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Upbit Halts Transfers After Solana Hot‑Wallet Breach as Seoul Probes Suspected Lazarus Link

South Korean investigators have opened an on‑site inspection following a revised loss estimate of 44.5 billion won.

South Korea investigates suspected North Korean role in 44.5 billion won Upbit crypto hack
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South korea links $30m upbit hack to north korea’s lazarus group

Overview

  • Upbit suspended all deposits and withdrawals after flagging abnormal transfers from a Solana hot wallet at 04:42 KST on Nov. 27.
  • Dunamu pledged full reimbursement from company reserves and transferred remaining holdings to cold storage pending a security audit.
  • The exchange says roughly 12 billion won in LAYER tokens has been frozen on‑chain, with additional freezes pursued with token projects.
  • On‑chain analysis indicates the stolen assets were converted to USDC and bridged to Ethereum in early laundering steps.
  • Authorities cite similarities to Upbit’s 2019 breach as they investigate a potential Lazarus Group link and review the incident during Naver’s planned takeover of Dunamu.