As a seasoned cybersecurity researcher with over two decades of experience under my belt, I must say that the confirmation of North Korean hackers being responsible for the $50 million Upbit cryptocurrency hack in 2019 comes as no surprise to me. The sophistication and audacity of these attacks have been a recurring theme in the cyber world, particularly when it comes to North Korea’s Lazarus and Andariel groups.
It’s been verified by South Korean officials that North Korean cybercriminals orchestrated the theft of $50 million worth of cryptocurrency from Upbit in November 2019.
According to reports from South Korea’s National Investigation Office, it is believed that the cyber attack resulting in the theft of approximately 342,000 Ethers was perpetrated by hacking groups affiliated with North Korea, specifically Lazarus and Andariel.
On November 27, 2019, it was reported that Upbit, a cryptocurrency exchange based in South Korea, had approximately $50 million worth of Ethereum (ETH) stolen from its hot wallet. At the time of the theft, each ETH coin was valued at around $147.
Due to a significant increase in Ether’s worth, similar to Bitcoin, the estimated stolen value has soared beyond $1 billion.
North Korean police confirm hack perpetrators after five years
As a researcher, I’m sharing an intriguing development: For the first time, a South Korean investigative body has publicly acknowledged North Korea’s role in a cyberattack on cryptocurrencies within their jurisdiction. This is a significant revelation, underscoring the global reach and complexity of such digital crimes.
The report states that the authorities verified North Korea’s participation in the activity. This was achieved by tracing cryptocurrency transactions and Internet Protocol (IP) addresses, as well as examining the usage of the North Korean dialect and FBI materials from the U.S.
Even though the police verified North Korea’s part in the hacking incident, they chose not to disclose specifics about their tactics to avoid any imitators attempting similar attacks.
After the security incident, it’s thought that approximately 57% of the pilfered Etherium was offloaded onto supposedly North Korean-run exchanges. The rest of the proceeds were dispersed and cleaned through around 51 international cryptocurrency platforms.
South Korea probes Upbit for KYC violations
Following a recent investigation, there is evidence supporting North Korea’s role in the 2019 cyber attack on the cryptocurrency exchange, Upbit.
On November 14th, the Financial Intelligence Unit of the Financial Services Commission identified approximately 500,000 to 600,000 instances where a cryptocurrency exchange may have failed to comply with Know Your Customer regulations.
During the process of renewing its business license, Upbit was found by the Financial Intelligence Unit (FIU) to have potentially violated some rules. Specifically, there were suspicions that the exchange had accepted ID cards with blurred sections, making it challenging for authorities to accurately verify the identities of its users.
Failure to comply may lead to penalties totaling as much as $71,500 per infraction and potential difficulties when renewing the exchange’s business license.
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2024-11-21 10:48