Binance reportedly froze only about 17% of the funds it received that were linked to the Upbit hack, raising questions over how major exchanges act on cross-border law enforcement.
According to South Korean broadcaster KBS, Binance froze only a portion of funds that police said were linked to a Nov. 27 hack of crypto exchange Upbit, one of South Korea’s largest exchanges.
KBS reported Friday that investigators requested Binance freeze about 470 million Korean won ($370,000) in Solana (SOL) tokens believed to be associated with the incident. The exchange ultimately blocked about $55,000 (roughly 17% of the requested amount) after a 15-hour delay.
According to the report, Binance cited a need for additional verification when responding to the police request.
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