On December 8, according to South Korean media Chosun Ilbo, South Korea's largest digital asset exchange Upbit was hacked and delayed reporting the incident to the Financial Supervisory Service by six hours.
Upbit discovered the unusual transaction at 4:42 a.m. on Nov. 27, but did not first report it to the Financial Supervisory Service until 10:58 a.m. During that time, hackers stole more than 104 billion Solana eco-tokens, worth about 44.50 billion won, in 54 minutes, according to Kang Min-kuk, a member of the National Assembly's Administrative Affairs Committee.
Upbit held an emergency meeting 18 minutes after discovering the attack, suspended the Solana network token deposit and withdrawal 27 minutes later, and completely suspended all digital asset deposit and withdrawal services at 8:55 am. However, the current law lacks direct sanctions against virtual asset service providers for hacking incidents, making it difficult for the Financial Supervisory Service to impose major penalties.
Upbit responded that it had used equity funds to compensate users in full, and said it would report to the authorities immediately after confirming the intrusion.
Korean media: Upbit exchange was hacked and delayed for 6 hours before reporting to regulators
2025-12-08 07:28:16
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