Korean Exchange Upbit Accelerates Security Overhaul After $30M Cyberattack

India is currently reviewing its Virtual Digital Assets (VDA) framework to enhance investor protections and align local regulations with global standards. This review is part of a broader effort to reinforce the digital asset infrastructure in the country without implementing sweeping changes.

Upbit, South Korea's largest cryptocurrency exchange, has reported a significant hack resulting in the unauthorized withdrawal of approximately $36 million in assets from its Solana network. The exchange has suspended all deposits and withdrawals while an investigation is underway, with authorities suspecting the involvement of North Korea's Lazarus Group in the breach.

Upbit, South Korea's largest cryptocurrency exchange, has reported a significant security breach involving its Solana hot wallet, resulting in a loss estimated at approximately $36 million. The exchange has suspended all deposits and withdrawals while investigating the unusual transactions that prompted this action.

Upbit, South Korea's largest cryptocurrency exchange, has reported a significant security breach, with approximately $30–32 million in digital assets stolen from a hot wallet. Authorities suspect that North Korea's Lazarus Group is behind the attack, marking a severe security crisis for the exchange.

Switzerland's Federal Council has announced a delay in the automatic exchange of cryptocurrency account data with foreign tax authorities until at least January 2027, despite plans to implement new rules in 2025. This postponement affects the global framework for crypto tax reporting, which is crucial for international compliance.

South Korea's Financial Services Commission (FSC) has expanded its travel rule, enhancing oversight of cryptocurrency transactions to ensure compliance with anti-money laundering (AML) regulations. This move aims to bolster the integrity of the financial system amid rising concerns over illicit activities in the crypto space.

Upbit, South Korea's largest cryptocurrency exchange, reported a corporate loss of 5.9 billion won due to a recent hack, but has assured users that it will fully reimburse the 38.6 billion won in member assets from its reserves. This incident highlights ongoing security challenges in the cryptocurrency sector.

South Korea has initiated a comprehensive anti-money laundering (AML) overhaul targeting cryptocurrency transfers below $680, introducing stricter reporting requirements and banning offenders from owning virtual asset service providers (VASPs). This move aims to prevent illicit crypto flows and enhance regulatory compliance in the sector.