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Exchanges / Wider check / Upbit
WIDER CHECK · NO SCORE · 9 OCT 2026

Upbit: what the sources say

No MiCA authorization found Limited search: no Rigor score

Key facts

Regulation, reserves, fees

MiCANot foundNone found in the ESMA interim register
Italian residentsNot verifiedRegistry check pending
Proof of reservesNot verifieddetails not verified
Spot fees (base tier)Not verifiedmaker / taker

Reserves note: No Upbit proof-of-reserves page found or read; not verified either way.

Track record

Incidents and regulator actions found

Security incidents

  • 2025-11-27 About 44.5 billion KRW (initially ~$36-37M, revised ~$30.4M) of Solana-network assets taken from an Upbit hot wallet; deposits/withdrawals suspended; regulator on-site inspection to 5 Dec 2025. Outcome: Dunamu CEO said Upbit covered 38.6B KRW of user assets from own reserves; 2.3B KRW frozen on-chain; attribution to Lazarus Group under review (per Coin360, third-party). source

Regulator and court actions

  • 2025-02-25 Financial Intelligence Unit (FIU) under Korea's FSC: Three-month partial business suspension (7 Mar-6 Jun 2025: no new-customer crypto transfers to/from other exchanges), reprimand to CEO, over ~45,000 transactions with 19 unregistered overseas VASPs and KYC failures. Outcome: Dunamu filed administrative litigation against the suspension (per FN News, 8 Dec 2025). PRESS OR OTHER SOURCE · official text not found source
  • 2025-11-06 FIU, Korea: Fine of 35.2 billion KRW on Dunamu for the same violations. Outcome: As of 8 Dec 2025 Dunamu had not decided its position on the fine; later outcome not verified. PRESS OR OTHER SOURCE · official text not found source
  • 2026-07-19 Financial Supervisory Service (FSS), South Korea: Reported by The Block: FSS opened a sanction process against Dunamu over the Nov 2025 hack, sending Dunamu an inspection report; final decision rests with the Sanctions Review Committee, SFC and FSC. Source notes the Virtual Asset User Protection Act has no direct sanction provisions for hacks/IT failures. Outcome: Proposed sanction not yet notified as of report date; final outcome not verified. PRESS OR OTHER SOURCE · official text not found source
Limits

What we could not verify

Not verified: Italy/EU access and Upbit terms, OAM, proof of reserves, current fees, final outcome of FIU fine/litigation, Naver merger completion, Singapore final licence, Korean FSC VASP registration (not read directly). Earlier hack of Nov 2019 is outside the 5-year window and not listed. | FSS sanction outcome and whether the FIU fine was paid after Feb 2026 not verified.

Facts are as of 9 Oct 2026. We ran a limited number of searches per exchange, so an empty list is not proof that nothing happened. We did not check the Italian OAM register. Items from press or third parties are reports, not findings by an authority. If something here is wrong or out of date, send a correction with a source: corrections policy. Education only, not investment advice.

Sources

  1. [1] ESMA interim MiCA CASP register (CSV), searched for 'upbit'/'dunamu' accessed 2026-10-09
  2. [2] The Block: Naver Financial confirms merger with Upbit operator Dunamu accessed 2026-10-09
  3. [3] Decrypt: Upbit $36M Solana hot wallet breach accessed 2026-10-09
  4. [4] Coin360: Upbit loss revised, regulator probe accessed 2026-10-09
  5. [5] KED Global: Dunamu 3-month business suspension accessed 2026-10-09
  6. [6] FN News: Dunamu sanctions and KRW 35.2B fine accessed 2026-10-09
  7. [7] FinanceFeeds: Upbit Singapore in-principle MAS licence accessed 2026-10-09
  8. [8] Whiteboard Crypto: Upbit review (Mar 2022, third-party) accessed 2026-10-09
  9. [9] Upbit Support (KR): how are trading fees calculated accessed 2026-10-09
  10. [10] The Block: Dunamu faces sanction process after hack accessed 2026-10-09
  11. [11] FN News: Dunamu FIU fine undecided (4 Feb 2026) accessed 2026-10-09