- Upbit, a South Korean cryptocurrency exchange, suffered a hack of approximately $36 million on the Solana Network on November 27, 2025.
- The exchange has paused Solana (SOL) withdrawals and promised full reimbursement to affected users.
- North Korean Hackers are believed to be behind the attack, continuing a history of crypto-related exploits.
- Despite the hack, Solana’s market price saw a short-term increase of 2.9% in the last 24 hours, supported by a broader crypto market rally.
- The recent market upswing is linked to rising expectations of a U.S. interest rate cut in December 2025.
Upbit, a leading South Korean cryptocurrency exchange, was hacked for around $36 million on the Solana Network on Thursday, November 27, 2025. The platform immediately halted Solana (SOL) withdrawals to protect customer assets and has pledged to fully compensate those affected. The breach is believed to have been carried out by North Korean hackers, known for several previous crypto cyberattacks.
Oh Kyung-seok, CEO of Dunamu, Upbit’s parent company, stated, “Upbit immediately suspended deposit/withdrawal services and conducted a comprehensive inspection, prioritizing the protection of member assets.” This is not the first time Upbit has faced such an incident; in 2019, North Korean hackers stole roughly $41.5 million worth of Ethereum (ETH) from the platform in what remains one of the largest crypto thefts.
The Solana Network has been involved in multiple cyber exploits but has not seen a significant price impact from this recent attack so far. According to CoinGecko’s Solana data, SOL’s value increased by 2.9% in the last 24 hours and 0.3% over the past week. This uptick aligns with a general resurgence in the cryptocurrency market, highlighted by Bitcoin (BTC) reaching the $91,000 level recently. Despite this, SOL has declined 8.9% over 14 days, 28.8% in the past month, and 38.1% since November 2024.
Market analysts link the recent rally in cryptocurrencies, including Solana, to growing anticipation of a possible U.S. interest rate cut in December 2025. This development has helped improve investor confidence after the market faced significant downturns in the previous month attributed to macroeconomic uncertainties. The continuation of this market trend could influence future SOL price movements.
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