Alphabiz - Upbit Reports KRW 38.6 Billion in User Losses From Hack; Operator Dunamu Fully Covers Damages

Upbit. (Courtesy of Dunamu)

[Alpha Biz= Paul Lee] Dunamu, operator of South Korea’s largest cryptocurrency exchange Upbit, announced that the hacking incident on November 27 resulted in approximately KRW 38.6 billion in user losses, of which KRW 2.3 billion has been frozen. The total damage, including Upbit’s own assets, amounts to KRW 44.5 billion.

CEO Oh Kyung-seok issued a public apology, stating that the incident stemmed from security weaknesses within Upbit’s systems, acknowledging that “there is no excuse.”

After detecting abnormal withdrawals from a Solana-based wallet on the morning of the 27th, Upbit initiated a full inspection of its network and wallet infrastructure. During the investigation, the company identified a vulnerability that could allow attackers to infer private keys by analyzing publicly available blockchain transactions—a flaw that has since been patched.

Dunamu confirmed that all user losses have been fully compensated using Upbit’s own assets.

Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)