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$36 Million Gone: Solana Hack Strikes South Korea’s Top Exchange

Upbit, one in all South Korea’s largest crypto exchanges, reported a significant loss after a Solana-network scorching pockets was emptied early on November 27, 2025.

According to stories, about 54 billion Korean gained — roughly $36–37 million — was taken in what the corporate referred to as an “irregular withdrawal” detected at 04:42 KST.

Upbit Suspends Solana Services

According to the alternate, deposits and withdrawals for property on the Solana chain have been halted instantly after the breach was discovered.

Company engineers moved remaining Solana holdings into chilly storage to restrict additional entry. Some tokens have been later frozen on-chain whereas investigators traced transfers.

Reports have disclosed that about 12 billion gained (round $8–9 million) in LAYER tokens has been frozen to this point.

A Broad Range Of Tokens Appears Affected

Based on stories from blockchain trackers and media retailers, 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 listing 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 underneath lively monitoring.

Exchange Operator Pledges Coverage

Dunamu, Upbit’s guardian firm, has stated the alternate will cowl the complete loss from its personal reserves in order that buyer balances won’t be lowered.

According to the corporate, this choice was made to guard customers whereas the technical and forensic opinions are underneath means.

A safety evaluation of the deposit and withdrawal techniques has been launched, and out of doors consultants are reported to be helping with the investigation.

Past Incidents And Timing Raise Questions

Reports notice the timing was awkward: the breach got here simply after a high-profile company announcement involving Naver Financial on November 26, 2025.

Upbit just isn’t new to main hacks; a 2019 assault value the platform a considerable amount of ETH. Hot wallets, that are related to the web, stay a identified weak level for centralized exchanges. That danger was uncovered once more right here.

On-Chain Tracking And Recovery Hopes

Blockchain analysts are following the path of transfers and figuring out the wallets that acquired funds. Some tokens may be frozen if their issuers or governing authorities cooperate, which is how the reported LAYER freeze was achieved.

Still, many property could also be onerous to get better, and authorized routes may be gradual. It was reported that the alternate tried to freeze what it might whereas transferring different property offline.

What This Means For Users 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 might embrace non permanent liquidity points for sure Solana tokens listed on the platform whereas companies stay restricted.

Featured picture from Pixabay, chart from TradingView

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