- South Korean police asked Binance to freeze Solana tokens linked to the Upbit breach on November 27.
- Binance reportedly froze roughly $55,000 after about a 15-hour delay.
- The Upbit intrusion involved unauthorized withdrawals of Solana worth approximately $36 million.
South Korean authorities are reviewing how foreign crypto platforms respond to urgent law enforcement requests after new information emerged about Binance’s handling of a police freeze request related to the Upbit security breach.
The case has become a benchmark for how quickly stolen digital assets can be detained once they leave domestic exchanges and move across borders.
While cooperation between exchanges and regulators is often described as routine, the Upbit incident highlights how verification processes and response times can affect the outcome of active investigations.
The situation also renewed 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, police investigating the Upbit breach asked Binance on November 27 to freeze Solana tokens valued at roughly 470 million Korean won, about $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, roughly 17% of the amount requested.
The freeze came after an approximately 15-hour delay.
Binance reportedly told authorities that additional verification was required before it could act on the full request.
The gap between the amount requested and the amount frozen became a central point in questions about enforcement speed.
Impact of the Upbit breach
The police request followed unauthorized withdrawals of Solana from Upbit totaling about $36 million.
The scale of the breach prompted a formal police investigation and broader efforts by the exchange to track and recover funds across multiple platforms.
As part of its response, Upbit monitors wallet movements and notifies major global exchanges about assets suspected to be linked to the breach.
The case demonstrates how quickly stolen cryptocurrencies can be dispersed, making timely intervention crucial once an incident is discovered.
Broader enforcement challenges
The incident highlighted structural issues in global crypto enforcement.
KBS cited commentary noting that rapid initial freezes can limit losses in hacking cases, while delays allow funds to be moved or further laundered.
Concerns were also raised about exchanges that, when responding cautiously to foreign law enforcement requests, cite legal or judicial risks.
Discussion has included proposals for tighter coordination, such as direct emergency communication channels between major exchanges with the authority to temporarily freeze assets while verification is completed.
These ideas reflect ongoing debates about balancing due process with the need for rapid containment.