2025.11.28
Upbit Internal Control Weakness Exposed in KRW 44.5B Hot-Wallet Hack
Upbit suffered another major security breach involving approximately KRW 44.5 billion in unauthorized hot-wallet transfers, raising renewed concerns about Upbit internal control weakness. Regulators, including the FSS, FSI, and KISA, launched immediate inspections, noting that Upbit is not subject to the mandatory IT-security standards applied to licensed financial institutions.
The incident also amplifies criticism over delays in Korea’s Phase 2 Digital Asset Framework Act, which aims to impose uniform cybersecurity and internal-control requirements on exchanges. As regulatory reform accelerates, the Upbit breach underscores the urgent need for stronger governance and enforceable security obligations.
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