2025-11-27T11: 16: 03. 288+02: 00 Anniversary breach hits South Korea’s largest crypto exchange exactly six years after 2019 attack. Dunamu suspends deposits and withdrawals while pledging to fully reimburse customers. Upbit, South Korea’s dominant cryptocurrency exchange, suffered unauthorized withdrawals totaling approximately $36. 9 million (54 billion won) early Thursday morning, marking the second time the platform has been breached on November 27. The exchange detected unusual activity at 4: 42 a. m. local time when Solana-linked assets moved to an unidentified wallet address. Dunamu CEO Oh Kyung-seok disclosed the breach during a press conference at 12: 33 p. m., just hours after the company had announced its merger with Naver Financial. Upbit’s Six-Year Anniversary of $50 Million Ethereum Theft The timing raised immediate concerns among security analysts. Exactly six years earlier, on November 27, 2019, Upbit lost 342, 000 Ethereum tokens worth approximately $50 million in what authorities later confirmed was an attack by North Korean hacking groups Lazarus and Andariel. At the time of that theft, Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing. As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing. As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, traded around $146 to $149 per coin, putting the haul at roughly 58 billion won. The 2019 stolen Ethereum would be worth significantly more today approximately $1. 04 billion at current prices. South Korean investigators eventually determined that the attackers converted 57% of the stolen funds through three cryptocurrency exchanges they controlled, while laundering the remainder through 51 exchanges across 13 countries. Cryptocurrency exchanges generally face a difficult environment. More than two years ago, the exchange reported that in just the first half of 2023, there were 159, 000 attempted hacks against its systems. Its proximity to North Korea and the presence of the Lazarus hacking group in the region add to the risks. Since the start of this year, cybercriminals from communist North Korea are estimated to have stolen more than 2 billion dollars’ worth of cryptocurrencies. Hot Wallet Compromise Triggers Platform Freeze Thursday’s breach affected multiple Solana-based tokens including SOL, USDC, BONK, JUP, RAY, RENDER, ORCA, and PYTH. The company confirmed the intrusion was limited to hot wallet storage, with cold wallet reserves remaining secure. Upbit immediately moved remaining assets into cold storage and suspended all deposit and withdrawal services across the platform as a precautionary measure. “We will fully cover the loss with Upbit’s own assets so that customers are not affected in any way,” the company stated, assuring users no action would be required to recover their funds. Trading continues to function normally on the platform, though users cannot move assets on or off the exchange during the ongoing security review. Breach Comes Day After $10 Billion Naver Deal The hack arrived at a delicate moment for Dunamu. Just one day earlier, the company finalized a $10. 3 billion stock-swap merger Merger A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d with Naver Financial, creating one of South Korea’s largest digital finance entities. Under the agreement, Naver Financial will issue 87. 5 million new shares at a 1: 2. 54 ratio, making Dunamu a wholly owned subsidiary. South Korean financial authorities have launched on-site inspections to assess the situation. The repeated breach on the same calendar date, combined with North Korean involvement in the previous attack, has sparked speculation about the perpetrators behind the latest incident. Upbit, South Korea’s dominant cryptocurrency exchange, suffered unauthorized withdrawals totaling approximately $36. 9 million (54 billion won) early Thursday morning, marking the second time the platform has been breached on November 27. The exchange detected unusual activity at 4: 42 a. m. local time when Solana-linked assets moved to an unidentified wallet address. Dunamu CEO Oh Kyung-seok disclosed the breach during a press conference at 12: 33 p. m., just hours after the company had announced its merger with Naver Financial. Upbit’s Six-Year Anniversary of $50 Million Ethereum Theft The timing raised immediate concerns among security analysts. Exactly six years earlier, on November 27, 2019, Upbit lost 342, 000 Ethereum tokens worth approximately $50 million in what authorities later confirmed was an attack by North Korean hacking groups Lazarus and Andariel. At the time of that theft, Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing. As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing. As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, traded around $146 to $149 per coin, putting the haul at roughly 58 billion won. The 2019 stolen Ethereum would be worth significantly more today approximately $1. 04 billion at current prices. South Korean investigators eventually determined that the attackers converted 57% of the stolen funds through three cryptocurrency exchanges they controlled, while laundering the remainder through 51 exchanges across 13 countries. Cryptocurrency exchanges generally face a difficult environment. More than two years ago, the exchange reported that in just the first half of 2023, there were 159, 000 attempted hacks against its systems. Its proximity to North Korea and the presence of the Lazarus hacking group in the region add to the risks. Since the start of this year, cybercriminals from communist North Korea are estimated to have stolen more than 2 billion dollars’ worth of cryptocurrencies. Hot Wallet Compromise Triggers Platform Freeze Thursday’s breach affected multiple Solana-based tokens including SOL, USDC, BONK, JUP, RAY, RENDER, ORCA, and PYTH. The company confirmed the intrusion was limited to hot wallet storage, with cold wallet reserves remaining secure. Upbit immediately moved remaining assets into cold storage and suspended all deposit and withdrawal services across the platform as a precautionary measure. “We will fully cover the loss with Upbit’s own assets so that customers are not affected in any way,” the company stated, assuring users no action would be required to recover their funds. Trading continues to function normally on the platform, though users cannot move assets on or off the exchange during the ongoing security review. Breach Comes Day After $10 Billion Naver Deal The hack arrived at a delicate moment for Dunamu. Just one day earlier, the company finalized a $10. 3 billion stock-swap merger Merger A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d with Naver Financial, creating one of South Korea’s largest digital finance entities. Under the agreement, Naver Financial will issue 87. 5 million new shares at a 1: 2. 54 ratio, making Dunamu a wholly owned subsidiary. South Korean financial authorities have launched on-site inspections to assess the situation. The repeated breach on the same calendar date, combined with North Korean involvement in the previous attack, has sparked speculation about the perpetrators behind the latest incident. About the Author: Damian Chmiel 3038 Articles 94 Followers About the Author: Damian Chmiel Damian’s adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst. 3038 Articles 94 Followers Finance Magnates Daily Update Get all the top financial news delivered straight to your inbox. Stay informed, stay ahead. Email By subscribing, you agree to our Terms of Use and Privacy Policy. You may unsubscribe at any time. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. 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How Crypto Exchange Upbit Got Robbed Again – Six Years Later, Same Date
