Upbit | Crypto

When Upbit detected unauthorized withdrawals of roughly $36 million in Solana tokens from a hot wallet on Nov. 27, CEO Oh Kyung-seok went on record within hours. He stated: “The entire amount will be covered by Upbit’s holdings, with no impact on customer assets.” Six years earlier, Upbit said the same thing after losing 342,000 […] The post $36 million Upbit hack revives the quiet truth about hot-wallet ‘insurance’ appeared first on CryptoSlate.

How the $36 million hack of Upbit led to surging altcoin prices, China’s mining ban less effective than ever, Thailand vs WRLD: Asia Express Korean crypto traders are having an outsize effect on local altcoin prices following a major hack at South Korean exchange Upbit, according to CryptoQuant CEO Ki Young Ju. Upbit got hacked and paused withdrawals, but Koreans are pumping alts since arbitrage bots are no longer running, Ju said in an X post on Thursday, shortly after the exchange halted transaction activity after detecting an abnormal transaction with a value of around $36 million. With arbitrage activity suspended, local buy orders are having more significant pressure on prices, allowing Korean-listed altcoins to surge, as the selling pressure that typically puts a ceiling on price increases has disappeared. Read more

As of mid-afternoon South Korea time, Solana-based tokens traded with double-digit gains on Upbit following a hack that stole roughly 44.5 billion won ($32 million). CryptoQuant CEO Ki Young Ju noted that Korean traders began bidding up altcoin prices as arbitrage bots, which normally keep Korean and international prices aligned, stopped operating. The service suspension […] The post Solana tokens rip on Upbit after $32M hack due to halted arbitrage appeared first on CryptoSlate.

The breach occurred as Upbit’s parent company, Dunamu, sealed a $10 billion acquisition deal with Naver and plans an initial public offering in the US. Update Nov. 27, 9:23 am UTC: This article has been updated to include comments from Trezor CEO Matej Zak. South Korea’s biggest crypto exchange, Upbit, temporarily froze deposits and withdrawals on Thursday after detecting about $36 million in unauthorized outflows from a Solana-network hot wallet.  In an announcement, the exchange said the suspicious transfers were flagged around 4:42 am local time (7:42 pm UTC), prompting a shutdown of transfer services and a full security review of its supported crypto assets.  Read more

Naver Financial plans to acquire Dunamu in a $10.3 billion stock-swap deal, issuing 87.56 million new shares and making the crypto giant a wholly owned subsidiary. Naver Financial, the fintech arm of South Korean tech conglomerate Naver, announced plans to acquire Upbit operator Dunamu in a stock-swap deal valued at about 15.1 trillion won ($10.3 billion). According to a Wednesday filing, Naver Financial will issue 87.56 million new shares to Dunamu shareholders. The transaction will make Dunamu a wholly owned subsidiary of Naver Financial. The exchange ratio was set using an external discounted cash-flow valuation, which put the corporate value ratio at 1:3.064569 and, after adjusting for each firm’s outstanding shares, produced a final exchange price ratio of 1:2.5422618. Read more

Upbit operator Dunamu posted $165 million in Q3 net income, driven by a market rebound and stronger investor confidence following new US crypto legislation. Upbit operator Dunamu reported a surge in profitability for the third quarter of the year, posting 239 billion won ($165 million) in net income. The figure marks an increase of more than 300% compared to the same period last year, which stood at $40 million, local news outlet Chosun Biz reported, citing regulatory filings with the Financial Supervisory Service. The filing reportedly showed strong momentum across all key metrics. Consolidated revenue climbed to $266 million, up 35% from the previous quarter, while operating profit rose 54% to $162 million. Net income also jumped 145% quarter-over-quarter from $67 million. Read more

Naver Financial, the fintech arm of South Korea’s largest search engine, is weighing a potential share-swap agreement with Dunamu, the operator of Upbit. Earlier today, reports from local outlets suggested that the talks had already advanced into merger territory, but Naver’s regulatory filing clarified that no binding terms have been confirmed. The disclosure, submitted to […] The post Naver merger talks to route 30M shoppers to Upbit sparking fee collapse appeared first on CryptoSlate.

South Korea’s largest crypto exchange, Upbit, unveiled a cryptic countdown this week for a new blockchain project called “Giwa,” fueling speculation about its purpose and potential role in the country’s fast-growing digital asset sector. The teaser site, which carries the tagline “trusted structure, not just shape,” offered no technical details but directed visitors to the […] The post South Korean exchange Upbit teases own blockchain network with countdown appeared first on CryptoSlate.

Seoul’s FSC and FSS have met executives from South Korea’s top exchanges after Upbit and Bithumb launched crypto margin lending with 4:1 leverage. Officials have flagged potential Lending Act violations and urged voluntary guidelines as Upbit halts Tether loans and Bithumb revises its service. The post Seoul Watchdogs Sound Alarm on Upbit, Bithumb Crypto Lending Products appeared first on Cryptonews.