Upbit Freezes 2.6 Billion Won in Stolen Assets, "Full Compensation Provided with Company Funds"

Dunamu, the operator of the virtual asset exchange Upbit, announced on December 8 that it has frozen 2.6 billion won worth of stolen assets and is requesting active cooperation from the global digital asset community to ensure swift tracking and recovery.

Previously, Upbit strengthened its security measures by blocking deposits and withdrawals and fully upgrading its wallet system after detecting abnormal withdrawal activities from wallets on the Solana network. In addition, Upbit covered the entire amount of 38.6 billion won in withdrawn customer assets with its own funds to prevent any actual losses for its members.

Currently, Upbit is using its proprietary Onchain AI Tracer System (OTS) to track the movement of digital assets that have been transferred externally. At the same time, the company is focusing on blocking further asset transfers through collaboration with digital asset exchanges around the world.

First, Upbit's asset tracking team activated 24-hour precision monitoring based on OTS, securing the on-chain movement paths and related addresses of the withdrawn digital assets. Upbit then added these addresses to a blacklist and provided them to exchanges worldwide, requesting that any assets deposited from these addresses be frozen.

Thanks to these initial response measures, 2.3 billion won worth of stolen assets were frozen within five hours of the withdrawal on the day of the incident. Through further cooperation, a total of 2.6 billion won has been frozen to date. Upbit is currently proceeding with follow-up procedures for the safe recovery of the frozen assets.

To increase the recovery rate of digital assets, Upbit is launching a recovery contribution reward program targeting global digital asset exchanges, white-hat hackers, security experts, and blockchain analysts. Individuals or organizations that contribute to the tracking and freezing of the stolen assets will receive a reward equivalent to 10% of the assets ultimately recovered.

An Upbit representative stated, "Although all customer losses have already been covered with Upbit's own funds, we are persistently tracking and freezing assets to prevent them from falling into the hands of the attackers. We ask for the active cooperation of digital asset exchanges and the blockchain community worldwide to help create a safer digital asset ecosystem."