In short
- Upbit revealed that approximately $36 million was lost in several tokens, including BONK, JTO, SONIC, and USDC, due to irregular transfers on the Solana network.
- The exchange is coordinating an on-chain freeze with the issuer after moving the remaining funds offline and securing a portion of the Solayer tokens.
- “The exchange will reimburse customers in full,” said Dunamu, CEO of Upbit’s parent company.
South Korea’s largest cryptocurrency exchange, Upbit, disclosed a security incident involving assets on the Solana network on Thursday, reporting losses of approximately $36 million as the platform moved to contain the breach.
The exchange said it detected irregular withdrawals related to compromised hot wallet addresses and suspended some services while investigators traced the flow of funds.
Dunamu CEO Oh Gyeong-seok said, “Upbit confirmed that at approximately 04:42 on November 27, 2025, some Solana network assets (equivalent to approximately 54 billion won) were transferred to an internally unspecified wallet address (unknown external wallet).” announcement Read.
Affected assets include meme coins such as Bonk (BONK), Moodeng (MOODENG), and Official Trump (TRUMP), as well as decentralized finance tokens such as Sonic SVM (SONIC), Access Protocol (ACS), Jito (JTO), Solana (SOL), and Raydium (RAY), as well as tokens such as Pudgy Penguin (PENGU). This list also includes Circle’s USD Coin (USDC).
CEO Oh said, “The amount of loss due to abnormal withdrawal was immediately confirmed internally,” and “Upbit will compensate in full with its own assets to ensure that members’ assets are not affected.”
Upbit said that after detecting the irregular transfer, it immediately began an urgent security review of all relevant networks and wallet systems.
According to Mr. Oh’s notice, the exchange moved all remaining assets to cold storage to prevent further abnormal withdrawals, and after successfully freezing part of LAYER, it is coordinating attempts to freeze on-chain with related projects.
Upbit added that broader deposit and withdrawal services will only resume after system-wide security checks are completed.
The hacking allegations come as Upbit’s parent company, Dunamu, is navigating one of the most significant corporate transitions in years, with the company set to be absorbed into Naver Financial. $10.3 billion stock exchange agreement.
I contacted Decrypt. doona For comments. This is a developing story.
daily report newsletter
Start your day today with top news stories, original features, podcasts, videos and more.