North Korea’s Lazarus Group Linked to $37M Upbit Hack, Timing Clashes with $10B Naver Deal

• The Suspect: South Korea links the $30.6M Upbit hack to North Korea’s Lazarus Group.
• The Timing: The breach hit 24 hours after Naver agreed to buy Upbit’s parent for $10B.
• The Method: Hackers likely compromised admin keys, mirroring Lazarus’s 2019 tactics.

South Korean authorities have launched a high-level probe into the security breach at Upbit, with initial forensic markers pointing to North Korea’s state-sponsored Lazarus Group.

The investigation has refined the scope of the damage, confirming a loss of 44.5 billion won ($30.6 million), revised down from initial estimates of $37 million following a precise valuation of the stolen Solana assets.

Related: Upbit Confirms $37M Hack: Exchange Says It Will Cover Every Lost Dollar

The ‘Merger Chaos’ Theory

Investigators are now focused on a critical temporal anomaly: the attack commenced less than 24 h…

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