Binance denies South Korean report claiming slow action on Upbit hack

Binance has denied reports that it froze only about 17% of the funds linked to the Upbit hack, raising questions over exchanges’ cross-border law enforcement policies.

Update Dec. 12 at 2:21 pm UTC: This article has been updated to include Binance’s denial of the claims made in the KBS report.

According to South Korean broadcaster KBS, Binance froze only a portion of funds that police said were linked to a Nov. 27 hack of crypto exchange Upbit, one of South Korea’s largest exchanges.

KBS reported Friday that investigators requested Binance freeze about 470 million Korean won ($370,000) in Solana (SOL) tokens believed to be associated with the incident. The exchange ultimately blocked about $55,000 (roughly 17% of the requested amount) after a 15-hour delay.

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