TLDR Upbit, South Korea’s largest crypto exchange, suspended deposits and withdrawals after detecting unauthorized transactions on November 27, 2025 Approximately $37 million worth of Solana network tokens were transferred to unauthorized wallets through a compromised hot wallet Affected tokens include BONK, JTO, USDC, ACS, DRIFT, and other Solana-based assets Upbit will fully reimburse all customers [...] The post South Korea’s Largest Crypto Exchange Upbit Halts Services After $37 Million Solana Token Breach appeared first on CoinCentral.TLDR Upbit, South Korea’s largest crypto exchange, suspended deposits and withdrawals after detecting unauthorized transactions on November 27, 2025 Approximately $37 million worth of Solana network tokens were transferred to unauthorized wallets through a compromised hot wallet Affected tokens include BONK, JTO, USDC, ACS, DRIFT, and other Solana-based assets Upbit will fully reimburse all customers [...] The post South Korea’s Largest Crypto Exchange Upbit Halts Services After $37 Million Solana Token Breach appeared first on CoinCentral.

South Korea’s Largest Crypto Exchange Upbit Halts Services After $37 Million Solana Token Breach

2025/11/27 15:40

TLDR

  • Upbit, South Korea’s largest crypto exchange, suspended deposits and withdrawals after detecting unauthorized transactions on November 27, 2025
  • Approximately $37 million worth of Solana network tokens were transferred to unauthorized wallets through a compromised hot wallet
  • Affected tokens include BONK, JTO, USDC, ACS, DRIFT, and other Solana-based assets
  • Upbit will fully reimburse all customers using the exchange’s own assets to cover losses
  • The exchange moved remaining funds to cold storage and froze about $8 million worth of Solayer tokens with law enforcement help

Upbit suspended all digital asset deposits and withdrawals on Thursday morning after detecting irregular activity on its Solana network wallets. The South Korean exchange identified unauthorized transfers totaling approximately 54 billion won, or $37 million.

The breach occurred around 4:42 AM local time on November 27, 2025. Exchange operators detected the irregular withdrawals from a compromised hot wallet address early in the incident.

Dunamu CEO Oh Kyung-seok confirmed the security breach in a public notice. He apologized to users for the service disruption and assured customers that the exchange would handle all losses.

The affected tokens span multiple categories on the Solana network. Meme coins including BONK, MOODENG, and Official Trump were among the compromised assets. Decentralized finance tokens such as Sonic SVM, Access Protocol, JTO, SOL, and Raydium were also transferred.

Other affected assets include DoubleZero, DOOD, Drift, HUMA, Ionet, JUP, LAYER, ME, Pudgy Penguin, and Circle’s USDC stablecoin. The unauthorized transfers moved these tokens to external wallet addresses not designated by Upbit’s internal systems.

Exchange Response and Asset Recovery

Upbit took immediate action after detecting the breach. The exchange transferred all remaining digital assets to cold storage to prevent further unauthorized transactions. Cold storage keeps cryptocurrency offline and away from potential network vulnerabilities.

The exchange worked with law enforcement to initiate on-chain freezing measures. These efforts successfully froze approximately 12 billion won, or $8 million, worth of Solayer tokens related to the incident. Upbit is coordinating with other token projects to attempt additional asset freezes.

Upbit launched a complete security audit of all digital asset transfer systems. The exchange stated it will gradually resume withdrawal services only after confirming system security. Deposit and withdrawal functions remain suspended while the investigation continues.

The exchange emphasized that customers will not bear any financial burden from the breach. Upbit committed to fully reimbursing all affected users using the company’s own assets. This compensation policy aims to protect user funds completely.

The timing of this security incident comes as Upbit’s parent company Dunamu navigates a major corporate change. Naver Financial agreed to absorb Dunamu in a $10.29 billion all-stock deal announced November 26, 2025. The transaction requires regulatory approval and would issue 2.54 new Naver shares for each Dunamu share.

The post South Korea’s Largest Crypto Exchange Upbit Halts Services After $37 Million Solana Token Breach appeared first on CoinCentral.

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

UK Looks to US to Adopt More Crypto-Friendly Approach

UK Looks to US to Adopt More Crypto-Friendly Approach

The post UK Looks to US to Adopt More Crypto-Friendly Approach appeared on BitcoinEthereumNews.com. The UK and US are reportedly preparing to deepen cooperation on digital assets, with Britain looking to copy the Trump administration’s crypto-friendly stance in a bid to boost innovation.  UK Chancellor Rachel Reeves and US Treasury Secretary Scott Bessent discussed on Tuesday how the two nations could strengthen their coordination on crypto, the Financial Times reported on Tuesday, citing people familiar with the matter.  The discussions also involved representatives from crypto companies, including Coinbase, Circle Internet Group and Ripple, with executives from the Bank of America, Barclays and Citi also attending, according to the report. The agreement was made “last-minute” after crypto advocacy groups urged the UK government on Thursday to adopt a more open stance toward the industry, claiming its cautious approach to the sector has left the country lagging in innovation and policy.  Source: Rachel Reeves Deal to include stablecoins, look to unlock adoption Any deal between the countries is likely to include stablecoins, the Financial Times reported, an area of crypto that US President Donald Trump made a policy priority and in which his family has significant business interests. The Financial Times reported on Monday that UK crypto advocacy groups also slammed the Bank of England’s proposal to limit individual stablecoin holdings to between 10,000 British pounds ($13,650) and 20,000 pounds ($27,300), claiming it would be difficult and expensive to implement. UK banks appear to have slowed adoption too, with around 40% of 2,000 recently surveyed crypto investors saying that their banks had either blocked or delayed a payment to a crypto provider.  Many of these actions have been linked to concerns over volatility, fraud and scams. The UK has made some progress on crypto regulation recently, proposing a framework in May that would see crypto exchanges, dealers, and agents treated similarly to traditional finance firms, with…
Share
BitcoinEthereumNews2025/09/18 02:21