The post ₩44.5B Solana Hot-Wallet Hack Slams Korea’s Top Crypto Exchange appeared on BitcoinEthereumNews.com.

Key Takeaways: South Korean exchange Upbit has confirmed a hot-wallet breach on the Solana network, with roughly ₩44.5 billion in assets moved to unknown wallets. Only Solana-ecosystem assets in Upbit’s hot wallet were affected; cold wallets remain safe and the exchange says it will fully cover all losses from its own reserves. The incident echoes Upbit’s 2019 Ethereum hot-wallet hack and raises fresh questions about hot-wallet risk for SOL, USDC and popular Solana tokens held on centralized exchanges. Upbit, South Korea’s leading crypto exchange, has reported another major security incident, this time on the Solana network. In the early hours of November 27, the platform detected abnormal withdrawals from its Solana hot wallet and immediately halted deposits and withdrawals while it moved remaining assets into cold storage. Here’s what actually happened, which assets were hit, and why this matters for Solana traders and Korean crypto users. Read More: Upbit Teases “Giwa”: South Korea’s Largest Exchange Prepares Blockchain Launch Upbit Confirms Solana Hot-Wallet Breach Upbit says the incident began around 04:42 KST on November 27, 2025, when its systems flagged unauthorized transfers of Solana-based assets to wallet addresses that were not designated by the exchange. The exchange later clarified that: The abnormal withdrawals came only from a Solana-network hot wallet operated by Upbit. Funds held in cold wallets – segregated, offline storage were not compromised. The total outflow at the time of detection was estimated at about ₩44.5 billion in Solana-ecosystem assets, revised from an earlier rough estimate of ₩54 billion based on initial prices. Upbit’s CEO, Oh Kyung-seok of operator Dunamu, issued a formal apology to users, stressing that all customer balances will be fully covered using Upbit’s own assets. According to the statement, no user is expected to take a direct financial hit from the hack. Exchange Freezes Solana…

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Filed under: News - @ November 27, 2025 3:26 pm