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South Korean Media: Upbit Exchange Delayed Reporting to Regulatory Authorities for 6 Hours After Hacker Attack

2 days ago

**Dec. 8 — South Korea’s largest crypto exchange Upbit delayed reporting a hack to the Financial Supervisory Service (FSS) by six hours, per South Korean outlet Chosun Ilbo.** Data from the FSS, obtained by National Assembly member Kang Min-kuk, shows: - Upbit detected abnormal transactions at 4:42 a.m. on Nov. 27 but notified the FSS only at 10:58 a.m. - Hackers stole over 104 billion Solana ecosystem tokens (valued at ~44.5 billion South Korean won) in 54 minutes during that window. - Upbit convened an emergency meeting 18 minutes post-detection, paused Solana deposits/withdrawals 27 minutes later, and fully suspended all crypto deposits/withdrawals at 8:55 a.m. Current laws lack direct penalty clauses for virtual asset service providers (VASPs) in hack incidents, leaving the FSS unable to impose major sanctions. Upbit responded that it fully compensated user losses with its own funds and reported to authorities immediately upon confirming the intrusion.
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