Upbit, South Korea's largest cryptocurrency exchange, suffered a hack in the early hours of Thursday (local time), resulting in the theft of approximately 54 billion Korean won ($36.8 million).
Key Details:
- The Incident: Around 4:42 a.m. KST, an abnormal withdrawal occurred on the Solana network, moving a significant amount of tokens to an unidentified external wallet.
- Affected Assets: The hack impacted a total of 24 tokens, including SOL, USDC, PYTH, JTO, and others.
- Exchange Response:
- Upbit immediately halted all withdrawals and deposits to investigate the security breach.
- It successfully moved the remaining exchange assets to a secure cold wallet.
- The exchange managed to freeze $8.18 million worth of LAYER tokens and stated it is coordinating with project teams and authorities to freeze the remaining stolen funds.
- User Protection: Upbit has assured users that it will compensate all damages to user assets using its own reserve funds, meaning customers will not incur any personal losses.
- Unknown Details: The exchange has not yet disclosed the specific details of the attack, including the point of entry or vulnerability exploited.
Upbit is working with relevant parties and authorities to address the breach and plans to resume deposit and withdrawal services once security is fully stabilized.
November 2025, Cryptoniteuae