Binance Says It Didn’t Snooze on the Upbit Hack

In a classic case of 'he said, she said,' Binance is pushing back against claims that it dragged its feet in freezing funds linked to the recent Upbit hack. The exchange insists it acted faster than a caffeine-fueled trader on a bull run, denying reports that it only partially complied with requests from South Korean authorities. According to Binance, its security team sprang into action like a crypto superhero, freezing related transfers and mitigating further movements as soon as the incident was identified. 'Any suggestions of a delayed or limited response are about as accurate as a broken clock,' a Binance spokesperson quipped, emphasizing that the exchange has been working closely with law enforcement and other relevant parties since the incident. The drama unfolds following a report citing South Korean investigators, who claimed Binance froze only a small portion of the funds stolen during the Upbit breach. Local media reported that authorities said roughly 17% of the assets flagged for freezing were ultimately locked down. Investigators allege that the hackers moved quicker than a meme coin pump-and-dump, dispersing stolen funds across more than a thousand wallets within hours of the breach on November 27. Security analysts say the hackers used a combination of chain hopping, token swaps, and bridges to obscure transaction trails, making recovery efforts about as easy as finding a needle in a haystack. Authorities claim a significant share of the laundered assets eventually reached service wallets on Binance. Upbit and police reportedly requested an immediate freeze on around 470 million won (approximately $370,000) worth of Solana tokens believed to have entered the exchange. Of that amount, about 80 million won (roughly $75,000) was frozen, with Binance citing the need for additional verification before taking broader action. Meanwhile, Upbit is moving 99% of customer assets into cold storage after hackers stole 44.5 billion won (about $30 million) from its Solana hot wallet. Operator Dunamu said the platform will raise its cold wallet ratio to 99% and reduce hot wallet exposure to effectively zero, far above South Korea’s legal requirement. The exchange already held 98.33% of assets in cold storage at the end of October, the highest among domestic platforms, but accelerated its overhaul following the breach. As the investigation continues, South Korean authorities are reportedly looking into possible connections to North Korea’s Lazarus Group. Stay tuned for more updates on this crypto whodunit!