Upbit Hack Update: $1.77M Recovered, Global Manhunt Intensifies

South Korean exchange Upbit claws back millions as international law enforcement tightens the net.

The Money Trail

Investigators traced and froze a portion of the stolen funds across multiple jurisdictions, recovering a total of $1.77 million. The operation highlights the growing, if sometimes sluggish, cooperation between global financial watchdogs and cybercrime units.

Security Under the Microscope

The breach has reignited fierce debate over custodial security models. While the recovery is a win, it underscores a painful reality for the industry: building trust is a marathon, but losing it can happen in a single transaction.

For now, the hunt continues—a stark reminder that in crypto, the ledger never forgets, even if some traditional finance regulators still pretend not to see it.

TLDR

• Upbit froze $1.77 million in stolen assets following the November hack.
• The exchange used its proprietary on-chain Automatic Tracking Service to trace the stolen funds.
• Upbit covered $26 million in stolen funds using its own corporate assets.
• The exchange blacklisted suspicious wallet addresses to prevent further transfers.
• Upbit launched a global recovery contribution reward program for experts and analysts.

Upbit has successfully frozen $1.77 million of stolen funds following the November hack that affected its platform. The exchange detected abnormal withdrawals tied to a Solana-linked wallet. As a result, it took immediate action to freeze the funds in an effort to recover stolen assets.

The exchange is actively monitoring the movement of the stolen funds. It has implemented an on-chain Automatic Tracking Service (OTS) to trace these funds. Upbit is working with global exchanges to prevent further transfers of the stolen assets.

Internal Security Vulnerability Acknowledged

Upbit acknowledged an internal security vulnerability during the hack. Despite the breach, the exchange has taken swift measures to protect customer assets. Upbit has already covered $26 million in stolen funds using its own assets.

The exchange froze $1.56 million shortly after the hack occurred. By continuing to track the stolen funds, the total amount frozen has now reached $1.77 million. This action highlights the platform’s commitment to recovering stolen assets and maintaining security.

Upbit has also blacklisted the suspicious wallet addresses. This is part of a broader effort to prevent further asset transfers from the compromised accounts. The exchange continues to coordinate with other crypto platforms to secure the funds.

Upbit Offers 10% Rewards for Stolen Asset Recovery

Upbit is inviting security experts and blockchain analysts to assist in the recovery process. The exchange has launched a global reward program for those who contribute to freezing stolen assets. Participants will receive 10% of the final recovered amount.

This initiative aims to strengthen recovery efforts and foster cooperation within the crypto community. By bringing together experts from around the world, Upbit seeks to create a safer ecosystem. The exchange remains determined to recover the stolen funds, despite the ongoing challenges.

Upbit resumed deposits and withdrawals on December 6, following the completion of its wallet system overhaul. The platform has upgraded its security infrastructure to prevent future hacks. This action reflects Upbit’s commitment to providing a secure environment for its users.