Upbit Recovers $1.77M After November Hack; Launches Reward Program

Crypto exchange Upbit has taken significant measures to recover funds following a $38 million hack in November:

• Froze $1.77 million of stolen funds by tracking an abnormal withdrawal from a Solana-linked wallet.
• Implemented the proprietary on-chain Automatic Tracking Service (OTS) for fund tracing and conducted round-the-clock monitoring.
• Blacklisted suspicious addresses and collaborated with global exchanges to freeze deposits from flagged wallets.
• Covered $26 million in stolen funds using corporate assets due to internal security vulnerabilities.
• Launched a global recovery contribution reward program, offering 10% of recovered amounts to contributors aiding in asset recovery.
• Resumed deposit and withdrawal services post-security enhancements on Dec. 6.

An Upbit representative emphasized the exchange's commitment to safeguarding customer assets and urged cooperation from global virtual asset exchanges and the blockchain community.