SEC moves to safeguard Thai assets on Upbit Exchange

The recent incident at Upbit Exchange in South Korea, which resulted in the loss of about $37 million, has prompted the Securities and Exchange Commission (SEC) to take measures to protect Thai assets deposited with Upbit Exchange (Thailand). Anek Yooyuen, the deputy secretary-general of the SEC, stated that the regulatory body collaborated with Upbit Thailand to conduct an inspection of customer assets held by the company to ensure their safety.

This move comes after Upbit, South Korea’s largest cryptocurrency exchange, experienced a significant hack on November 27, leading to an abnormal outflow of funds from one of its Solana hot wallets. This breach is the first of its kind since November 2010 when a hacking incident attributed to North Korea resulted in the theft of 58 billion won in virtual assets.

Following the recent attack, Upbit suspended all digital deposits and withdrawals. Mr. Anek highlighted that Upbit Exchange in Thailand, which falls under the supervision of the SEC, utilizes the same custodian service as Upbit Korea. The SEC advised investors to stay informed by monitoring official communications from the company to stay updated on the situation.

Upbit Thailand issued a statement confirming that its digital asset wallets remained uncompromised and that no unauthorized transactions took place. The temporary suspension of digital asset services was implemented as a precautionary measure to mitigate risks, ensuring that all customer assets remain secure. The company’s custody service provider, Dunamu Inc, detected unusual digital asset transactions on the Solana network, prompting the suspension of deposit and withdrawal services while transferring assets to cold wallets for added security.

Despite the temporary suspension of certain services, customers can continue to trade digital assets and conduct baht transactions as usual. Upbit Thailand assured customers that their assets are fully safeguarded and unaffected by the security measures. The exchange is closely monitoring the situation and awaiting the results of the security assessment conducted by its custody service provider. Once the review is complete, Upbit Thailand plans to resume digital asset services promptly and without delay.

In conclusion, the SEC’s proactive measures to safeguard Thai assets on Upbit Exchange highlight the importance of stringent security protocols in the cryptocurrency industry. By working closely with exchanges and monitoring potential risks, regulatory bodies aim to protect investors and maintain the integrity of the digital asset market.