**Upbit Hack Puts Binance's Emergency Freeze Policy Under Scrutiny**

The recent hack of Korean cryptocurrency exchange Upbit has raised questions about the emergency freeze policy of major exchanges, particularly Binance.

According to a report by South Korean broadcaster KBS, Binance froze only about 17% of the funds it received that were linked to the Upbit hack. The incident occurred on November 27, when hackers stole Solana (SOL) tokens valued at approximately $36 million from Upbit, one of South Korea's largest exchanges.

The investigation is ongoing, and law enforcement has requested Binance freeze around 470 million Korean won ($370,000) in Solana tokens believed to be associated with the incident. However, after a 15-hour delay, Binance only blocked about $55,000, citing the need for additional verification.

The Upbit hack has sparked concerns about the effectiveness of emergency freeze policies at major exchanges. Cho Jae-woo, director of Hansung University's Blockchain Research Institute, emphasized the importance of rapid initial freezes in limiting damage from hacking cases.

"Exchanges often refer to litigation risks as an excuse for being resistant to such requests," Cho said. "Establishing a global hotline between exchanges with emergency freeze authority could help mitigate the damage."

The incident highlights how major centralized exchanges respond when foreign law enforcement agencies request freezes on assets suspected of being tied to hacking incidents.

An Upbit spokesperson told Cointelegraph that they could not comment on the incident, but confirmed that local law enforcement is "actively investigating" to identify the attackers.

In a statement shared with Cointelegraph, a Binance spokesperson said that they could not disclose information as a matter of policy, but confirmed their commitment to "cooperating with relevant authorities and partners wherever appropriate."

The Upbit hack has also raised questions about the responsibility of exchanges in tracking and freezing stolen funds across multiple platforms. As the investigation continues, it remains to be seen how major exchanges will respond to requests from law enforcement agencies.

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