Upbit Freezes 26 Billion Won in Stolen Assets, Launches Recovery Campaign

Upbit Freezes 26 Billion Won in Stolen Assets, Launches Recovery Campaign

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by Satoshi Nakamura

10 months ago

Made with AI

In a significant security breach, South Korean cryptocurrency exchange Upbit has frozen assets valued at 26 billion won. This decision comes in the wake of abnormal withdrawal activities linked to the Solana network, prompting immediate action to protect users and funds. Based on the data provided in the document, the exchange is taking further steps to enhance its security measures.

Unusual Withdrawal Patterns Detected

Upbit detected unusual withdrawal patterns from a wallet connected to the Solana network, leading to the swift freezing of assets. To enhance security, the exchange has blocked all deposits and withdrawals while upgrading its wallet system to prevent further incidents.

Commitment to Users

In a show of commitment to its users, Upbit has pledged to cover all lost funds resulting from the hack. Additionally, the exchange has launched a recovery bounty aimed at assisting affected users in reclaiming their assets. This demonstrates its dedication to maintaining trust and security within the platform.

Following Upbit's recent asset freeze due to security concerns, the exchange has also announced significant changes to the BORA token circulation plan. For more details, see BORA updates.

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