Citing BitcoinWorld, South Korea's Upbit has pledged to cover all user losses following a $32.2 million security breach. The exchange reported the incident as required by law, identified the cause and scale of the breach, and committed to absorbing $4.3 million in corporate losses to protect users. Upbit is overhauling its wallet system and will resume operations only after stability is confirmed. The incident highlights the importance of transparency and regulatory compliance in the crypto industry.
Upbit Covers All User Losses After $32.2M Hack, Sets Transparency Precedent
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