Korean financial regulator initiates sanction procedures against Upbit operator Dunamu

Odaily Planet Daily News: South Korea's financial regulator has issued an investigation report to Upbit operator Dunamu, initiating sanction procedures. This follows a 44.5 billion KRW hacking incident suffered by Dunamu. The Financial Supervisory Service has been investigating whether there were violations of the *Virtual Asset User Protection Act* since the incident occurred. However, there are currently no direct penalty provisions for hacking or computer system failures, so it remains uncertain whether this will lead to severe disciplinary action. The Financial Supervisory Service plans to notify Dunamu in advance of a sanction opinion that includes the sanction level after Dunamu provides its explanation. The final sanctions will be determined through resolutions by the Sanctions Review Committee, the Securities and Futures Commission, and the Financial Services Commission.