Binance has denied reports in South Korean media that it reacted slowly to the Upbit hack.

Mars Finance reported on December 12th that Binance denied South Korean media reports regarding its slow response to the hack of Upbit, South Korea's largest cryptocurrency platform. A Binance spokesperson stated, "Binance's security and investigation teams discovered the incident and immediately took action to assist in freezing related transfers and preventing further loss of funds. Therefore, any claims that we did not take timely and effective measures are unfounded and inaccurate." Earlier today, according to South Korean media KBS, Binance received a request from the South Korean police to freeze cryptocurrency assets stolen from Upbit, but ultimately only assisted in freezing a portion of them. After confirming that some of the stolen funds had flowed to Binance on the morning of the 27th, the South Korean police and Upbit requested Binance to freeze approximately 470 million won worth of Solana tokens. However, Binance, citing the need for "further verification of the facts," only froze 17% of the requested amount (approximately 80 million won), and it took about 15 hours to complete and notify them. An Upbit spokesperson stated that they could not comment on the incident reported by KBS, but emphasized that local law enforcement is "actively investigating" to identify the attacker. On November 27, Upbit, South Korea's largest cryptocurrency exchange, disclosed that it had detected unusual withdrawal activity, with approximately 54 billion won (about $36 million) of Solana network-related digital assets being transferred to an unknown external wallet address.