Binance Reportedly Freezes Some Funds from Upbit Hack

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 2d ago

Incident Overview: Upbit suffered a hack resulting in a loss of $32.2 million, prompting South Korean police to request Binance to freeze the stolen assets, although only a portion was successfully frozen.
Response from Upbit: Upbit's CEO, Oh Kyoung-suk, apologized to users and confirmed that measures were taken to secure assets, including freezing approximately 12 billion KRW worth of stolen funds.
Regulatory Implications: The incident has raised concerns about security in cryptocurrency exchanges and may lead to increased regulatory scrutiny and stricter measures for the industry.
Market Impact: The hack's financial implications could affect market confidence and trading dynamics, potentially influencing Binance's operations and the overall landscape of cryptocurrency security protocols.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

Binance Reportedly Freezes Some Funds from Upbit Hack

About the author

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