Upbit Eliminates Outdated Deposit Addresses for User Safety

Upbit's Security Measures: South Korean crypto exchange Upbit has deleted old deposit addresses for wallet maintenance and security, requiring users to create new addresses to avoid delays in deposit processing. Deposits and withdrawals for 33 assets will resume sequentially starting December 5, 2023.

Recent Security Breach: Upbit suspended all services on November 27 due to a security breach that resulted in the theft of approximately $36.8 million in various cryptocurrencies, including Solana and USDC. The exchange is working with authorities to recover stolen funds and has assured customers that it will cover any losses.

Lazarus Group Involvement: The North Korean hacking group Lazarus is linked to the recent Upbit hack, as well as a previous attack in 2019. The group has been responsible for significant cryptocurrency thefts, with over $300 million in losses attributed to them in 2023 alone.

Historical Context of Hacks: The Lazarus Group has a history of high-profile cyberattacks, including the 2016 Bangladesh Central Bank heist and the 2023 Ronin Network hack. They have reportedly stolen over $2 billion in cryptocurrency this year, marking a record for annual losses in the sector.