Upbit Covers Full User Losses After $4M Hack
South Korea’s largest crypto exchange, Upbit, confirmed a 5.9 billion won ($4 million) corporate loss in Thursday’s hack but assured that all affected users have been fully reimbursed.
Dunamu, Upbit’s parent company, said the platform used its own reserves to cover the 38.6 billion won in customer losses. An additional 2.3 billion won associated with the attack has been frozen through blockchain tracking, according to the company’s statement.
Following the detection of unusual outflows, Upbit immediately halted deposits and withdrawals and later confirmed the breach. Authorities are investigating, with the North Korea-linked Lazarus group identified as a potential suspect.
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