Skip to main content

North Korea suspected of stealing millions in bitcoin from South Korean exchange

In February 2017, an attack on the South Korean cryptocurrency exchange Bithumb saw some $7 million in bitcoin and ethereum stolen, although the theft wasn’t actually detected until June. Now, there are signs that the criminals responsible are based in North Korea.

Bithumb is the largest cryptocurrency exchange in the country, and indeed one of the top five worldwide. It’s being theorized that North Korea may have carried out the attack in response to financial sanctions put in place as a result of its development of nuclear weaponry, according to a report from BBC News.

Recommended Videos

Bitcoin has had a record-breaking year, and is currently approaching the $20,000 mark – something that few would have expected would happen so quickly, given the fact that it hadn’t hit $1,000 as of the beginning of 2017. This is especially pertinent to this theft, as it’s thought that the funds that would have been worth around $7 million at the time would now be valued at around $82.7 million.

Digital currency wasn’t the only thing that was stolen in the attack. The hackers also made off with the personal information of over 30,000 users, and apparently demanded a ransom of $5.5 million from the proprietors of Bithumb to ensure that they would delete these records.

South Korean authorities have since determined that the company did not do enough to protect its users, given that their private data was unencrypted, according to a report from Chosun. The government imposed $55,000 in fines on the firm on December 13.

Up until now, digital currencies have not come under scrutiny from South Korea’s financial authorities, but that’s all set to change in the wake of this high-profile situation. This attack could serve as a warning of things to come elsewhere in the world, as criminal activity associated with cryptocurrency seems to be growing in prominence, and various governments seem eager to nip it in the bud.

Bitcoin mining marketplace Nicehash was recently hit by an attack that saw almost $64 million worth of cryptocurrency go missing. As values continue to rise, this kind of crime will only become more lucrative, so we can perhaps expect to see more situations of this nature.

Brad Jones
Brad is an English-born writer currently splitting his time between Edinburgh and Pennsylvania. You can find him on Twitter…
Upgrade to this Alienware 4K QD-OLED gaming monitor while it’s $300 off
Cyberpunk 2077 being played on the Alienware 32 QD-OLED.

The powerful machine you purchased from gaming PC deals should be paired with a premium display, and the 32-inch Alienware 4K QD-OLED gaming monitor comes with our stamp of approval. It's also on sale from Dell right now, with a $300 discount slashing its price from $1,200 to only $900. That's a steal when you consider the capabilities of this screen, so you're going to have to hurry with your purchase as stocks may run out at any moment.

Why you should buy the 32-inch Alienware 4K QD-OLED gaming monitor

Read more
Living without antivirus? Grab Avast Premium while it’s 70% off
A couple on a couch using a tablet.

I've been using the free version of Avast antivirus software for well over a decade now. It's always among the first batch of downloads I grab when I get a new laptop. Our reviewers even gave Avast One for Mac a 9 out of 10 review. But this week, Avast has a compelling offer that will convince freeloaders like me to get the paid version of Avast.

Right now, Avast Premium has an incredible 70% discount. That drops the price of one device from $80 per year to $23.40, or just under $2 per month. If you want to cover 10 devices, the price is only slightly higher, at $30 per year, or $2.50 per month. If you've been using the free version of Avast for a while, or you haven't been using antivirus software at all, this is a deal you need to check out.

Read more
Why macOS Tahoe is a big deal for Intel Macs
Apple unveiling macOS Tahoe at WWDC 2025.

Apple’s WWDC event kicked off on Monday with the usual slew of fresh announcements and updates showcasing the company’s software plans for the year ahead.

And as with every WWDC keynote, the upcoming shift to new software also signaled diminishing support for older Apple devices.

Read more