South Korea’s largest cryptocurrency exchange, Upbit, has refunded 8.5 billion won (approximately $6.07 million) to 380 victims of voice phishing scams. The disbursement, announced on November 22, underscores Upbit’s commitment to safeguarding user assets as crypto fraud continues to rise. This effort was made possible through Upbit’s real-time Fraud Detection System (FDS) and collaboration with the Seoul Metropolitan Police, successfully blocking fraudulent transactions and recovering stolen funds.
This refund marks a significant step in Upbit’s anti-fraud initiatives, building on a prior successful recovery of 5 billion won for 246 victims earlier this year. On November 22, an additional 3.5 billion won was returned to 134 users. According to a Dunamu official, the cooperation with law enforcement has been vital: “Thanks to the Seoul Metropolitan Police’s investigation and Upbit’s FDS monitoring, we continue to safeguard our users as crypto activity grows.”
Upbit’s proactive measures come as South Korean authorities continue to investigate the 2019 hack involving the Lazarus Group, a North Korea-linked cybercriminal organization responsible for one of the largest thefts in cryptocurrency history. The Lazarus Group, along with its counterpart Andariel, stole 342,000 ETH, valued at 1.4 trillion won. The stolen funds were laundered across 51 exchanges in 13 countries, including the U.S. and China, with a significant portion converted into Bitcoin via North Korean-controlled platforms. Despite extensive investigations, only 4.8 Bitcoin was recovered and returned to the exchange from a Swiss platform.
The ongoing threat of crypto-related crimes, particularly those linked to North Korea’s activities, emphasizes the need for international cooperation. Upbit’s swift action in returning stolen funds and collaborating with authorities sets a precedent for other exchanges in the fight against crypto fraud.
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