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Exchange Upbit begins refunding users after hacker attack
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Upbit exchange, South Korea’s largest cryptocurrency trading platform, has started refunding customers who lost funds in hacker attacks. According to the platform, refunds amount to 8.5 billion won ($6.07 million) for 380 victims.
Using a real-time Fraud Detection System (FDS) and police collaboration, Upbit operator Dunamu blocked fraudulent transactions and recovered stolen funds. In total, around 380 customers suffered losses due to hackers.
Upbit recovered 8.5 billion won in frozen funds, Ajunews reported on Friday (22). The money was stolen through phishing scams via voice message.
Hackers called customers posing as Upbit employees and asked for account information. Then, they managed to invade and steal the cryptocurrencies stored by customers on the exchange.
Upbit returns stolen funds with police support
Using FDS, Dunamu was able to detect and block suspicious transactions. However, this caused customers to temporarily lose access to their cryptocurrencies.
Collaborating with the Seoul Metropolitan Police, the exchange successfully returned these funds to affected users. In February, 5 billion won was recovered for 246 victims.
This Friday, the exchange announced the recovery of over 3.5 billion won ($2.7 million) that was returned to 134 victims, emphasizing the exchange’s dedication to protecting users’ assets.
“Thanks to the Seoul Metropolitan Police investigation and Upbit’s FDS monitoring, we continue to protect our users as cryptocurrency activity grows,” Dunamu stated.
The refund comes as Upbit deals with the legacy of the Lazarus Group, which launched a major attack against the exchange in 2019. At the time, the group used a counterparty called Andariel to steal 342,000 Ether (ETH), which corresponded to 1.4 trillion of won at the time.
Additionally, investigators discovered that hackers laundered stolen ETH on 51 exchanges in 13 countries, including the United States and China. The group exchanged 57% of ETH for Bitcoin at a 2.5% discount, often through platforms controlled by North Korea.
Exchange Upbit begins refunding users after hacker attack
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Exchange Upbit begins refunding users after hacker attack
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Exchange Upbit begins refunding users after hacker attack
