After the Upbit hacking incident, it took more than 6 hours to report to the regulatory authorities

According to the Korea Daily, Upbit reported the hacking incident to financial regulators more than 6 hours after it occurred. This delay may be due to its parent company Dunamu's ongoing merger discussions with tech giant Naver, in order to avoid the impact of the news.

The Financial Supervisory Service (FSS) of South Korea reported that Upbit held an emergency meeting 18 minutes after first detecting the hacking attack, suspended the deposit and withdrawal of assets related to the Solana network 27 minutes later, and halted all digital asset deposits and withdrawals starting at 8:55. However, it was not until 10:58 that it first reported to the FSS. Despite the late reporting, the regulatory agency currently lacks legal provisions for direct penalties or mandatory compensation.