Suspicions Point to Lazarus Group in New $30 Million Upbit Crypto Hack

Reading Time: < 1 minute

North Korea’s Lazarus Group is the prime suspect in a new $30.4 million hack targeting Upbit, South Korea’s largest cryptocurrency exchange, according to local media reports.

The reports, citing anonymous government and industry sources, indicate that authorities are preparing an on-site inspection of Upbit. The suspicion stems from the hackers’ methods, which closely resemble those used in a 2019 theft from the same exchange that was officially attributed to Lazarus.

The breach occurred on Thursday when Upbit detected abnormal withdrawals of Solana-based crypto assets, prompting an immediate suspension of deposits and withdrawals. The exchange initially estimated losses at $36.8 million but later revised the figure down to approximately $30.4 million.

If confirmed, this incident would mark a bold repeat attack by the notorious state-sponsored hacking group on one of South Korea’s premier crypto platforms.