South Korea Weighs Sanctions Against Upbit Operator Dunamu Over $36 Million November Hack

According to reports, South Korea's Financial Supervisory Service sent an inspection opinion letter to Dunamu, operator of crypto exchange Upbit, over a $36 million hack that occurred in November 2025, formally initiating the sanctions process. The letter gives Dunamu an opportunity to respond to inspection findings before the regulator issues proposed penalties or corrective measures.

The hack occurred at 4:42 a.m. Korea Standard Time on November 27 and lasted approximately 54 minutes. Upbit did not announce the incident until later that day. Authorities are scrutinizing the disclosure timing and the exchange's internal controls. After the exploit, Upbit froze approximately 2.3 billion won ($1.5 million) in affected funds and committed to fully reimburse customers from its own balance sheet.