A sweeping cyberattack has struck South Korea’s financial sector, as the Qilin ransomware group claims responsibility for a campaign it has dubbed “Korean Leak.” The attackers say they have exfiltrated troves of confidential data from more than ten prominent asset management and investment firms, threatening to release more unless demands are met.
The disclosures, posted on dark web forums associated with Qilin, detail the scale and scope of the breach. If confirmed, the fallout could ripple across markets, regulators, and investor confidence in South Korea’s tightly monitored financial industry.
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Multiple Firms Named in Data Exfiltration
Among the firms listed, VANCHOR Asset Management reportedly suffered the loss of 27 gigabytes of data, including thousands of investor records, account statuses, and long-term strategy documents. APEX Asset Management, which manages capital estimated at 5 billion won (about Rs. 308 Crores), allegedly saw its full investor database stolen, including names, emails, phone numbers, and bank account details.
The breaches extended to companies such as Majesty Asset Management Co. and Melon Asset Management Co., where client information, ranging from private citizens to high-profile political and business figures, was compromised alongside corporate forecasts and budgets.
In one of the most serious allegations, hackers claim to have seized evidence of stock market manipulation at LX Asset Management, as well as collusion between Human and Bridge Asset Management and Majesty Asset Management.
Broader Implications for Regulation and Trust
The Qilin group has warned that lawsuits, regulatory fines, and reputational damage may follow if firms do not comply with their demands. Analysts note that the leaks could also spark scrutiny of South Korea’s cybersecurity protocols, especially given the involvement of firms tied to major players such as Samsung and NH Investment & Securities.
South Korea’s financial regulators have not yet confirmed the scope of the breach. Cybersecurity experts caution that ransomware groups often exaggerate the extent of their access to increase leverage, but the detailed disclosures have raised concern among investors and employees whose personal and financial information appears exposed.
Qilin has hinted that the “Korean Leak” campaign is only the beginning, suggesting that dozens of additional firms may be targeted in the coming weeks.