PANews reported on December 8th that, according to South Korean media Chosun, the South Korean cryptocurrency exchange Upbit suffered a hacker attack in the early hours of November 27th. Within just 54 minutes, over 104 billion tokens (approximately 44.5 billion Korean won, or about 240 million yuan) were transferred to unknown external wallets. The affected tokens were primarily 24 tokens within the Solana ecosystem, with "BONK" suffering the largest loss, reaching 103.1 billion tokens, accounting for 99.1% of the total loss. In terms of value, Solana suffered the largest loss, amounting to 18.9 billion Korean won, representing 42.7% of the total loss. Although Upbit quickly convened an emergency meeting and suspended the transfer of relevant assets after discovering the anomaly, it did not report it to financial regulators until six hours later. Upbit stated that it had compensated users for their losses with its own funds and taken measures to prevent further abnormal transfers. However, due to the lack of clear penalty provisions for virtual asset service providers under current law, regulators are finding it difficult to directly sanction or enforce compensation. Currently, the Financial Supervisory Service of Korea is conducting an on-site inspection of Upbit, but it may be difficult to impose severe penalties.PANews reported on December 8th that, according to South Korean media Chosun, the South Korean cryptocurrency exchange Upbit suffered a hacker attack in the early hours of November 27th. Within just 54 minutes, over 104 billion tokens (approximately 44.5 billion Korean won, or about 240 million yuan) were transferred to unknown external wallets. The affected tokens were primarily 24 tokens within the Solana ecosystem, with "BONK" suffering the largest loss, reaching 103.1 billion tokens, accounting for 99.1% of the total loss. In terms of value, Solana suffered the largest loss, amounting to 18.9 billion Korean won, representing 42.7% of the total loss. Although Upbit quickly convened an emergency meeting and suspended the transfer of relevant assets after discovering the anomaly, it did not report it to financial regulators until six hours later. Upbit stated that it had compensated users for their losses with its own funds and taken measures to prevent further abnormal transfers. However, due to the lack of clear penalty provisions for virtual asset service providers under current law, regulators are finding it difficult to directly sanction or enforce compensation. Currently, the Financial Supervisory Service of Korea is conducting an on-site inspection of Upbit, but it may be difficult to impose severe penalties.
South Korean media: Upbit only reported the theft to regulatory agencies six hours after it occurred on November 27.
PANews reported on December 8th that, according to South Korean media Chosun, the South Korean cryptocurrency exchange Upbit suffered a hacker attack in the early hours of November 27th. Within just 54 minutes, over 104 billion tokens (approximately 44.5 billion Korean won, or about 240 million yuan) were transferred to unknown external wallets. The affected tokens were primarily 24 tokens within the Solana ecosystem, with "BONK" suffering the largest loss, reaching 103.1 billion tokens, accounting for 99.1% of the total loss. In terms of value, Solana suffered the largest loss, amounting to 18.9 billion Korean won, representing 42.7% of the total loss.
Although Upbit quickly convened an emergency meeting and suspended the transfer of relevant assets after discovering the anomaly, it did not report it to financial regulators until six hours later. Upbit stated that it had compensated users for their losses with its own funds and taken measures to prevent further abnormal transfers. However, due to the lack of clear penalty provisions for virtual asset service providers under current law, regulators are finding it difficult to directly sanction or enforce compensation. Currently, the Financial Supervisory Service of Korea is conducting an on-site inspection of Upbit, but it may be difficult to impose severe penalties.
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