South Korea's largest cryptocurrency exchange, Upbit, has been criticised for taking several hours to notify the public after detecting a hack, raising questions about the adequacy of its incident response. 

Critics argue that Upbit's delayed response is difficult to justify when compared to Bybit, one of the world's largest exchanges, where a co-founder provided a detailed explanation of the damage and response plan within approximately one and a half hours of the hack occurring.

The hacking incident at Upbit has also intensified calls to improve the overall exchange disclosure reporting system. Managing partner Kwon emphasised that, while the incident formally met reporting obligations, questions remain as to whether the intent of prompt reporting was fulfilled. He added: "As current legislation lacks direct sanctions for virtual asset service providers in the event of a hack, new legislation is required to clearly establish obligations for ensuring IT stability and provisions for compensation."(Decenter 2025. 12. 09.)

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