As a seasoned crypto investor who has navigated through the tumultuous seas of digital currencies for years, I can confidently say that Upbit’s recent actions to return stolen funds to victims of voice phishing scams is nothing short of commendable. Having lost my fair share to cybercriminals in the past, I have seen firsthand how devastating such attacks can be on individual investors.
380 individuals who fell victim to voice phishing on South Korea’s largest cryptocurrency platform, Upbit (worth approximately 8.5 billion won or $6.07 million), had their funds returned, thanks to a coordinated effort involving Dunamu, the exchange’s operator, and local law enforcement. By employing a Real-Time Fraud Detection System (FDS) and working closely with police, they successfully halted fraudulent transactions and recovered stolen assets. This significant achievement underscores Upbit’s dedication to safeguarding user assets as cryptocurrency scams become increasingly prevalent.
Upbit Returns Stolen Funds with Police Support
As a researcher, I’d like to share some recent developments regarding cryptocurrency exchange Upbit. On November 22, Ajunews reported that Upbit was able to recover approximately 8.5 billion won (roughly $7.3 million USD) from voice phishing scams.
In February, a total of 5 billion won was returned to 246 individuals, signifying a major achievement in their fight against fraud. On November 22nd, an extra 3.5 billion won ($2.7 million) was given back to 134 victims, underscoring the exchange’s commitment to safeguarding user funds. A representative from Dunamu celebrated this joint success, stressing its effectiveness in this partnership.
Due to the ongoing investigations by the Seoul Metropolitan Police and constant monitoring by Upbit’s Financial Crime Division (FDS), we are able to ensure the safety of our users as cryptocurrency usage expands.
This alliance emphasizes the power of integrating sophisticated technology into law enforcement to combat the growing issue of cryptocurrency-centered swindles and deceit. Upbit’s actions serve as a powerful model for other trading platforms aiming to shield investors from cybercrime.
Exchange Fight Against Hacks and North Korea’s Lazarus Group
The refund comes as Upbit grapples with the legacy of the 2019 Lazarus Group hack, one of the largest thefts in crypto history. South Korean police confirmed that Lazarus and its counterpart, Andariel, stole 342,000 ETH worth 1.4 trillion won.
Additionally, it was discovered that hackers laundered the stolen Ethereum by distributing it across 51 exchanges in 13 different nations, such as the U.S. and China. Notably, 57% of the Ethereum was traded for Bitcoin at a reduced rate of 2.5%, frequently through platforms controlled by North Korea. However, despite considerable efforts from authorities, only 4.8 Bitcoins were recovered. These Bitcoins were returned to the exchange after being obtained from a Swiss exchange.
Furthermore, this occurrence underscores North Korea’s increasing dependence on cryptocurrency hacking to finance their operations. Additionally, the exchange’s vigilant efforts to prevent fraud indicate the growing importance of global collaboration in fighting crypto-related crimes.
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2024-11-22 10:23