South Korean Police Statement on Binance: ‘Not All Assets Stolen in the Upbit Hack Have Been Frozen!’ Here Are the Details

According to South Korean media reports, cryptocurrency exchange Binance has only partially responded to a request from South Korean police to freeze stolen assets linked to the Upbit hack.

South Korean Media: Binance Only Froze a Portion of the Assets Stolen in the Upbit Hack

The report states that following the attack on the morning of November 27, police and Upbit contacted Binance, requesting the freezing of approximately 4.7 billion won worth of Solana (SOL) assets that had been confirmed to have been transferred to the exchange.

However, Binance froze only 80 million won, approximately 17% of the requested amount, citing the need for additional verification. It was also reported that Binance completed the freezing process around midnight on November 27th, approximately 15 hours after the request was submitted.

In response to police questions about “why only a partial freeze was implemented?” and “why the delay?”, Binance stated that they could not provide details as the process was related to an ongoing investigation. However, the company indicated that it would continue to cooperate with the relevant authorities, stating, “As always, we will continue to cooperate with authorities and partners, adhering to appropriate procedures.”

The incident has once again highlighted the challenges of tracking and freezing digital assets stolen in the Upbit attack through international exchanges.

*This is not investment advice.