South Korea's FSS Launches Sanctions Against Upbit Operator Dunamu Following 445 Billion Won Hack

According to Yonhap News, South Korea's Financial Supervisory Service (FSS) launched a sanctions process against Dunamu, operator of crypto exchange Upbit, on July 19. The action follows a 445 billion won (approximately $340 million USD) cyberattack on the platform. The FSS has been investigating whether the company violated the Virtual Asset User Protection Act since the incident occurred. The agency plans to notify Dunamu of a sanctions opinion, with the final disciplinary measures to be determined by the Sanctions Review Committee, Securities and Futures Commission, and Financial Services Commission.
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