South Korea’s cryptocurrency exchange, Upbit
$2.39B
The suspicious activity was noticed at approximately 4:42 AM local time on November 27.
According to the company’s notice, only the hot wallet was affected while cold-storage reserves remained secure. Remaining assets were transferred to cold storage, and attempts were made to freeze the stolen funds on-chain with the assistance of project teams and blockchain analytics partners.
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Upbit assured that all user losses would be fully covered using its own assets and that trading on the platform continued as normal, though transfers remained paused until safety could be reestablished.
The company requested patience as it conducts a platform-wide audit and cooperates with regulators.
Authorities, including cybersecurity and financial oversight agencies, have initiated on-site inspections to investigate the incident. No timeframe for restoring full services has been shared.
The incident coincided with a corporate decision by Upbit’s parent firm, Dunamu, which on November 27 also announced a stock-swap acquisition deal valued at around $10.3 billion by Naver Financial.
Following the conflict, Dunamu announced plans for a US initial public offering and a multi-billion-dollar investment in Web3 and artificial intelligence (AI) innovations.
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