Binance Takes the Heat in Korea After Freezing Only 17% of Hacked Upbit Funds
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Binance froze just 17% of the hacked Upbit funds, amounting to around $80,000, despite a request to freeze approximately $370,000. South Korean police criticized Binance for its slow response and limited action during the hack, highlighting the need for exchanges to act swiftly to minimize user losses.
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- Binance froze only a small share of hacked Upbit funds after long delays.
- South Korean police questioned Binance’s slow response and limited freeze action.
- Experts say exchanges must act quickly during hacks to reduce user losses.
South Korean police asked Binance to freeze crypto stolen from Upbit during a recent hack, but the exchange held only a small share of the assets, according to KBS. Authorities requested a freeze on about 470 million won (around $370,000) in Solana. Binance froze about 80 million won, or 17%, after saying it needed more time to verify the request.
When pressed about the limited action and the delay, Binance told KBS: “Our position remains unchanged: we will continue to cooperate with the relevant authorities and partners in accordance with appropriate procedures.”
Investigators later found that the hackers converted most of the …
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