In the wake of the significant Upbit hack that occurred on November 27, 2025, Binance has come under fire for its handling of a request to freeze funds linked to the incident. According to the official information, the exchange's limited response has raised concerns among South Korean regulators about the effectiveness of global asset protection measures.
Authorities Request Asset Freeze
Authorities requested Binance to freeze approximately 470 million KRW in SOL, a cryptocurrency that was reportedly involved in the hack. However, the exchange was only able to freeze around 80 million KRW, which accounts for just 17% of the total requested amount. This discrepancy has sparked scrutiny over Binance's operational protocols and its ability to respond swiftly to such urgent requests.
Regulatory Calls for Improved Mechanisms
The situation has intensified calls from South Korean regulators for improved mechanisms to ensure that exchanges can effectively execute asset freezes in a timely manner. As the cryptocurrency landscape continues to evolve, the need for robust security measures and cooperation between exchanges and regulatory bodies has never been more critical to prevent future financial losses.
Amid concerns over Binance's response to the Upbit hack, Binance Coin (BNB) is currently showing a slight upward trend, indicating stability in the market. For more details, see further information.
