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.

According to Odaily, Binance has only frozen a portion of the funds after receiving a request from South Korean police to freeze stolen Upbit crypto assets. The report states 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.

On the morning of the incident, police and Upbit requested Binance to freeze approximately 470 million Korean won worth of Solana tokens. However, Binance only froze approximately 80 million Korean 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 freeze and delayed processing, Binance responded that, in principle, it cannot provide specific details about the ongoing investigation, but will 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 among exchanges to improve emergency response efficiency.

The report also stated that the hackers had converted most of their Solana assets into Ethereum, possibly due to its higher market liquidity and relatively easy subsequent monetization. (KBS)