South Korean media reports that Binance only partially cooperated in freezing Upbit's stolen assets, and most of the funds involved in the Solana case have already been laundered.

Binance only froze a portion of the funds after receiving a request from South Korean police to freeze stolen Upbit crypto assets. Reports indicate that after Upbit was hacked on September 27th, the stolen assets were laundered through multiple layers of transfers, splits, and cross-chain operations, with most of the funds ultimately flowing into third-party service wallets on the Binance platform. Police and Upbit requested Binance to freeze approximately 470 million won worth of Solana tokens on the morning of the incident, but Binance only froze approximately 80 million won, or about 17% of the requested amount, citing the need for further verification. The freezing was completed approximately 15 hours after the request. Regarding the partial freezing and delays, Binance responded that it could not provide specific details about the ongoing investigation in principle, but would continue to cooperate with relevant law enforcement agencies and partners according to established procedures. Blockchain researchers pointed out that rapid initial freezing after a hack is crucial to minimizing losses and suggested establishing a global emergency cooperation mechanism between exchanges to improve emergency response efficiency. The report also stated that the hackers had exchanged most of their Solana assets for Ethereum, possibly due to its higher market liquidity and relatively easy subsequent monetization. (KBS)