Song Chi-Hyung Net Worth: Upbit’s Founder, a Cleared Fraud Case, and a North Korean Hack
by AK Arora 
In 2018, Song Chi-hyung and two other Upbit executives were accused of inflating trading volume and embezzling 150 billion won through rigged Bitcoin transactions. Upbit denied any wrongdoing. Five years later, in 2023, South Korea’s Supreme Court found Song not guilty.
A year before that resolution, a separate and far more consequential event had already struck the exchange: in November 2019, hackers stole 342,000 Ethereum tokens from Upbit, worth approximately 58 billion won at the time. It took five years of investigation before South Korean authorities officially confirmed in November 2024 that the attack was the work of North Korea’s state-sponsored hacking groups, Lazarus and Andariel — the first officially confirmed instance of a North Korean cyberattack targeting a domestic South Korean crypto exchange. Through both the legal battle and the hack, Song has remained chairman of Dunamu, the company behind Upbit, South Korea’s dominant cryptocurrency exchange. As of July 2025, Forbes estimates his net worth at approximately $1 billion.
Song Chi-Hyung Net Worth: Quick Overview
| Category | Detail |
|---|---|
| Estimated net worth (July 2025, Forbes) | ~$1 billion |
| Born | September 1979, Gongju, South Korea |
| Education | B.S. Computer Science and Economics, Seoul National University (1998) |
| Company founded | Dunamu (2012), operator of Upbit |
| Upbit launch | October 24, 2017 |
| Current role | Chairman of Dunamu (CEO until Dec 2017) |
| Legal outcome | Acquitted by Supreme Court of Korea (2023) on 2018 fraud allegations |
| Major security incident | 2019 hack, $58 billion won stolen, later confirmed as North Korean state actors |
| Notable stake | Dunamu holds 5.53% of HYBE Corporation (BTS’s label) |
From Seoul National University to Fintech Founder
Song Chi-hyung was born in September 1979 in Gongju, South Korea. He attended Chungnam Science High School before enrolling at Seoul National University in 1998, where he earned a Bachelor’s degree in Computer Science and Economics — a dual academic background that would later inform his work building financial technology infrastructure.
After graduating, Song worked at Danal, a mobile payment company, before joining the consulting firm Innomove in 2011. The following year, in 2012, he established Dunamu, the company that would eventually become one of South Korea’s most valuable fintech startups.
From News Aggregator to Crypto Exchange
Dunamu’s original business had nothing to do with cryptocurrency. The company initially developed an e-book platform and a news aggregation service called Newsmate, providing digital newspaper and magazine content across South Korea — a fairly conventional digital media business for its time.
The pivot toward blockchain and financial technology came later. In 2017, Dunamu launched Upbit, a cryptocurrency exchange that partnered with the US-based exchange Bittrex at launch. Most trading pairs on the platform are denominated against major stablecoins — read our USDT vs USDC guide for background on how these pairs typically function. Upbit went live on October 24, 2017, and grew extraordinarily quickly — becoming the top global cryptocurrency exchange by 24-hour trading volume within approximately two months of its launch, during the peak of the 2017 crypto bull market. Read our history of crypto bull runs guide for the broader market context Upbit launched into.
In December 2017, Song stepped down as CEO of Dunamu, transitioning to the role of Chairman, with Sirgoo Lee — previously Co-CEO of Kakao Corp — appointed as the new CEO. Song has continued in the chairman role since.
The 2018 Fraud Allegations and 2023 Acquittal
This is a significant chapter in Upbit’s history that deserves a precise, accurate account.
In 2018, Song and two other Upbit executives were accused of inflating trading volume and embezzling 150 billion won through allegedly rigged Bitcoin transactions. Upbit’s main office was raided as part of a fraud probe in May 2018, and three Upbit officials were formally indicted in December 2018 for allegedly making fake orders. Upbit and Song consistently denied any wrongdoing throughout the proceedings.
The legal process took several years to resolve. In 2023, the Supreme Court of Korea ultimately found Song not guilty of the charges — a significant legal vindication following years of scrutiny, though the case itself reflects the genuine regulatory and legal risks that have accompanied Upbit’s rapid growth and dominant market position in South Korea.
The 2019 Hack and Its 2024 Resolution
In November 2019, Upbit suffered a major security breach: hackers stole 342,000 Ethereum tokens, worth approximately 58 billion won at the time. The exchange suspended cryptocurrency deposits and withdrawals for two weeks following the incident. Read our can crypto be hacked guide for a broader understanding of how exchange-level breaches like this occur.
The identity of the attackers remained unconfirmed for five years. On November 21, 2024, South Korea’s National Office of Investigation, part of the National Police Agency, announced that following a five-year investigation, the attack had been determined to be the work of North Korean state-sponsored hacking organisations — Lazarus and Andariel. Read our North Korea crypto theft and Lazarus Group guide for the broader pattern this attack fits within. This marked the first officially confirmed instance of a North Korean cyberattack specifically targeting a domestic South Korean cryptocurrency exchange, adding Upbit to the long list of exchanges globally that have been targeted by North Korean state actors seeking to fund the country’s weapons programmes through crypto theft.
Dunamu’s Surprising HYBE Connection
One of the more unexpected aspects of Dunamu’s business involves its significant stake in HYBE Corporation, the South Korean entertainment company behind BTS and several other major K-pop acts.
In 2021, HYBE Corporation acquired a 2.5% stake in Dunamu, in a deal that valued Dunamu at approximately $17 billion. As of mid-2024, Dunamu held 2.30 million shares of HYBE — approximately 5.53% of the company’s total shares — valued at roughly $283.4 million, making Dunamu HYBE’s fourth-largest shareholder. This cross-investment between South Korea’s dominant crypto exchange operator and its largest entertainment company reflects the close, sometimes overlapping relationships between major South Korean technology and media conglomerates.
Regulatory Recognition and Expansion
Upbit has achieved several notable regulatory milestones. In December 2018, it became the first cryptocurrency exchange in the world to receive certification from the Korea Internet and Security Agency for Information Security Management System (ISMS) standards. In September 2021, when South Korea began formally regulating virtual asset service providers, Upbit was the first cryptocurrency exchange licensed under the new framework — a significant advantage given the regulatory hurdles smaller competitors subsequently faced. Read our crypto laws by country guide for broader context on how exchange regulation has developed globally.
Upbit has also expanded into Southeast Asia, launching in Singapore in October 2018, followed by Indonesia in January 2019 and Thailand in January 2021, extending Dunamu’s business model beyond its dominant position in the South Korean domestic market.
In November 2025, Naver Financial announced plans to acquire a stake in Dunamu — a further sign of continued, significant institutional interest in the company well over a decade after its founding.
Song Chi-Hyung Net Worth Timeline
| Year | Estimated Net Worth | Context |
|---|---|---|
| 2018 | $350-500 million | Early Forbes cryptocurrency wealth estimate |
| 2021 | Reflected in $17B Dunamu valuation | HYBE acquires 2.5% Dunamu stake |
| 2024 | ~$950 million | Forbes estimate cited in HYBE ownership reporting |
| July 2025 | ~$1 billion | Forbes estimate |
FAQs
What is Song Chi-hyung’s net worth in 2026?
Forbes’ most recent estimate, from July 2025, places his net worth at approximately $1 billion, making him one of South Korea’s first crypto billionaires alongside Dunamu co-founder Kim Hyoung-nyon.
Was Song Chi-hyung convicted of fraud?
No. He and two other Upbit executives were accused in 2018 of inflating trading volume and embezzling 150 billion won. Upbit denied the allegations throughout the legal process, and in 2023, South Korea’s Supreme Court found Song not guilty.
What happened in the Upbit hack?
In November 2019, hackers stole 342,000 Ethereum tokens from Upbit, worth approximately 58 billion won at the time. The exchange suspended deposits and withdrawals for two weeks. In November 2024, following a five-year investigation, South Korean authorities officially confirmed the attack was carried out by North Korean state-sponsored hacking groups Lazarus and Andariel.
Is Song Chi-hyung still involved with Upbit?
Yes, though not as CEO. He stepped down from that role in December 2017, transitioning to Chairman of Dunamu, Upbit’s parent company, a position he continues to hold.
What is Dunamu’s connection to BTS and HYBE?
In 2021, HYBE Corporation, the entertainment company behind BTS, acquired a 2.5% stake in Dunamu, valuing the company at approximately $17 billion. In turn, Dunamu holds approximately 5.53% of HYBE’s shares, making it HYBE’s fourth-largest shareholder as of mid-2024.
Is Upbit regulated?
Yes. Upbit was the first cryptocurrency exchange in the world to receive ISMS certification from the Korea Internet and Security Agency in December 2018, and the first exchange licensed under South Korea’s formal virtual asset service provider regulations introduced in September 2021.
Final Word
Song Chi-hyung’s path from a computer science graduate building a news aggregation app to chairman of one of the world’s most valuable cryptocurrency exchange operators reflects both the speed of Upbit’s early growth and the genuine legal and security risks that have accompanied that growth. A fraud case that took five years to resolve in his favour, and a North Korean state-sponsored hack that took five years to officially confirm, both bookend Upbit’s first decade of operation — alongside genuine achievements including first-in-the-world regulatory certifications and an unexpected, significant cross-investment relationship with HYBE, one of the world’s largest entertainment companies.
His estimated $1 billion net worth, built primarily through his Dunamu chairmanship and equity stake, reflects a company that has weathered both regulatory scrutiny and a major security breach while maintaining its dominant position in South Korea’s crypto exchange market.
Disclaimer: Net worth figures are estimates based on publicly available sources, primarily Forbes, and may vary across different trackers. References to legal proceedings reflect their officially reported outcomes. This article is for informational purposes only and does not constitute financial advice.
