Upbit, considered one of South Korea’s largest crypto exchanges, reported a serious loss after a Solana-network sizzling pockets was emptied early on November 27, 2025.
In line with stories, about 54 billion Korean received — roughly $36–37 million — was taken in what the corporate referred to as an “irregular withdrawal” detected at 04:42 KST.
Upbit Suspends Solana Providers
In line with the alternate, deposits and withdrawals for property on the Solana chain have been halted instantly after the breach was discovered.
Firm engineers moved remaining Solana holdings into chilly storage to restrict additional entry. Some tokens have been later frozen on-chain whereas investigators traced transfers.
Stories have disclosed that about 12 billion received (round $8–9 million) in LAYER tokens has been frozen to date.
NEW: UPBIT DISCLOSES ~$37M HACK ON SOLANA NETWORK – “TO PREVENT ANY DAMAGE TO MEMBER ASSETS, THE ENTIRE AMOUNT WILL BE COVERED BY UPBIT’S HOLDINGS. WE WOULD LIKE TO REITERATE THAT THIS WILL NOT AFFECT MEMBER ASSETS”
SOURCE: https://t.co/LaGePSDOj4 pic.twitter.com/JRQzOFX2ot
— DEGEN NEWS (@DegenerateNews) November 27, 2025
A Broad Vary Of Tokens Seems Affected
Based mostly on stories from blockchain trackers and media shops, the stolen property included SOL and USDC together with many Solana-ecosystem tokens.
Stolen tickers reportedly embrace ACS, BONK, RAY, JUP, PYTH, ORCA, JTO, LAYER, RENDER, MOODENG, and TRUMP, amongst others.
The checklist is lengthy, and monitoring continues as some tokens transfer by way of a number of wallets. At this stage, a number of of the addresses holding the funds are beneath energetic monitoring.
Upbit(@Official_Upbit) has been hacked — 54B KRW (~36.8M USD) in property on #Solana have been transferred to unknown wallets.https://t.co/plbmBz2G4Nhttps://t.co/YOHoqDVfqa pic.twitter.com/DM5BxSTtXA
— Lookonchain (@lookonchain) November 27, 2025
Alternate Operator Pledges Protection
Dunamu, Upbit’s mother or father firm, has mentioned the alternate will cowl the complete loss from its personal reserves in order that buyer balances is not going to be decreased.
In line with the corporate, this choice was made to guard customers whereas the technical and forensic opinions are beneath manner.
A safety overview of the deposit and withdrawal programs has been launched, and out of doors specialists are reported to be helping with the investigation.
Previous Incidents And Timing Increase Questions
Stories be aware the timing was awkward: the breach got here simply after a high-profile company announcement involving Naver Monetary on November 26, 2025.
Upbit just isn’t new to main hacks; a 2019 assault value the platform a considerable amount of ETH. Scorching wallets, that are linked to the web, stay a recognized weak level for centralized exchanges. That threat was uncovered once more right here.
On-Chain Monitoring And Restoration Hopes
Blockchain analysts are following the path of transfers and figuring out the wallets that acquired funds. Some tokens might be frozen if their issuers or governing authorities cooperate, which is how the reported LAYER freeze was achieved.
Nonetheless, many property could also be exhausting to get well, and authorized routes might be gradual. It was reported that the alternate tried to freeze what it may whereas shifting different property offline.
What This Means For Customers And Market Confidence
For now, Upbit customers have been assured their funds are secure as a result of the operator pledged to soak up the loss.
Market response may embrace non permanent liquidity points for sure Solana tokens listed on the platform whereas providers stay restricted.
Featured picture from Pixabay, chart from TradingView
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