Korea’s Virtual Asset User Protection Act lacks explicit sanctions provisions for hacking and similar incidents, clouding the scope of penalties facing the Upbit operator Dunamu.
South Korea’s Financial Supervisory Service (FSS) has reportedly sent an inspection opinion letter to Dunamu, the operator of crypto exchange Upbit, concerning the $36 million hack from November 2025.
Local news outlet Yonhap News reported Sunday that the FSS had recently sent Dunamu an inspection opinion letter.
The letter marks the formal start of a sanctions procedure by the financial authorities. It provides Dunamu with an opportunity to respond to the inspection’s findings before the regulator notifies the company of its proposed sanctions.
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