South Korea's National Office of Investigation has confirmed that North Korean hacking groups Lazarus and Andariel carried out the $50 million hack of Upbit, a South Korean cryptocurrency exchange, in November 2019. At the time of the breach, 342,000 Ether was stolen, valued at approximately $147 each, totaling around $50 million. With the rise in Ether's value, the stolen assets are now worth over $1 billion. This marks the first official recognition by a South Korean agency linking North Korean hackers to a cryptocurrency theft. Authorities traced crypto transactions and IP addresses, as well as analyzed language used by the hackers. After the hack, it is believed that around 57% of the stolen Ether was sold on exchanges thought to be operated by North Koreans. In a related investigation, the Financial Intelligence Unit found many potential Know Your Customer violations at Upbit, indicating further regulatory scrutiny for the exchange.

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