South Korea&#8217;s largest cryptocurrency exchange, Upbit, is currently under 
scrutiny by regulators following a significant hack that led to the 
unauthorized withdrawal of approximately $36.9 million in assets on the Solana 
(SOL) network. The breach impacted over 20 different tokens and has prompted 
Upbit to freeze assets on its platform while an investigation unfolds. Lazarus 
Group Tied To Upbit Hack Authorities are now investigating the possibility of 
North Korean involvement in the cyber attack. Reports suggest that a group 
affiliated with North Korea’s intelligence agency, the notorious Lazarus 
Group, may have orchestrated the hack, which Upbit has described as an 
&#8220;abnormal withdrawal.&#8221; This group has been consistently linked to several 
high-profile crypto heists in recent years, and the US Federal Bureau of 
Investigation (FBI) has identified North Korean cyber operations as one of the 
most sophisticated and persistent threats. Related Reading: Hyperliquid (HYPE) 
Ready For A Significant Surge To $50: Key Levels Identified The recent attack 
coincidentally occurred just days before the sixth anniversary of a previous 
major breach, in which Upbit lost 342,000 Ethereum (ETH) to North Korean 
hackers. According to an unnamed government official, this latest hack bears 
similarities to a 2019 incident in which approximately 58 billion won in 
cryptocurrencies was stolen, also attributed to the Lazarus Group. In response 
to the attack, the South Korean National Police Agency has launched an 
investigation into the matter, although officials have not provided further 
comments on the case. Upbit&#8217;s operator, Dunamu, confirmed that an in-depth 
investigation into the cause and extent of the asset outflow is currently 
underway. Crypto Exchange Moves Funds To Cold Storage The cryptocurrency 
exchange’s CEO Oh Kyung-seok stated that as soon as abnormal withdrawal 
activity was detected, Upbit promptly suspended all deposit and withdrawal 
services. &#8220;We are conducting a comprehensive inspection, prioritizing the 
protection of member assets,&#8221; he said in a notice to users. Following the 
discovery of the unauthorized transactions, Upbit has taken steps to freeze 
the affected funds wherever possible. To prevent any further unauthorized 
transfers, the exchange has shifted all remaining assets to cold storage, 
ensuring “a secure environment for funds.” Related Reading: Bitcoin Price To 
Recover $100,000: BTIG Cites Key Reasons For Optimism Upbit is also said to be 
working with relevant project teams to freeze assets on-chain, having already 
blocked a portion of the stolen funds related to the cryptocurrency Solayer 
(LAYER). The exchange has indicated that deposits and withdrawals will only 
resume once full security checks are completed. Dunamu has vowed to reimburse 
customers for any losses with business funds as part of its commitment to its 
users. It remains to be seen what additional information the country&#8217;s 
authorities will release in the coming days, as well as potential refund 
deadlines for affected individuals. Featured image from DALL-E, chart from 
TradingView.com

Upbit $30 Million Hack Update: Authorities Link Breach To North Korean Hackers

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