Upbit parent Dunamu faces sanction process nearly eight months after $30 million hack: report
Quick TakeThe Financial Supervisory Service sent an inspection report to Dunamu over the 44.5 billion won ($30 million) hack of Upbit last November, the first formal step in the regulators sanction process, according to local broadcaster SBS.The severity of any sanctions remains unclear because South Koreas current crypto law contains no direct sanction provisions for hacking or IT failures. South Koreas Financial Supervisory Service has begun sanction procedures against Dunamu, the operator of crypto exchange Upbit, over the roughly $30 million hack the platform suffered last November, local broadcaster SBS reported Sunday. The FSS recently sent Dunamu an inspection report covering the incident, according to the report, which cited financial authorities and industry sources. The step comes about seven months after the regulator opened its inspection of the exchange. Upbit, South Koreas largest crypto exchange by trading volume, was hacked for 44.5 billion won (about $30 million) in Solana-based assets on Nov. 27 last year. The funds were drained to an external wallet over roughly 54 minutes starting at 4:42 a.m. local time, per SBS. Dunamu covered the 38.6 billion won ($26 million) in affected customer assets using Upbits own reserves. The company has frozen 2.6 billion won ($1.7 million) of the stolen funds