South Korean authorities have fingered North Korean hackers for a massive 2019 Ethereum theft. This is a big deal, as it’s the first time they’ve officially linked North Korea to a crypto exchange attack.
The $55 Million Ethereum Robbery
The hackers, linked to North Korea’s Reconnaissance General Bureau (a military intelligence agency), stole 342,000 Ethereum tokens. That was worth $55.7 million back then – and it’s worth over a billion dollars today! They hit a South Korean exchange (the name wasn’t revealed, but Upbit was suspected), making this one of history’s biggest crypto heists.
How They Did It and How They Got Caught
The hackers cleverly laundered more than half the stolen Ethereum through their own crypto exchanges, offering discounts to swap it for Bitcoin. The rest was spread across dozens of other exchanges worldwide. The investigation was a joint effort between South Korean authorities and the FBI, using advanced tracking techniques to follow the money and IP addresses. The Lazarus and Andariel hacking groups, known for their ties to North Korea, are believed to be responsible.
North Korea: A Persistent Crypto Threat
This isn’t North Korea’s first rodeo. They’ve become infamous for targeting crypto exchanges to fund their government. While authorities try to recover stolen funds, these hackers remain a major threat. A UN report even estimates that North Korea has pulled off nearly 100 crypto hacks since 2017, netting them around $3.6 billion! This money likely helps fund their weapons programs. Even recently, a fake blockchain game scam netted them another $3 billion over six years. Despite international efforts, these hackers continue to be incredibly successful.
