South Korean police launch formal probe into Upbit hack

South Korea's National Police Agency has converted its preliminary review of a hacking incident at the Upbit crypto exchange into a formal investigation, the Herald Business reported. The Cyber Terror Investigation Division had been conducting a preliminary probe since last month. A police official stated that they could not disclose whether a suspect has been identified, citing the nature of hacking cases. The official clarified that the transition to a formal investigation occurs when criminal suspicions become objectively concrete and a full probe is deemed necessary, not necessarily upon the identification of a suspect.