Upbit, certainly one of South Korea’s largest crypto exchanges, reported a significant loss after a Solana-network sizzling pockets was emptied early on November 27, 2025.
In response to experiences, about 54 billion Korean gained — roughly $36–37 million — was taken in what the corporate known as an “irregular withdrawal” detected at 04:42 KST.
Upbit Suspends Solana Providers
In response to the change, deposits and withdrawals for property on the Solana chain have been halted instantly after the breach was discovered.
Firm engineers moved remaining Solana holdings into chilly storage to restrict additional entry. Some tokens have been later frozen on-chain whereas investigators traced transfers.
Stories have disclosed that about 12 billion gained (round $8–9 million) in LAYER tokens has been frozen to this point.
NEW: UPBIT DISCLOSES ~$37M HACK ON SOLANA NETWORK – “TO PREVENT ANY DAMAGE TO MEMBER ASSETS, THE ENTIRE AMOUNT WILL BE COVERED BY UPBIT’S HOLDINGS. WE WOULD LIKE TO REITERATE THAT THIS WILL NOT AFFECT MEMBER ASSETS”
SOURCE: https://t.co/LaGePSDOj4 pic.twitter.com/JRQzOFX2ot
— DEGEN NEWS (@DegenerateNews) November 27, 2025
A Broad Vary Of Tokens Seems Affected
Based mostly on experiences 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 record is lengthy, and monitoring continues as some tokens transfer via a number of wallets. At this stage, a number of of the addresses holding the funds are underneath lively monitoring.
Upbit(@Official_Upbit) has been hacked — 54B KRW (~36.8M USD) in property on #Solana have been transferred to unknown wallets.https://t.co/plbmBz2G4Nhttps://t.co/YOHoqDVfqa pic.twitter.com/DM5BxSTtXA
— Lookonchain (@lookonchain) November 27, 2025
Alternate Operator Pledges Protection
Dunamu, Upbit’s father or mother firm, has mentioned the change will cowl the complete loss from its personal reserves in order that buyer balances won’t be lowered.
In response to the corporate, this choice was made to guard customers whereas the technical and forensic evaluations are underneath means.
A safety overview of the deposit and withdrawal programs has been launched, and outdoors specialists are reported to be aiding with the investigation.
Previous Incidents And Timing Elevate Questions
Stories observe the timing was awkward: the breach got here simply after a high-profile company announcement involving Naver Monetary on November 26, 2025.
Upbit will not be new to main hacks; a 2019 assault price the platform a considerable amount of ETH. Scorching wallets, that are linked to the web, stay a recognized weak level for centralized exchanges. That danger was uncovered once more right here.
On-Chain Monitoring And Restoration Hopes
Blockchain analysts are following the path of transfers and figuring out the wallets that obtained funds. Some tokens might be frozen if their issuers or governing authorities cooperate, which is how the reported LAYER freeze was achieved.
Nonetheless, many property could also be laborious to get better, and authorized routes might be gradual. It was reported that the change tried to freeze what it may whereas transferring different property offline.
What This Means For Customers And Market Confidence
For now, Upbit customers have been assured their funds are protected as a result of the operator pledged to soak up the loss.
Market response may embrace momentary 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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