Upbit CEO Publicly Apologizes: Confirms Approximately 44.5 Billion KRW Asset Loss, Reiterates Full Compensation to Users

BlockBeats News, November 28, the CEO of Dunamu, the parent company of Upbit, South Korea's largest cryptocurrency exchange, Wu Jingxi, issued an apology letter, stating that this security breach was due to poor security management at Upbit, with no excuse. According to relevant laws and regulations, the incident of the network attack will be reported to the relevant authorities in South Korea, and the cause and scale of the incident will be investigated. Upbit analyzed a large number of on-chain public transaction records and discovered a security vulnerability that led to the inference of private keys, which has now been fixed. Upbit has suspended digital asset deposits and withdrawals and is tracking and freezing digital assets that have been transferred out of the Upbit platform.

Upbit has confirmed that approximately 44.5 billion South Korean won in assets (about 30 million U.S. dollars) were affected, with user assets accounting for about 38.6 billion South Korean won, of which about 2.3 billion South Korean won have been frozen, and Upbit's own assets accounting for about 5.9 billion South Korean won. Upbit reiterated that it has fully compensated users using the assets held by Upbit. Upbit is currently undergoing a comprehensive overhaul of the wallet system, and once the system is stable, deposits and withdrawals of digital assets will resume immediately.