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Upbit CEO Confirms $31M Loss in Security Breach, Suspends Deposits and Withdrawals

Upbit CEO Oh Kyung-seok issued a public apology on November 28, confirming approximately 44.5 billion KRW in asset losses linked to a cyberattack, the exchange said. The affected assets include roughly 38.6 billion KRW in user funds and 5.9 billion KRW in company-owned assets, with about 2.3 billion KRW already frozen. The platform identified a security vulnerability through analysis of on-chain transaction records that allowed private key inference, which has since been patched. Upbit has suspended all digital asset deposits and withdrawals while conducting a comprehensive wallet system overhaul, and has committed to fully compensating users from its own reserves.
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