Upbit Fully Reimburses Users After ₩38.6B Hack
South Korean exchange Upbit said on Friday it has fully reimbursed 38.6 billion won in user assets following a security incident, covering the losses from its own reserves. The company emphasized that customer balances were not affected and that payouts have been completed, but it gave few technical details about how the breach occurred or whether any stolen funds remain unrecovered.
Covering the loss from corporate funds is likely to limit immediate customer panic and market fallout, but the episode raises fresh questions about Upbit’s security posture and regulatory oversight in Korea. Observers will be watching for a formal post‑mortem, independent audits or tighter rules; longer‑term confidence will depend on transparent remediation measures and demonstrable upgrades to safeguards.