TechFlame News, December 12 – According to a report by South Korean media outlet KBS, Binance received a request from South Korean police to freeze assets stolen from Upbit but only partially complied. Following the hack on Upbit on the morning of November 27, the stolen assets evaded tracking through a complex money laundering process. The hackers utilized thousands of wallets to split the funds, employing cross-chain bridges and token swaps to convert token types and blockchain networks. Most of the laundered funds ultimately flowed into third-party service wallets on Binance.

On the day of the incident, South Korean police and Upbit requested Binance to freeze Solana tokens worth 4.7 billion Korean won. However, citing the need for further verification of the facts, Binance only froze 17% of the requested amount (approximately 800 million Korean won). The freezing measures were completed about 15 hours after the request. It is reported that Binance declined to provide specific reasons for the partial freeze and the background of the delay, stating only that it would continue to cooperate with the relevant authorities through appropriate procedures.