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South Korean Media: Upbit Exchange Delayed Reporting to Regulatory Authorities for 6 Hours After Hacker Attack

2025.12.08 15:43:09

**Dec. 8 — South Korea’s largest crypto exchange Upbit delayed reporting a hack to the Financial Supervisory Service (FSS) by six hours, per South Korean outlet Chosun Ilbo.** Data from the FSS, obtained by National Assembly member Kang Min-kuk, shows: - Upbit detected abnormal transactions at 4:42 a.m. on Nov. 27 but notified the FSS only at 10:58 a.m. - Hackers stole over 104 billion Solana ecosystem tokens (valued at ~44.5 billion South Korean won) in 54 minutes during that window. - Upbit convened an emergency meeting 18 minutes post-detection, paused Solana deposits/withdrawals 27 minutes later, and fully suspended all crypto deposits/withdrawals at 8:55 a.m. Current laws lack direct penalty clauses for virtual asset service providers (VASPs) in hack incidents, leaving the FSS unable to impose major sanctions. Upbit responded that it fully compensated user losses with its own funds and reported to authorities immediately upon confirming the intrusion.
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Wintermute's liquidity provision address has generated a profit of $1.9 million today, with a total position size of around $74.9 million.

April 2nd — Per HyperInsight monitoring (via t.me/HyperInsight), the broader cryptocurrency market declined today. Wintermute, a market maker on the Hyperliquid platform with address 0xecb, logged nearly $1.9 million in portfolio profits. Its total position size currently stands at $74.9 million, with key positions including a $25.6 million BTC long position and roughly $24 million in short positions across ETH, HYPE, and SOL. During the market drop, this address actively provided liquidity—specifically taking on additional BTC buy orders. It now has limit orders placed within a $2,000 price range around the current market level. Based on the order book structure, buy orders still outpace sell orders.

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Drift Protocol: No Evidence of Mnemonic Theft, Highly Sophisticated Attack, Weeks-Long Preparation

April 2: Drift Protocol announced via Twitter that a threat actor executed a novel attack leveraging a durable nonce to gain unauthorized access, quickly seizing control of the Drift Security Council. The attack was highly sophisticated, prepared over several weeks, and involved pre-signed transactions for durable nonce accounts to delay execution. Ongoing investigation findings indicate the incident did not stem from vulnerabilities in Drift Protocol or its smart contracts; there is no evidence of mnemonic phrase theft. Instead, the attacker gained access through unauthorized or forged transaction approvals—potentially involving social engineering. The attack drained approximately $280 million in protocol funds. Affected assets include all borrowing, vault deposits, and trading funds. DSOL (assets not deposited in Drift, including those staked to Drift validators) and the insurance fund remain unaffected, with the latter tapped to provide protection. As a precaution, all rema

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A certain whale opened a $17 million BTC and ETH short position before the dip, with unrealized gains of $630,000

April 2nd — Per HyperInsight monitoring (via https://t.me/HyperInsight), a whale with the address prefix 0x610 opened short positions this morning. The trades included a 10x-leveraged BTC short at an average price of $68,309 and a 25x-leveraged ETH short at $2,136, with a combined total size of $17.1 million. As the market later pulled back, the two short positions have accumulated $630,000 in unrealized profit, delivering a 50% overall position return. As of press time, neither position has been closed for profit-taking.

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Upbit and Bithumb Designate DRIFT as a Trading Alert Project

April 2nd — Official sources confirm Upbit and Bithumb will designate DRIFT as a trading warning asset. Upbit announced DRIFT has been classified as a trading warning project by the Digital Asset Exchange Association (DAXA). Currently, DRIFT deposits and withdrawals are suspended. When services resume, only withdrawals will be reinstated; the timeline for restoring deposits will be announced separately following DAXA’s trading warning procedures.

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Genius Group Liquidates Entire Bitcoin Inventory to Repay $8.5 Million Debt

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Shield: HyperEVM Not Forked, Block Explorer Frontend Out of Sync

April 2nd: Pard issued a clarification stating that HyperEVM did not suffer a network outage. The current issue is limited solely to the block explorer’s frontend, where a failure to sync and display new blocks has prevented users from accessing data. Earlier, the community and some monitoring tools detected unusual activity on the HyperEVM layer, sparking speculation about a "network outage."

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