North Korean hacking group Lazarus is suspected of orchestrating a cryptocurrency theft valued at approximately 45 billion won ($30.6 million) targeting South Korea’s largest cryptocurrency exchange, Upbit. Authorities are initiating an on-site investigation at the exchange following the breach.

Lazarus Group has previously targeted crypto platforms to fund regime activities through similar exchange exploits.

Upbit suspended all deposits and withdrawals after unauthorized transfers drained funds from its Solana-network hot wallet. The exchange pledged to reimburse affected users using company-owned assets.