Overview
- The Financial Supervisory Service sent Dunamu an inspection opinion letter on Sunday, formally starting a sanctions process that gives the company a chance to respond before review by a sanctions committee, the Securities and Futures Commission and the Financial Services Commission.
- The inquiry stems from a November 27, 2025 wallet breach that targeted Solana assets, lasted about 54 minutes and led authorities to place losses at 44.5 billion won, roughly $32 million.
- Upbit responded after the hack by halting deposits and withdrawals, moving assets to cold wallets, launching an on-chain tracing tool and reimbursing affected customers from company funds.
- The Virtual Asset User Protection Act does not set explicit penalties for hacking or system failures, so regulators are using this case to test how far supervisory powers reach and plan to add hacking and compensation rules in upcoming digital-asset legislation.
- Dunamu faces layered regulatory pressure from a prior FIU action and a delayed share-swap with Naver Financial that now awaits approvals to complete by December 31, 2026, and the sanctions outcome could shape future enforcement, industry security rules and the company’s corporate plans.