Dunamu, the parent company of South Korean cryptocurrency exchange Upbit, is facing a regulatory sanctions process, according to reports.
The sanctions process comes nearly eight months after a $30 million hack, one source reported. Another source did not mention specific timing or the hack amount.
30 million USD
Amount reportedly lost in a hack nearly eight months before the sanctions process, according to one source.
South Korea's Virtual Asset User Protection Act lacks explicit sanctions provisions for hacking and similar incidents.
Due to the absence of direct sanction provisions for hacking or IT failures in current South Korean crypto law, the scope and severity of penalties facing Dunamu remain unclear.
