The post Upbit halts deposits and withdrawals after $36M Solana wallet breach appeared on BitcoinEthereumNews.com.

Crypto exchange Upbit has suspended all deposits and withdrawals after disclosing a major security incident that has led to multi-million dollar losses. Summary Upbit suspended all deposits and withdrawals after detecting abnormal transactions linked to its Solana hot wallet. Roughly 54 billion won worth of assets were drained, with at least 24 Solana-based tokens involved in the breach. Upbit detected suspicious transactions involving its Solana hot wallet early Thursday morning, prompting it to halt operations and issue an urgent notice to users on Nov. 27. “First, we deeply apologize for any inconvenience caused to our members due to the urgent digital asset deposit and withdrawal service inspection and the abnormal withdrawal situation today. Upbit immediately suspended deposit and withdrawal services and conducted a comprehensive inspection, prioritizing the protection of member assets,” Kyung-seok, CEO of Upbit operator Dunamu, said. While the exact nature of the breach is yet to be disclosed, the incident may have stemmed from a compromise of Upbit’s wallet infrastructure rather than a flaw in the Solana protocol itself. According to estimates, roughly 54 billion won (roughly $36 million) worth of cryptocurrencies were drained directly from an Upbit-controlled wallet holding Solana-based tokens. At least 24 different cryptocurrencies were involved, including SOL, USDC, Bonk (BONK), Layer (LAYER), and Jupiter (JUP).  Upbit has managed to freeze roughly 12 billion won worth of LAYER tokens as part of its recovery efforts. “We are continuing to track the remaining assets and are working with relevant projects and institutions to implement additional asset freezes,” a translated excerpt from the announcement reads. Upbit has vowed to fully cover all losses for affected users, but a detailed reimbursement plan with a timeline has not been made public at press time. “To prevent any damage to member assets, the entire amount will be covered by Upbit’s…

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Filed under: News - @ November 27, 2025 7:28 am