Interestingly, just yesterday when the hack happened, Upbit's parent company officially got approval from South Korea's internet giant Naver for an acquisition deal worth $10.3 billion. Way higher than the $3 billion rumored acquisition of Huobi a few years ago. The original plan was for Upbit's parent company to merge with Naver's financial arm, Naver Financial, to boost their valuation to $15 billion and go for a U.S. IPO. Looks like Korean regulators might put a stop to that now. Because not long before this incident, South Korea's Financial Services Commission had already launched an investigation into Upbit for failing to report sensitive user and transaction information on time, and they might suspend new user registrations for 3 months. The Korean crypto market might be heading for a crackdown.