Crypto▼ Bearish
Dunamu Faces Sanctions Over $30M Upbit Hack
The FSS began sanctions against Dunamu after a November 2025 hack drained $30M from Upbit's Solana hot wallet. Upbit covered customer losses. Next: a sanctions committee review.
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South Korea's Financial Supervisory Service has formally started sanctions proceedings against Dunamu, the parent company of crypto exchange Upbit, after a $30 million hot wallet breach last November. The FSS sent an inspection opinion letter to Dunamu around July 18-19, kicking off what could become a landmark regulatory action in Asia's most active crypto market.
The breach hit on November 27, 2025, when attackers compromised Upbit's Solana hot wallet. The total damage came to roughly 44.5 billion won, or about $30 million to $37 million depending on the exchange rate. Customer assets accounted for 38.6 billion won of that.
The FSS spent seven months investigating the incident. It found security failures at the exchange level and problems with how quickly Upbit disclosed the breach to the public.