Customer Loss Assets of 38.6 Billion Won Fully Covered by Upbit’s Assets Two Trees, the operator of the virtual asset exchange Upbit, announced on the 8th that they are in the process of recovering 2.6 billion won in frozen loss assets. Last month, on the 27th, a hacking incident occurred where virtual assets worth 44.5 billion won from the Solana network were leaked, prompting an immediate suspension of deposits and withdrawals.
To track the stolen virtual assets, Two Trees is utilizing their self-developed On-Chain Tracking Service (OTS). They have secured the on-chain movement paths and related addresses of the withdrawn assets and have added them to a blacklist to ensure that should any of these assets be deposited in exchanges worldwide, they will be frozen.
As a result of these initial measures, Two Trees has frozen 2.6 billion won out of the 44.5 billion won in lost assets so far, and are proceeding with subsequent procedures for safe recovery. The 38.6 billion won in assets lost by Upbit customers has already been fully covered by the company’s assets.
To enhance recovery rates for virtual assets, Two Trees is launching a recovery reward program targeting global virtual asset exchanges, white-hat hackers, security experts, and blockchain analysts. Individuals or groups that contribute to the tracking and freezing of these loss assets will receive a reward equivalent to 10% of the finally recovered assets.
An Upbit representative stated, “While customer loss assets have already been compensated with Upbit’s assets, we are persistently tracking and freezing them to prevent them from falling into the attackers’ hands. We seek active cooperation from global virtual asset exchanges and the blockchain community to create a safe digital asset ecosystem.”