South Korean police have named the hacker groups responsible for the theft of 342,000 Ethereum from major cryptocurrency exchange Upbit in 2019 for the first time.
Incident Revelation
Local news agency Yonhap reported that the Lazarus and Andariel hacker groups, part of the North Korean Reconnaissance General Bureau, stole 342,000 Ethereum from Upbit in November 2019.
Stolen Funds Distribution
Police stated that the hackers traded 57% of the stolen Ethereum for Bitcoin at a very low price through three North Korean-run crypto exchanges. The rest of the funds were laundered and distributed across 51 global exchanges.
Funds Recovery
South Korean police added that in October 2020, some stolen assets were found on a Swiss trading platform. In October of this year, 4.8 BTC was recovered and returned to Upbit.
This incident highlights the need for enhanced security measures and international collaboration to combat cyber threats in the cryptocurrency market.
