South Korean Police Confirm North Korean Hackers Stole $41.5 Million in Cryptocurrency

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The South Korean police have confirmed that North Korean hackers stole cryptocurrency worth 58 billion South Korean won (41.5 million dollars) in 2019. The National Investigation Agency of the National Police Agency reported that the state-sponsored hacker groups Lazarus and Andariel were behind the incident. The value of the 342,000 stolen Ethereum (ETH) has now reached 1.47 trillion South Korean won.

First Official Acknowledgment of North Korea’s Involvement

This confirmation marks the first official acknowledgment by a South Korean investigation agency of North Korea’s involvement in cryptocurrency theft. Similar allegations had previously been made by the United Nations and other countries.

The police determined North Korea’s role in the attacks by tracking IP addresses and cryptocurrency movements. They also mentioned that they identified North Korean language features and analyzed materials obtained with the assistance of the FBI.

Partial Recovery of Stolen Funds

In 2020, part of the stolen cryptocurrency was found at a crypto exchange in Switzerland. Following four years of investigation, the police proved the source to the Swiss prosecutor’s office. Recently, 4.8 BTC was returned to the Upbit exchange, valued at approximately 600 million South Korean won.

Authorities did not disclose information about North Korea’s methods of attack. This measure was taken to prevent the recurrence of similar attacks and to stop the imitation of such crimes. The South Korean police emphasized the importance of international cooperation in preventing cryptocurrency theft.

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