North Korean Hackers Behind 2019 Ethereum Heist, South Korean Police Confirm
South Korean authorities have formally confirmed that a significant Ethereum (ETH) theft in 2019 was carried out by North Korean hackers connected to the nation’s military intelligence service. The stolen assets were from a cryptocurrency exchange and were worth 58 billion won, or around $41.5 million at the time. The hackers broke into the exchange and took 342,000 Ethereum tokens, according to the probe. More than 1.4 trillion won ($1 billion) is the value of these tokens.
The stolen Ethereum (ETH) was laundered through a series of intricate transactions. Three cryptocurrency exchanges created by the hackers that provided Bitcoin at a reduced price handled more than half of the assets. Police had a hard time following the flow of the remaining stolen assets since they were laundered through 51 separate exchanges. The U.S. assisted South Korean police in their investigation, which they said was based on a thorough examination of IP addresses and asset flows. FBI, or the Federal Bureau of Investigation.”
The police also linked the attack to North Korea’s notorious Lazarus and Andariel hacker groups, affiliated with the country’s Reconnaissance General Bureau. These groups have been involved in several high-profile cyberattacks, and this incident marked the first time North Korea has been officially identified as the source of a cyberattack targeting a South Korean crypto exchange.
The attack is part of a wider pattern of cybercrime linked to North Korea, which has targeted cryptocurrency companies globally. In May 2024, a panel of United Nations sanctions monitors suspected that North Korea had carried out 97 cyberattacks on cryptocurrency companies between 2017 and 2024, stealing an estimated $3.6 billion.
Despite North Korea’s ongoing denials of any involvement in cyberattacks, this confirmation by South Korean authorities adds further weight to the growing concerns over the country’s role in cryptocurrency-related heists.
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