Upbit Freezes $1.77M in Stolen Funds Amid Ongoing Hack Probe
South Korea’s largest cryptocurrency exchange, Upbit, announced on Dec. 8, 2025 that it has frozen roughly $1.77 million in assets connected to a recent platform hack. The exchange said its security and incident-response teams are tracing the transfers and pursuing recovery efforts while conducting forensic analysis to determine how attackers accessed the system.
The freeze aims to disrupt laundering routes and give investigators time to follow the flow of funds across wallets and counterparties. The episode highlights ongoing custody risks in the crypto sector and adds pressure on major platforms to bolster defenses amid rising regulatory scrutiny. Upbit did not specify whether services or withdrawals were affected as it coordinates recovery steps with partners and continues its probe.