$30 Million in Crypto Stolen

South Korean crypto exchange Upbit experienced a security breach, resulting in a theft worth approximately 44.5 billion won, allegedly orchestrated by the North Korean-linked Lazarus Group.

The incident underscores looming security risks for exchanges and raises concerns about state-linked cyber threats, emphasizing the urgency for reinforced security measures amidst ongoing market vulnerabilities.

$30 Million Theft: Upbit Shaken by Suspected Lazarus Group Hack

Upbit’s management reported the breach as a result of administrator account access rather than a server attack. Over 20 token types were stolen, the most significant being Solana (SOL), USDC, and memecoins. Upbit’s CEO, Oh Kyung-seok, assured users that Upbit would cover all losses, aiming to prevent asset damage. Authorities are conducting inspections to investigate further, emphasizing the ongoing risk from state-sponsored groups like the Lazarus Group.

Upbit will cover the entire amount… to ensure that no damage is incurred to your assets. – Oh Kyung-seok, CEO, Dunamu

Upbit will cover the entire amount… to ensure that no damage is incurred to your assets. – Oh Kyung-seok, CEO, Dunamu

Exchange Response: User Compensation and Security Measures

Did you know? Lazarus Group, linked to North Korean state intelligence, has a history of targeting cryptocurrency exchanges; repeat offending against Upbit shows persistent vulnerabilities in exchange security protocols.

Data from CoinMarketCap shows Solana (SOL) is currently priced at $139.15, with a market cap of $77.84 billion and a 24-hour trading volume of $3.33 billion. It has experienced a -3.20% price change over the past 24 hours and a -28.53% decline over 30 days.

The Coincu research team predicts increased regulatory scrutiny may be forthcoming as exchanges become more targeted. Enhanced internal security measures, particularly in administrator account protections, are necessary to combat future threats.