South Korea’s Monetary Supervisory Service (FSS) has reportedly despatched an inspection opinion letter to Dunamu, the operator of crypto change Upbit, in regards to the $36 million hack from November 2025.
Native information outlet Yonhap Information reported Sunday that the FSS had lately despatched Dunamu an inspection opinion letter.
The letter marks the formal begin of a sanctions process by the monetary authorities. It offers Dunamu with a chance to answer the inspection’s findings earlier than the regulator notifies the corporate of its proposed sanctions.
Cointelegraph has approached Dunamu for touch upon the matter.
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Upbit confronted criticism for delaying its announcement of the $36 million exploit, in keeping with Yonhap.
The breach lasted about 54 minutes, beginning at 4:42 am KST on Nov. 27, 2026, however Upbit solely introduced the hack on the finish of the day, after a merger-related occasion involving Web big Naver Monetary concluded.
The monetary regulator stated it’s reviewing whether or not the change violated the Digital Asset Consumer Safety Act, which offers no direct sanctions provisions associated to cyberattacks or pc hacks.
The report stated South Korean authorities plan to deal with the regulatory hole by including sanctions and compensation provisions for hacking and pc system failures to the second section of the Digital Asset Fundamental Act.
Upbit reimburses customers, launches on-chain tracing system for fund restoration
Following the November exploit, Upbit stated it froze roughly 2.3 billion gained ($1.5 million) value of funds. The change’s statement on the time it stated it might totally reimburse affected clients utilizing its personal stability sheet property.
Upbit stated it initiated an overhaul of its crypto pockets structure to deal with potential vulnerabilities after the exploit and migrated all property from affected wallets.
In December 2025, Upbit said it developed an computerized onchain monitoring service, Onchain AI Tracer System, to trace the trail of the stolen funds and help potential restoration efforts.
Upbit ranks third in CoinMarketCap’s crypto spot change rankingsprimarily based on scores that embrace site visitors, liquidity and buying and selling volumes. Buying and selling quantity for the newest 24-hour interval was $478.56 million.
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