- On November 27, South Korean police asked Binance to freeze Solana tokens linked to the Upbit breach.
- Binance reportedly froze about $55,000 after a delay of roughly 15 hours.
- The Upbit breach involved unauthorized Solana withdrawals worth about $36 million.
South Korean authorities are reviewing how foreign crypto platforms respond to urgent police requests after new details emerged about Binance’s handling of a freeze request related to a security breach at Upbit.
The incident has become a reference point for how quickly stolen digital assets can be contained once they leave domestic exchanges and move across borders.
Although cooperation between exchanges and regulators is often described as routine, the Upbit case highlights how verification processes and response times can shape the outcome of active investigations.
It has also raised questions about whether existing cross-border coordination mechanisms are sufficient when hacks involve large sums and rapidly moving assets.
Freeze request and delayed action
According to South Korean broadcaster KBS, the police investigating the Upbit breach asked Binance on November 27 to freeze Solana tokens worth about 470 million South Korean won, roughly $370,000.
Investigators believed the funds were linked to wallets associated with the Upbit incident, one of the country’s largest cryptocurrency exchanges.
KBS reported that Binance ultimately froze about $55,000, approximately 17% of the requested amount.
The freeze occurred after a delay of around 15 hours.
Binance reportedly told authorities that additional verification was required before it could carry out the full request.
The gap between the requested amount and the amount frozen has become central to concerns about enforcement speed.
Impact of the Upbit breach
The police request followed unauthorized withdrawals of Solana-based assets from Upbit valued at about $36 million.
The scale of the breach prompted a formal police investigation and a broader effort by the exchange to trace and recover funds across multiple platforms.
As part of its response, Upbit is monitoring wallet movements and notifying major global exchanges about assets believed to be connected to the leak.
The case underscores how quickly stolen crypto can disperse, making early intervention critical once an incident is detected.
Broader enforcement challenges
The incident has drawn attention to structural issues in global crypto enforcement.
KBS quoted experts saying that rapid initial freezes can limit losses in hack cases, while delays may allow assets to be moved further or laundered.
Concerns have also been raised about exchanges citing legal or compliance risks when responding cautiously to foreign police requests.
Discussion has included proposals for stronger coordination, such as direct emergency communication channels between major exchanges with the authority to impose temporary freezes while verification is completed.
These proposals reflect ongoing debates about balancing due process with the need for swift containment.