Upbit CEO Publicly Apologizes: Confirms Approximately 44.50 Billion Korean Won in Asset Losses, Deposits and Withdrawals Have Been Suspended

On November 28, Upbit CEO Oh Kyung-seok, the largest crypto exchange in South Korea, issued an apology letter stating that it would report the cyberattack incident to relevant South Korean authorities in accordance with relevant laws and regulations, and investigate the cause and scale of the incident. Upbit analyzed a large number of public transaction records on the chain and discovered a security vulnerability that led to the inference of private keys, which has now been fixed. Upbit has suspended digital asset deposits and withdrawals and is tracking and freezing digital assets that have been transferred out of the Upbit platform.

Upbit has confirmed that approximately 44.50 billion Korean won in assets have been damaged (approximately $30.00 million), of which approximately 38.60 billion Korean won are user assets, of which approximately 2.30 billion Korean won have been frozen, and approximately 5.90 billion Korean won are its own assets. Upbit reiterated that users have been fully compensated using assets held by Upbit. Upbit is currently undergoing a comprehensive overhaul of its wallet system, and once the system is stable, digital asset deposits and withdrawals will be restored immediately.

[律动]