The 2019 Upbit Hack Finally Solved: Shocking Details

The post The 2019 Upbit Hack Finally Solved: Shocking Details appeared first on Coinpedia Fintech News

Back in 2019, something huge shook the crypto world. Upbit, one of South Korea’s top exchanges, got hacked. The hackers made off with 342,000 ETH, worth $50 million at the time. Crazy, right? Now, with Ethereum’s value shooting up, that same haul is worth over $1 billion. And here’s the shocking part—it was North Korea’s doing.

How They Pulled It Off

For years, nobody knew who was behind it. But South Korea’s investigators just confirmed it: the infamous Lazarus and Andariel hacking groups. These guys are pros. They used sneaky techniques to breach Upbit’s systems. Investigators figured it out by following transaction trails, tracing IP addresses, and spotting patterns that screamed “North Korea.”

The hackers didn’t keep the stolen crypto from Upbit in one place. About 57% of it got sold on shady platforms, some allegedly run by North Korea. The rest? Laundered through 51 overseas exchanges. To make it harder to trace, they even converted some Ethereum into Bitcoin at lower prices. It’s wild how organized this was.

A Small Win After Four Years

Fast forward to 2024, and there’s finally some good news. In October, South Korea, the FBI, and Swiss authorities teamed up. They recovered 4.8 Bitcoin—around $4.5 million. Sure, it’s a small chunk of the total, but it’s better than nothing.

Still, most of the Upbit stolen funds are out of reach. The hackers used so many layers to hide their tracks. Honestly, it shows how much of a headache crypto thefts are for authorities.

What’s Next?

This isn’t just about Upbit anymore. The case highlights a bigger problem: crypto exchanges are easy targets for state-backed hackers. South Korea’s tightening its rules now, trying to prevent this from happening again.

But it’s clear—hackers aren’t slowing down. For crypto users, this is a wake-up call. Upbit hack and others are proofs that security can’t be an afterthought anymore.