South Korean Exchange Prabang Suspends Trading After Hack

A Hot Wallet Breach in South Korea

South Korean crypto exchange Prabang has suspended its services after discovering a hacking incident that led to an estimated loss of around 100 million won. According to local reports citing Odaily, the exchange first noticed something was wrong on October 24, when it spotted abnormal withdrawals coming out of its hot wallet.

Prabang says it quickly launched an internal investigation and found a security vulnerability that had let the attacker slip through. Two days later, on October 26, the company filed an official report with the relevant authorities and went public about the breach.

Compensation on the Table

The exchange has promised to fully compensate affected customers using its own company funds once the full scope of the losses is confirmed. For now, trading and withdrawals remain paused while the team works to patch the vulnerability.

It's yet another reminder that even well-established platforms aren't immune to hot wallet exploits, and that South Korea's exchanges continue to be a frequent target for attackers looking for a quick payday.