Upbit Suspends Services After $37M Solana Hack

South Korea's largest cryptocurrency exchange, Upbit, suspended all deposits and withdrawals on November 27, 2025, after detecting unauthorized transfers of about 54 billion won, or roughly 37 million U.S. dollars, in Solana network assets from a compromised hot wallet. The breach occurred around 4:42 a.m. local time, prompting the exchange to act swiftly to secure user funds and launch a comprehensive security review.

Exchange officials identified irregular activity in the hot wallet, which handles active trading and is connected to the network, leading to the outflow of tokens to external addresses not controlled by Upbit. Affected assets included a range of Solana-based tokens, such as the meme coin BONK, decentralized finance tokens like JTO and RAY, stablecoin USDC, and others including SOL, DRIFT, MOODENG, and LAYER. The transfers spanned meme coins, DeFi protocols, and utility tokens, highlighting vulnerabilities in the exchange's online storage systems.

In response, Upbit immediately halted services for Solana-linked assets and transferred all remaining digital holdings to cold storage, an offline method that isolates funds from potential network threats. The exchange...