South Korean police are delving into a significant security breach at Upbit, the nation's largest cryptocurrency exchange, after hackers drained around 45 billion won—approximately $30 million—in digital assets. Preliminary findings, reported by Yonhap News, suggest the North Korean-linked Lazarus Group may be responsible.
The breach, uncovered on Thursday, prompted an immediate on-site investigation by government authorities. Anonymous sources from within the government and crypto industry noted striking similarities between this incident and a 2019 attack on Upbit, in which Lazarus was blamed for stealing 58 billion won in Ethereum.
The timing of this latest breach has raised speculation, occurring just hours after South Korean tech giant Naver Corp. announced a $10.3 billion all-stock deal to acquire Dunamu Inc., the parent company of Upbit. Some experts believe the cyberattack may have been strategically timed to create maximum disruption, though investigations are still underway.
Dunamu has acknowledged the unauthorized transaction and is currently assessing the full scope of the breach. In response, market confidence was shaken, with Naver shares falling by as much as 2.8% on Friday.
This incident underscores the ongoing cybersecurity challenges in the crypto industry and highlights the persistent threat posed by advanced hacking groups like Lazarus.
