South Korea’s largest digital asset exchange, Upbit, suspended deposits and withdrawals on Thursday following unusual activity involving Solana network tokens. Authorities suspect that the cyberattack was carried out by the Lazarus hacking group, linked to North Korea and previously implicated in large-scale cryptocurrency thefts. Upbit, a major and reputable platform with millions of users trading cryptocurrencies, took immediate security measures to protect users’ funds due to the abnormal token movements on the Solana blockchain, known for its speed and low fees. The Lazarus group is notorious for targeting cryptocurrency exchanges and financial institutions, causing significant damage to the global crypto market, prompting continuous monitoring by authorities. This incident raises renewed concerns about cryptocurrency security and digital asset protection. While Upbit’s suspension of services aims to prevent further losses, it may impact user confidence. Investigations are underway, and Upbit along with relevant authorities plan to strengthen security systems. Such attacks on cryptocurrency exchanges pose growing challenges as the industry expands, highlighting the urgent need for enhanced investor protection and the establishment of new cybersecurity standards.
Source: coindesk
