The 2019 theft of $50 million worth of ETH from South Korean crypto exchange Upbit was carried out by North Korean hackers Lazarus and Andariel. Upbit first reported the attack five years ago, during which 342,000 ETH were stolen from the exchange’s hot wallet. The stolen stash would now be worth over $1.04 billion.
A report by Yonhap, a Seoul-based news agency, revealed that nearly 57% of the stolen Ethereum was converted to Bitcoin through North Korean-controlled exchanges, while the rest was laundered via 51 overseas platforms. South Korean police, with assistance from Swiss prosecutors, recovered 4.8 bitcoins worth around 600 million won and returned them to Upbit in October.
North Korean hackers have a history of targeting South Korea for crypto-related crimes, and this is the first time a domestic investigative agency has officially confirmed North Korea’s involvement in virtual asset hacking.
