Upbit’s Worst Timing Ever: Massive SOL Breach Crashes Its Big Day With Naver
Upbit, a number one South Korean cryptocurrency change, recognized unauthorized withdrawals totaling round 54 billion KRW ($36 million) in Solana-based property on Thursday.
The breach affected a number of tokens, together with SOL, USDC, BONK, JUP, RAY, RENDER, ORCA, and PYTH. Stolen funds had been despatched to unidentified exterior wallets. Upbit instantly suspended deposits and withdrawals for the Solana community to restrict additional losses and safeguard person funds.
Exchange Responds With Emergency Measures
According to Upbit’s announcement, Upbit promptly halted all deposit and withdrawal companies for Solana-based property. The change started emergency inspections to evaluate the injury and reinforce safety. Multiple pressing updates had been posted on the Upbit customer center between November 26 and 27, 2025, documenting every step of their speedy response.
The breach affected a broad vary of Solana ecosystem tokens. Beyond SOL and USDC, the incident additionally impacted well-liked DeFi and meme tokens, together with BONK, Jupiter (JUP), Raydium (RAY), Render (RENDER), Orca (ORCA), and Pyth Network (PYTH). The unfold suggests attackers focused Upbit’s sizzling pockets infrastructure, which handles energetic buying and selling and withdrawals.
Upbit instantly suspended all deposit and withdrawal companies within the morning after detecting irregular withdrawal exercise, and entered an emergency inspection. The firm additionally disclosed all pockets addresses concerned within the “irregular outflow”.
Security specialists monitoring the breach confirmed that Upbit suspended Solana token companies to guard person property. The change took swift measures to forestall additional losses whereas forensic groups investigated. However, the incident raised issues about vulnerabilities inside hot wallet systems that keep related for operations.
Party-Spoiler Ruins Dunamu–Naver Merger Celebration
The incident occurred on the identical day that Dunamu, the operator of Upbit, announced a plan to grab world market management via AI- and Web3-based collaboration with Naver, South Korea’s largest portal firm. Naver and Dunamu, along with Naver Financial, plan to speculate 10 trillion received over the subsequent 5 years to foster the home AI and Web3 know-how ecosystem.
The 54 billion KRW loss, roughly $36 million, locations the Upbit breach among the many yr’s largest for exchanges. Nevertheless, it stays smaller than a number of of the business’s historic hacks. Most losses concerned Solana community property, pointing to a focused assault slightly than a cross-chain incident.
The firm said, “We have recognized the precise quantity of digital property that had been leaked, and we’ll totally cowl the loss with Upbit’s personal property in order that prospects should not affected in any manner.”
Six Years After the Last Upbit Hack
This is just not the primary time Upbit has been hacked. In November 2019, hackers stole 342,000 ETH from the South Korean change. The breach prompted a lack of about 58 billion received, or roughly $50 million on the time. That quantity now stands at roughly $1.04 billion.
Five years later, in November final yr, Korean police officially confirmed that the perpetrators had been alleged North Korean hacking teams Lazarus and Andariel. According to the National Office of Investigation, the conclusion was primarily based on proof similar to using North Korean IP addresses and North Korea-specific terminology (together with phrases used for trivial duties), in addition to knowledge obtained in cooperation with the US Federal Bureau of Investigation (FBI).
Of the stolen Ethereum, the hackers transformed 57% into Bitcoin via three cryptocurrency exchanges that they had designed themselves and instantly cashed out the proceeds. Hackers laundered the remaining 43% via 51 exchanges throughout 13 nations. These nations included China, the United States, Hong Kong, and Switzerland.
In October 2024, Korean authorities sought cooperation from Swiss judicial authorities and recovered 4.8 BTC, which they returned to Upbit. However, the remaining nations and exchanges are reportedly refusing to cooperate.
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