Upbit’s $36M SOL Hack Hits on Naver Merger Day
The post Upbit’s $36M SOL Hack Hits on Naver Merger Day appeared on BitcoinEthereumNews.com.
Upbit, a leading South Korean cryptocurrency exchange, identified unauthorized withdrawals totaling around 54 billion KRW ($36 million) in Solana-based assets on Thursday. The breach affected several tokens, including SOL, USDC, BONK, JUP, RAY, RENDER, ORCA, and PYTH. Stolen funds were sent to unidentified external wallets. Upbit immediately suspended deposits and withdrawals for the Solana network to limit further losses and safeguard user funds. Sponsored Sponsored Exchange Responds With Emergency Measures According to Upbit’s announcement, Upbit promptly halted all deposit and withdrawal services for Solana-based assets. The exchange began emergency inspections to assess the damage and reinforce security. Multiple urgent updates were posted on the Upbit customer center between November 26 and 27, 2025, documenting each step of their rapid response. The breach affected a broad range of Solana ecosystem tokens. Beyond SOL and USDC, the incident also impacted popular DeFi and meme tokens, including BONK, Jupiter (JUP), Raydium (RAY), Render (RENDER), Orca (ORCA), and Pyth Network (PYTH). The spread suggests attackers targeted Upbit’s hot wallet infrastructure, which handles active trading and withdrawals. Upbit immediately suspended all deposit and withdrawal services in the morning after detecting abnormal withdrawal activity, and entered an emergency inspection. The company also disclosed all wallet addresses involved in the “irregular outflow”. Security experts monitoring the breach confirmed that Upbit suspended Solana token services to protect user assets. The exchange took swift measures to prevent further losses while forensic teams investigated. However, the incident raised concerns about vulnerabilities within hot wallet systems that stay connected for operations. Sponsored Sponsored Party-Spoiler Ruins Dunamu–Naver Merger Celebration The incident occurred on the same day that Dunamu, the operator of Upbit, announced a plan to seize global market leadership through AI- and Web3-based collaboration with Naver, South Korea’s largest portal company. Naver and Dunamu, together with Naver Financial, plan to invest…
Filed under: News - @ November 27, 2025 5:28 am