South Korea · The Block
Upbit parent Dunamu confronts sanction process nearly eight months after $30 million hack: report
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South Korea's Financial Supervisory Service has begun sanction procedures against Dunamu, the operator of crypto exchange Upbit, over the roughly $30 million hack the platform suffered last November, local broadcaster SBS reported Sunday.
Key facts
- Upbit, South Korea's largest crypto exchange by trading volume, was hacked for 44.5 billion won (about $30 million) in Solana-based assets on Nov. 27 last year
- Dunamu covered the 38.6 billion won ($26 million) in affected customer assets using Upbit's own reserves
- South Korea's Financial Supervisory Service has begun sanction procedures against Dunamu, the operator of crypto exchange Upbit, over the roughly $30 million hack the platform suffered last November
- Lee Chan-jin, governor of the Financial Supervisory Service, said at a Dec
Summary
The FSS recently sent Dunamu an inspection report covering the incident, according to the report, which cited financial authorities and industry sources. Upbit, South Korea's largest crypto exchange by trading volume, was hacked for 44.5 billion won (about $30 million) in Solana-based assets on Nov. 27 last year. Dunamu covered the 38.6 billion won ($26 million) in affected customer assets using Upbit's own reserves. The exchange drew criticism at the time for its disclosure timing, as it announced the hack only after a merger event with Naver Financial held the same day had concluded, according to SBS.