Upbit, South Korea’s largest cryptocurrency exchange, reported a 44.5 billion won ($33M) hack on Thursday, including 5.9 billion won ($4M) of its own funds. Parent company Dunamu’s CEO Oh Kyung-seok confirmed all 38.6 billion won in customer losses were reimbursed from reserve funds, and 2.3 billion won was frozen via blockchain tracking. Deposits and withdrawals were suspended immediately after detecting the breach. Authorities suspect North Korea-linked Lazarus Group as potential perpetrators, drawing parallels to their previous attacks. The incident adds to Upbit’s history of high-profile hacks, including a major Solana hot wallet compromise earlier in 2025.