Simply put
- Upbit reported that unusual transfers on the Solana network resulted in the loss of around $36 million across several tokens, including BONK, JTO, SONIC, and USDC.
- The exchange is working on an on-chain freeze in collaboration with token issuers after securing some of the remaining funds offline.
- The CEO of Upbit’s parent company Dunum indicated that customers will receive full refunds.
South Korea’s largest cryptocurrency exchange, Upbit, recently revealed a security breach involving assets on its Solana network, with estimated losses around $36 million as it attempts to mitigate the situation.
The exchange stated it had identified irregular withdrawals tied to a compromised hot wallet address and had paused certain services to allow investigations into the flow of funds.
“At approximately 04:42 on November 27, 2025, Upbit confirmed that part of Solana’s network assets (worth about 54 billion won) were transferred to an unspecified internal wallet address (an unknown external wallet),” Dunamu CEO Oh Kyung-seok reported.
Affected tokens include meme coins like Bonk (BONK) and Moodeng (MOODENG), along with DeFi tokens such as Sonic SVM (SONIC), Access Protocol (ACS), and others. Circle’s USD Coin (USDC) is also among those impacted.
Oh mentioned, “The scale of the loss due to the abnormal withdrawal was immediately identified after internal confirmation,” and assured that Upbit will fully compensate its members to ensure their assets remain unaffected.
Upon detecting these irregular transfers, Upbit promptly initiated an emergency security review across all related networks and wallet systems.
According to Oh’s statement, the exchange has transferred all remaining assets to cold storage to avoid further abnormal withdrawals and is coordinating on-chain freezing measures after successfully securing some Solayer (LAYER) tokens.
Upbit also noted that extensive deposit and withdrawal services will only resume following a thorough system-wide security check.
The hacking claims arise during a significant transition for Upbit’s parent company, Dunum, which is set to be acquired by Naver Financial in a $10.3 billion stock exchange deal.
This is an ongoing story, and more updates may follow.
