Lazarus·Andariyal, 342,000 ETH stolen after hacking
Stolen ETH, exchanged for BTC, laundered through overseas exchanges
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The National Police Agency's National Investigation Headquarters announced on the 21st that the masterminds behind the 2019 Upbit hacking incident were the hacker group 'Lazarus' and 'Andariyal' under the North Korean Reconnaissance General Bureau.
The National Police Agency's National Investigation Headquarters investigated the incident in November 2019, when 342,000 Ethereum was stolen from Upbit, in cooperation with the U.S. Federal Bureau of Investigation (FBI), and concluded that the North Korean hacker group was responsible based on the IP addresses, cryptocurrency flows, and terminology found during the investigation.
This is the first official case where a North Korea-related group has been revealed to have carried out a cyber attack on a cryptocurrency exchange in South Korea.
According to the report, the North Korean hacker group is believed to have exchanged the stolen cryptocurrency for Bitcoin (BTC) at around 57% cheaper than the average market price through three cryptocurrency exchange websites they are suspected to have created themselves. The remaining 43% was transferred to 51 overseas exchanges in 13 countries, including China, the United States, and Hong Kong, and laundered.
It is difficult to determine how much of the stolen virtual assets flowed into North Korea.
A police official said, "The Bitcoin tracking process was interrupted," and "It becomes difficult to find the money as it flows into money laundering, and despite many attempts, it has become increasingly difficult to track further."
Reporter Kwon Seung-won ksw@blockstreet.co.kr
