Overview
- South Korean police asked Binance on Nov. 27 to freeze about 470 million won (roughly $370,000) in Solana linked to the Upbit breach.
- Binance ultimately froze only around 17% of the requested amount after roughly 15 hours, citing a need for additional verification and declining specifics due to an active investigation policy.
- The breach involved approximately $30–36 million in unauthorized Solana withdrawals, with investigators reporting complex cross-chain laundering and large portions converted to Ethereum.
- Upbit has shifted nearly all customer assets to cold storage, targeting about 99% and exceeding South Korea’s 80% minimum requirement following the incident.
- Security experts, including Cho Jae-woo, are urging pre-arranged emergency channels for rapid, temporary freezes as investigations continue and a potential Lazarus Group link is still being examined.