South Korea's Financial Supervisory Service Initiates Sanction Procedures Against Upbit Operator Dunamu

The Financial Supervisory Service of South Korea has sent an inspection opinion letter to Dunamu, the operator of Upbit, officially initiating sanction procedures. The final sanction content will be determined through subsequent processes including the company's explanation, the Sanction Review Committee, the Securities and Futures Commission, and the Financial Services Commission. Due to the current "Virtual Asset User Protection Act" primarily focusing on user protection and unfair trading, there are no direct and clear sanction provisions for hacking/system incidents, leading to uncertainty in the severity of sanctions.

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