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Financial authorities conduct emergency review of Upbit hack… to oversee full compensation and other measures in case of consumer harm

Financial authorities conduct emergency review of Upbit hack… to oversee full compensation and other measures in case of consumer harm

Financial Services Commission, Financial Supervisory Service, and Financial Security Institute begin on-site investigation… checking for user data breach
Mirae Asset Life Insurance, Mirae Asset Asset Management, and Daishin Securities also under incident review… plan to strengthen security standards in the virtual asset industry

Virtual asset exchange Upbit says that an unauthorized external party had abnormally accessed its internal mobile groupware system, resulting in a personal information leak. / Photo by m Myeong-nyeon
Virtual asset exchange Upbit says that an unauthorized external party had abnormally accessed its internal mobile groupware system, resulting in a personal information leak. / Photo by m Myeong-nyeon

Financial authorities held an emergency review meeting regarding hacking incidents at virtual asset operators such as Upbit and began on-site investigations. They plan to manage and supervise the industry to ensure that protective measures, including full compensation, are implemented in case of consumer harm, and to strengthen security levels in the virtual asset industry to match those of major financial companies.

The Financial Services Commission announced that it held an emergency review meeting on virtual asset industry intrusion incidents on the 28th, chaired by Digital Finance Policy Officer Yoo Yeong-jun, with attendance from the Financial Supervisory Service, the Financial Security Institute, the Joint Consultative Body of Digital Asset Exchanges (DAXA), and Upbit.

At the meeting, Upbit reported that it had confirmed signs of employee information leakage at Upbit, its subsidiaries, and partner companies due to abnormal external access. It is currently verifying whether user information was leaked.

Upbit explained that the incident occurred in an employee work support system, not in core computer facilities related to virtual asset trading. There has been no confirmation yet of any leak of information that could be used for unauthorized payments or virtual asset transfers, such as virtual asset wallet addresses.

The Financial Services Commission, the Financial Supervisory Service, and the Financial Security Institute immediately began on-site investigations to identify the cause of the incident and the scope of damage, and agreed to strengthen information sharing and joint response among relevant agencies.

The Financial Services Commission stated, "Above all, we plan to thoroughly inspect to ensure that no consumer harm occurs," adding, "In case of damage, we will manage and supervise to ensure that consumer protection measures, including full compensation, are implemented."

Efforts to strengthen security regulations for the virtual asset industry are also underway. The Financial Services Commission plans to prepare multi-faceted measures to strengthen security protocols in the virtual asset industry, which is currently not subject to the Electronic Financial Transactions Act, to the level of major financial companies such as banks, and to enable rapid response when incidents occur.

Investigations into other financial companies that recently experienced hacking incidents will also continue. The Financial Services Commission plans to conduct detailed incident investigations and implement victim protection measures through the Financial Supervisory Service and the Financial Security Institute for Mirae Asset Life Insurance and Mirae Asset Asset Management, which recently filed intrusion incident reports, as well as Daishin Securities, where additional customer information leakage was confirmed during the incident investigation.

"This article was translated using AI and may differ slightly from the original."