Our team Binance denied allegations that it had failed to take prompt action to freeze funds related to Upbit hack last month.
Representative of the Binance stated that the assumptions about a delay or limited response were not true:
Security and Investigation Teams Binance identified the incident and took immediate action to assist in freezing the related transfers and preventing further movements.
According to South Korean media reports, only 17% of assets marked for freezing were blocked. Hence the accusations that Binance froze a small portion of the funds stolen during the hack Upbit.
Investigators say the hackers behind the attack acted quickly, distributing the stolen funds across more than 1,000 wallets within hours of the November 27 breach.
Security analysts said the group used a combination of transaction hijacking, token swaps, and bridges to cover their tracks, complicating recovery efforts.
According to authorities, a significant portion of the laundered assets eventually ended up in wallets Binance. Concerning Upbit and the police demanded that the tokens be frozen immediately Solana worth approximately 470 million won (approximately $370,000).
Of this amount, cryptocurrencies worth approximately 80 million won (about $75,000) were frozen, while in Binance cited the need for further verification before taking more extensive measures.