- Upbit, South Korea’s largest crypto exchange, suffered a $36 million loss due to unauthorized transfers on the Solana network.
- The breach involved multiple tokens, including BONK, JTO, SONIC, and USDC.
- Upbit secured remaining funds by moving them to cold storage and is working on freezing assets on-chain.
- The exchange’s parent company, Dunamu, pledged to fully reimburse affected customers.
- Services will resume only after comprehensive security checks are completed.
On November 27, 2025, Upbit, the largest cryptocurrency exchange in South Korea, reported a security breach resulting in approximately $36 million in losses. The incident involved irregular transfers from a compromised hot-wallet address on the Solana network. The unauthorized withdrawals affected multiple tokens, including meme coins BONK, MOODENG, Official Trump (TRUMP), DeFi tokens Sonic SVM (SONIC), Access Protocol (ACS), Jito (JTO), Solana (SOL), Raydium (RAY), Pudgy Penguin (PENGU), and the stablecoin USD Coin (USDC).
After detecting the breach around 04:42 KST, Upbit halted some services to investigate the transaction flow. The exchange promptly conducted an emergency security review of all related wallets and networks. Remaining assets were transferred into cold storage—a secure type of offline wallet designed to protect cryptocurrencies from online theft. The company is also collaborating with token issuers to attempt on-chain freezes and has successfully frozen a portion of Solayer (LAYER) tokens.
Dunamu, the parent company of Upbit, confirmed the scale of the loss and assured customers they will be fully compensated. Per the public notice by Dunamu‘s CEO Oh Kyung-seok, “Upbit will fully compensate the entire amount with its own assets so that no impact occurs to members’ assets.” Deposit and withdrawal services at Upbit will resume only after thorough system-wide security verifications are completed.
This security incident occurs as Dunamu undergoes a significant corporate transition, with plans for a $10.3 billion stock-swap absorption into Naver Financial. For more details from the company, see the public notice.
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