A major exchange responds to the Upbit hacking incident: denies slow freezing of funds, claims to take immediate action

【Blockchain Rhythm】On December 12th, a major exchange responded to allegations from Korean media regarding its slow response to the hacker attack incident at Upbit. The exchange’s spokesperson stated: “Our security and investigation team quickly identified the incident and immediately took action to help freeze related transfers, preventing further fund loss. Therefore, any claims that we did not respond promptly and effectively are completely unfounded.”

However, according to a previous report by Korean media outlet KBS, the development of the situation appears to be more complex. After the Korean police received the report of the hacker theft at Upbit on November 27th, they requested the exchange to freeze approximately 470 million Korean Won worth of Solana tokens. But the exchange, citing “the need for further fact verification,” ultimately froze only 17% of the requested amount (about 80 million Korean Won). The entire process was delayed by about 15 hours before completion and notification to relevant authorities.

Data comparison shows that the freezing efficiency is indeed noteworthy: total stolen funds amount to 54 billion Korean Won (about $36 million USD), with a freeze request of 470 million Korean Won, but only 80 million Korean Won was actually frozen. Whether this “partial response” was due to necessary technical caution during verification or an inefficiency in handling mechanisms has become a focus of external controversy.

Upbit stated that it could not comment on the matter but emphasized that local law enforcement is actively pursuing the attacker’s identity. This incident exposes the coordination costs and information verification requirements involved in cross-border fund freezing, prompting the industry to re-examine the boundaries of a exchange’s responsibilities during security emergencies.