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This article begins by examining Upbit's repeated security breaches occurring on the same day, offering a systematic overview of nation-state hacker attacks targeting South Korean exchanges from 2017 to 2025. It explains why the South Korean crypto market has become a cash machine for North Korea's Lazarus Group: massive hot wallet assets fueled by the kimchi premium, a high success rate for Korean-language phishing attacks, and structural security weaknesses shaped by ongoing geopolitical tensions. The article provides a thorough analysis of the evolving attack methods. It also traces the flow of stolen assets to North Korea's nuclear program. South Korean exchanges are defending themselves against nation-state cyber forces with budgets typical of commercial companies. This signals that the crypto industry is entering a new era of global cyber warfare.

The report delves into the characteristics of South Korea’s cryptocurrency community and the trends to watch in 2023. The report notes that communities play a key role in the success of cryptocurrency projects, especially when it comes to decentralized governance. The South Korean market’s high interest in cryptocurrencies, especially compared to stock investments, and the Upbit exchange’s leading position in global trading volume are analyzed. Cryptocurrency community platforms in South Korea, including Telegram, KakaoTalk, Coinpan, DCInside, X (Twitter), Discord, and Naver Cafe, are studied and their characteristics and user behaviors are discussed. In addition, Google Trend data was analyzed to explore the Korean community’s interest in keywords such as Bitcoin, NFT, airdrops, and Ethereum. The report also covers hot topics in the Korean community in different months, as well as information sources and influence analysis of Telegram channels.