Upbit Hacked, Then Merges to Go Public in the US — What’s Really Going On?

Summary

• Upbit Hack: Lost ~$36M (later revised to $30M in SOL), but earns that back in ~2 weeks given its ~$200M quarterly net profit.
• Merger with Naver Financial: Not a financial necessity—Upbit earns 10x more—but a strategic move to gain political/regulatory cover for a U.S. IPO.
• Valuation Gap: Upbit valued at ~$10.3B vs. Coinbase’s ~$70B market cap, despite higher margins and lower operating costs.
• Business Model Evolution: Post-merger entity aims to combine crypto exchange (Upbit), digital payments (Naver Pay), and a future KRW-backed stablecoin—creating a closed-loop fintech giant.
• IPO Timeline: Expected filing in late 2026 after 8–9 months of preparation post-merger.
• Key Insight: This isn’t just about going public—it’s about transforming from a “crypto casino” into a regulated, national financial infrastructure player.

Note: No financial advice. DYOR.