Upbit Recovers 154 Billion KRW from Incorrect Deposits Over 4 Years

Discussion and Technical Cooperation with Coin Manufacturer... Advance Payment of Damages Using Company Assets

[Asia Economy Reporter Minwoo Lee] Upbit, a cryptocurrency exchange, has recovered approximately 154 billion KRW of incorrectly deposited funds over about four years since its launch.

Upbit's operator, Dunamu, announced on the 20th that since Upbit's launch in October 2017, it has recovered 31,670 cases of incorrect deposits worth a total of 154 billion KRW. This accounts for 96.6% of all incorrect deposit recovery requests, which totaled 32,770 cases worth approximately 162.1 billion KRW.

Incorrect deposits typically occur when the withdrawal address is entered incorrectly or the wrong network type is selected during cryptocurrency withdrawals. Due to the nature of blockchain, recovery may be technically impossible or difficult to support due to security issues.

To recover incorrect deposits, Upbit has employed various technologies and collaborated with cryptocurrency project teams, making multifaceted efforts. In particular, considering that developing the necessary functions for recovery can take several months, Upbit has sometimes advanced payments of the incorrect deposit amounts using its own assets.

A representative case is the successful recovery of 2 billion KRW of incorrect deposits that occurred on the Polygon mainnet chain on the 10th. After discussions with the Polygon project team and technical cooperation, Upbit conducted a full recovery. On the 16th, Upbit also began additional recovery of some digital asset incorrect deposits that were previously considered unrecoverable.

A Dunamu official stated, "Upbit possesses world-class capabilities in recovering incorrect deposits and has actively supported recovery in various cases. We will continue research efforts on remaining cases and strengthen communication to prevent incorrect deposits in advance, fostering a safe investment culture."