Upbit Hack: $36M Stolen, Cold Storage & Freeze Measures
Update: 2025-11-27
Description
Upbit, South Koreas largest crypto exchange, suffered a security breach on the Solana network, resulting in a loss of approximately $36 million. The exchange detected unauthorized withdrawals from a compromised hot wallet and paused services to investigate. The funds, valued at around $54 billion Korean won, were moved to an unauthorized external wallet and included popular meme coins, decentralized finance tokens, and Circles USD Coin. Upbit assured users they would fully compensate losses using their own assets. Following the incident, Upbit launched an emergency security review, moved remaining assets to secure cold storage, and worked with projects to freeze affected funds on the blockchain. This security event occurred during a significant corporate transition for Upbits parent company, Dunamu, which is set to be acquired by Naver Financial in a $10.3 billion stock-swap agreement.
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