South Korea’s Monetary Supervisory Service (FSS) has reportedly despatched an inspection opinion letter to Dunamu, the operator of crypto trade Upbit, in regards to the $36 million hack from November 2025.
Native information outlet Yonhap Information reported Sunday that the FSS had not too long ago despatched Dunamu an inspection opinion letter.
The letter marks the formal begin of a sanctions process by the monetary authorities. It supplies Dunamu with a possibility to reply to the inspection’s findings earlier than the regulator notifies the corporate of its proposed sanctions.
Cointelegraph has approached Dunamu for touch upon the matter.
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Upbit confronted criticism for delaying its announcement of the $36 million exploit, in keeping with Yonhap.
The breach lasted about 54 minutes, beginning at 4:42 a.m. KST on Nov. 27, 2026, however Upbit solely introduced the hack on the finish of the day, after a merger-related occasion involving web large Naver Monetary concluded.
The monetary regulator mentioned it’s reviewing whether or not the trade violated the Digital Asset Person Safety Act, which supplies no direct sanctions provisions associated to cyberattacks or pc hacks.
The report mentioned South Korean authorities plan to deal with the regulatory hole by including sanctions and compensation provisions for hacking and pc system failures to the second section of the Digital Asset Primary Act.
Upbit reimburses customers, launches onchain tracing system for fund restoration
Following the November exploit, Upbit mentioned it froze roughly 2.3 billion received ($1.5 million) price of funds. The trade’s assertion on the time mentioned it will absolutely reimburse affected clients utilizing its personal steadiness sheet property.
Upbit mentioned it initiated an overhaul of its crypto pockets structure to deal with potential vulnerabilities after the exploit and migrated all property from affected wallets.
In December 2025, Upbit mentioned it developed an automated onchain monitoring service, Onchain AI Tracer System, to trace the trail of the stolen funds and assist potential restoration efforts.
Upbit ranks third in CoinMarketCap’s crypto spot trade rankings, primarily based on scores that embody site visitors, liquidity and buying and selling volumes. Buying and selling quantity for the most-recent 24-hour interval was $478.56 million.
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