Upbit's Ethereum hot wallet was compromised on November 27, 2019, resulting in theft of 342,000 ETH (~$49.3M). The South Korean exchange immediately froze all deposits and withdrawals and transferred remaining hot wallet funds to cold storage. Upbit announced it would cover the loss from its own funds. Lazarus/Andariel hacking groups were later attributed responsibility by authorities.

South Korean exchange Upbit 342,000 ETH worth about $50 million was stolen. The exchange’s alleged theft occurred while assets were being transferred between hot and cold storage wallets, leading some to speculate that the incident may have been an internal job rather than an external breach. On January 14, 2025, the United States, Japan, and South Korea mentioned in a joint statement that the Upbit theft was attributed to DPRK.