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Upbit was hacked for about $37M worth of crypto on the Solana network
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The exchange halted deposits and withdrawals after detecting abnormal transfers
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Assets were moved to cold storage and $8.18M of stolen tokens were frozen
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Upbit says users will be fully compensated using its reserves
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Investigation into the attack and point of failure is ongoing
Exchange Confirms Major Solana-Network Breach
Upbit, South Korea’s largest exchange, detected abnormal withdrawals early Thursday morning, resulting in a loss of around 54 billion KRW, or roughly $36.8 million. The unauthorized transfers involved multiple Solana ecosystem tokens, including SOL, BONK, JTO, ORCA, PYTH, and many smaller assets.
The exchange quickly halted deposits and withdrawals and transferred all funds to cold storage to prevent further losses.
Some Stolen Tokens Frozen, Investigation Underway
Upbit said it successfully froze $8.18 million worth of LAYER tokens and is now working with teams and authorities to block additional stolen funds. The exchange pledged to fully reimburse all affected users from its reserves.
The entry point of the hack has not yet been disclosed, and the investigation is ongoing.
