Bitcoin24h $69,395.21+7.45%

Ethereum24h $2,257.98+18.08%

BNB24h $628.16+4.24%

XRP24h $1.11+10.60%

Solana24h $86.13+11.93%

TRON24h $0.3335+0.17%

Hyperliquid24h $70.39+20.00%

Dogecoin24h $0.0756+7.69%

Zcash24h $572.71+12.40%

UNUS SED LEO24h $9.28-2.13%

Crypto firms are struggling in South Korea

South Korean crypto exchanges Upbit and Bithumb have seen revenues plummet this year amid a wider downturn for crypto firms in the country.

Upbit uncovers private key vulnerability after $30M hack

Authorities suspect that North Korea’s Lazarus hacking group is behind the exploit of Upbit’s Solana wallet.

Upbit assets worth 44.5B Won were drained from its hot wallet on Solana. The exchange will cover all losses, made up of over 20 tokens.

Bitcoin and XRP fell 33% and 56% respectively after South Korea’s President Yoon Suk Yeol declared martial law for the first time since 1979.

If XRP can’t hold onto its gains, it could provide even more disappointment to South Koreans still stinging from LUNA’s 2022 collapse.