South Korean regulator begins sanctions process against Dunamu: Report
CoinTelegraph·
60-second summary
South Korean regulators are initiating sanctions proceedings against Dunamu, the parent company of Upbit, amid a hacking incident. The Virtual Asset User Protection Act lacks explicit sanctions provisions for such incidents, leaving the scope of penalties uncertain. This move may set a precedent for future regulatory actions, potentially increasing the risk for exchanges operating in South Korea.
The proceedings come as South Korea’s Virtual Asset User Protection Act lacks explicit sanctions provisions for hacking and computer system incidents, leaving the scope of penalties uncertain.