Korean media: Upbit trading platform delayed reporting to regulatory authorities for 6 hours after being hacked

BlockBeats News: On December 8th, according to South Korean media Chosun Ilbo, Upbit, the largest digital asset trading platform in South Korea, delayed reporting the incident to the Financial Supervisory Agency for 6 hours after being hacked. According to information obtained by Kang Min kuk, a member of the South Korean National Assembly's Political Affairs Committee, Upbit discovered abnormal transactions at 4:42 am on November 27th, but did not report them to the Financial Supervisory Agency for the first time until 10:58 am. During this period, hackers stole over 104 billion Solana ecosystem tokens worth approximately 44.5 billion Korean won within 54 minutes. Upbit held an emergency meeting 18 minutes after discovering the attack, suspended Solana network token deposit and withdrawal 27 minutes later, and fully suspended all digital asset deposit and withdrawal services at 8:55 am. However, the current laws lack direct sanctions for hacking incidents involving virtual asset service providers, making it difficult for the Financial Supervisory Commission to impose significant penalties. Upbit responded that it has fully compensated users for their losses with its own funds and stated that it will immediately report to the authorities after confirming it as an intrusion incident.