Upbit reportedly delayed notifying South Korean financial regulators of a hacking incident by more than six hours, according to a report by Chosun Ilbo. The delay is speculated to be linked to Upbit's parent company, Dunamu, which is in merger talks with tech giant Naver, potentially to avoid market disruption. The Financial Supervisory Service (FSS) noted that Upbit detected the hack at 5:00 AM and held an emergency meeting 18 minutes later. Solana network-related transactions were halted 27 minutes after detection, and all digital asset transactions were suspended by 8:55 AM. However, the FSS was not informed until 10:58 AM. Despite the delay, current regulations lack provisions for direct penalties or mandatory compensation for such reporting delays.
Upbit Delayed Reporting Hack to Regulators by Over 6 Hours
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