2025.12.09
Upbit’s Delayed Hack Disclosure Raises Regulatory Concerns
Upbit faced criticism for an 8-hour delay in disclosing a major hacking incident, especially when compared to Bybit’s rapid public response within 90 minutes.
The delayed notification raised concerns about Upbit’s crisis management, regulatory reporting practices, and gaps in Korea’s self-regulatory framework for exchanges.
Attorney Ohoon Kwon noted that although Upbit fulfilled formal reporting requirements, the delay undermines the purpose of prompt disclosure and highlights the need for clear legal obligations regarding IT security and liability. The incident ultimately underscores the urgency of strengthening statutory disclosure rules for virtual asset service providers.
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