Upbit hack puts Binance’s emergency freeze policy under scrutiny
Binance reportedly froze only 17% of funds requested by South Korean police linked to the Upbit hack, raising scrutiny over emergency freeze policies.Summary
Following a hack on South Korean exchange Upbit that resulted in $36 million in unauthorized Solana withdrawals, Binance's response to a police freeze request has come under scrutiny. South Korean broadcaster KBS reported that investigators asked Binance to freeze approximately 470 million Korean won ($370,000) in Solana tokens, but the exchange only blocked about $55,000 (roughly 17%) after a 15-hour delay, citing the need for additional verification.
This incident highlights the challenges in cross-border law enforcement cooperation, as experts suggest rapid initial freezes are crucial for limiting damage in hacking cases, and proposed a global hotline between exchanges with emergency freeze authority. Upbit confirmed it is working with authorities and has asked major global exchanges to freeze related assets, while Binance stated it cooperates with relevant authorities through official channels but could not comment on the specific incident.
(Source：Cointelegraph)