South Korea Sanctions Dunamu Over $32 Million Upbit Hack

The South Korean Financial Supervisory Service (FSS) has initiated sanctions proceedings against Dunamu, the operator of cryptocurrency exchange Upbit, over a $32 million hacking incident that occurred in November 2025.

The breach affected Solana-based assets and lasted around 54 minutes. Early reports put losses at around $36 million, but authorities now place the figure at approximately 44.5 billion won ($32 million).

Upbit drew criticism for how long it took to publicly announce the breach, which was not until after a corporate event involving Naver Financial had concluded.