“Not all assets stolen in the Upbit hack were frozen!” Read more

Cryptocurrency exchange Binance has only partially complied with South Korean police’s request to freeze stolen assets related to the Upbit hack, according to South Korean media reports.

South Korean media: Binance only froze some of the assets stolen in the Upbit hack

According to the report, after the attack on the morning of November 27, the police and Upbit contacted Binance and requested it to freeze approximately 4.7 billion won worth of Solana (SOL) assets that were confirmed to have been transferred to the exchange.

However, Binance froze only 80 million won, or about 17% of the requested amount, because additional verification was required. It is also reported that Binance completed the freezing process around midnight on November 27, approximately 15 hours after the application was submitted.

In response to the police’s question, “Why was only a partial freeze implemented?” As for “Why the delay?”, Binance said it could not provide details as this process is related to an ongoing investigation. However, the company said it would continue to cooperate with the relevant authorities, saying, “As always, we will comply with appropriate procedures and continue to cooperate with authorities and partners.”

This incident once again highlights the challenges of tracking and freezing digital assets stolen in the Upbit attack through international exchanges.

*This is not investment advice.