TechFlame reports that on December 8, according to South Korean media outlet Chosun Ilbo, Upbit, South Korea's largest digital asset exchange, delayed reporting a hacking incident to the Financial Supervisory Service by six hours after the attack occurred.

According to documents obtained by South Korean National Assembly member Kang Min-kuk from the Financial Supervisory Service, Upbit detected abnormal transactions at 4:42 AM on November 27 but did not report the incident to the Financial Supervisory Service until 10:58 AM. During this period, hackers stole over 104 billion Solana ecosystem tokens within 54 minutes, valued at approximately 44.5 billion Korean won.

Upbit held an emergency meeting 18 minutes after discovering the attack, suspended deposits and withdrawals of Solana network tokens 27 minutes later, and completely halted all digital asset deposit and withdrawal services at 8:55 AM. However, current laws lack direct sanctions for hacking incidents involving virtual asset service providers, making it difficult for the Financial Supervisory Service to impose significant penalties.

Upbit responded by stating that it has fully compensated users for their losses using its own funds and reported the incident to the authorities immediately after confirming it as an intrusion.