Solana Funds in Upbit Hack: Binance Denies Full Involvement, Says It Frozen 17% of 470 Million KRW After 15-Hour Delay

Binance has rejected reports by South Korean media that it helped freeze funds tied to the Upbit breach. A Binance spokesperson said its security and investigation teams identified the incident and acted promptly to freeze the transfers, countering claims of a late or ineffective response.

Media outlet KBS reported that South Korea’s police requested the freeze of about 470 million won worth of Solana tokens, but Binance is said to have froze only a portion—roughly 80 million won (17%)—after a verification delay of about 15 hours. Upbit’s representative declined to comment on the KBS report but noted that local law enforcement is actively investigating to identify the attacker.

Earlier today, Upbit disclosed abnormal withdrawals, with roughly 540 billion won (about $36 million) of Solana-network assets moved to an unknown wallet, highlighting ongoing regulatory vigilance in South Korea and the need for coordinated action among cryptocurrency platforms.