbit theft incident and have conducted an on-site inspection of Upbit. The attack occurred in a hot wallet and employed the same method as the 2019 theft of 58 billion KRW worth of Ethereum from Upbit. Government officials stated that the attackers may have transferred funds by stealing administrator accounts or impersonating administrators. Security experts pointed out that after the attack, the hackers transferred funds to wallets on other exchanges and conducted coin-mixing operations, which is a typical method used by Lazarus Group. Since countries that are part of the international anti-money laundering Financial Action Task Force cannot perform coin-mixing operations, the likelihood of North Korea's involvement is relatively high.
Earlier, Foresight News reported that according to an updated announcement from Upbit, the scale of asset leakage related to the Solana network was revised from 54 billion KRW (approximately $36.93 million) to 44.5 billion KRW (approximately $30.43 million); the scale of frozen funds on the Solana network was revised from approximately 12 billion KRW to approximately 2.3 billion KRW (approximately $1.57 million).
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