North Korean Hackers Behind $42 Million Ethereum Heist Uncovered by South Korean Police

In 2019, hackers associated with North Korea's military intelligence unit executed a daring heist, stealing 58 billion won, roughly equivalent to $42 million, in Ethereum. South Korean police have now confirmed these findings, revealing that the hackers managed to infiltrate a cryptocurrency exchange, siphoning off an astonishing 342,000 tokens.

What’s particularly alarming is that more than half of the stolen assets were laundered through three exchanges that were allegedly established by the hackers themselves. The remainder of the funds was funneled through a staggering 51 different exchanges. Fortunately, the South Korean exchange Upbit detected the suspicious transfer, prompting further investigation.

The police identified the attackers as part of the Lazarus and Andariel groups, which are believed to have ties to North Korea's General Reconnaissance Bureau. This investigation was notably conducted in cooperation with the U.S. FBI and marks the first instance of North Korea being pinpointed as the source behind a cyberattack on a cryptocurrency exchange in South Korea.

The United Nations has estimated that North Korea has orchestrated cyberattacks amounting to about $3.6 billion between 2017 and 2024, emphasizing the ongoing threat posed by state-sponsored hacking.

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