FSS Begins Sanction Procedures Against Upbit's Dunamu Over $30M Hack Nearly Eight Months Later

According to SBS, South Korea's Financial Supervisory Service has begun sanction procedures against Dunamu, the operator of crypto exchange Upbit, over the roughly $30 million hack the platform suffered on November 27 last year. The FSS recently sent Dunamu an inspection report covering the incident, about seven months after opening its investigation.

The hack drained 44.5 billion won ($30 million) in Solana-based assets over approximately 54 minutes. Dunamu compensated 38.6 billion won ($26 million) in affected customer assets using Upbit's own reserves and has frozen 2.6 billion won ($1.7 million) of the stolen funds, up from 2.3 billion won frozen shortly after the breach.