Upbit Halts Withdrawals After $38.5M Asset Theft on Solana Network
Quick Take Summary is AI generated, newsroom reviewed. Upbit halted all withdrawals and deposits following an abnormal outflow of $54 billion KRW ($38.5 million) in assets on the Solana network. The stolen assets included a broad list of Solana ecosystem tokens, such as SOL, USDC, BONK, JUP, and RENDER. Upbit's parent company, Dunamu, promised full compensation for all affected customer losses using its own corporate funds. The exchange managed to freeze a portion of the stolen funds, worth around 12 billi
South Korea’s largest crypto exchange, Upbit, has temporarily halted all deposits and withdrawals. After suffering a major asset theft on the Solana network. The exchange confirmed that an abnormal outflow of digital assets worth roughly 54 billion Korean won, or about $38.5 million. It occurred early on November 27. According to official statements, the suspicious transactions took place around 4:42 AM local time.
Upbit detected unusual movements of multiple Solana based tokens and quickly suspended all withdrawals as an emergency response. The company said the stolen assets were transferred to an unknown external wallet. The incident has triggered immediate concern across South Korea’s crypto industry, given Upbit’s dominant position in the local market.
Wide Range of Solana Tokens Affected in the Attack
The stolen assets reportedly included a broad list of Solana ecosystem tokens. These range from major assets like SOL and USDC to popular meme and DeFi tokens. Such as BONK, JUP, ORCA, PYTH, RAY, JTO and RENDER. The market impacted several newer and less liquid tokens, too. Following detection, Upbit moved all remaining assets into secure cold wallets. This step aimed to block any further abnormal transfers.
At the same time, the exchange began an emergency security review focused specifically on Solana related wallet systems. Upbit also confirmed that it has already attempted on-chain freezing actions. With help from project teams and blockchain partners. The exchange managed to freeze a portion of the stolen assets worth around 12 billion won. The remaining funds are still under active tracking.
Upbit Vows Full Compensation and Ongoing Investigation
Upbit’s parent company, Dunamu, moved quickly to reassure customers. CEO Oh Kyung-seok stated that the exchange has fully identified the scale of the loss. They will cover the entire amount using their own corporate funds. He stressed that customer assets will not suffer any direct financial damage from this incident.
In addition, Upbit confirmed it is coordinating with law enforcement agencies and blockchain security firms. The goal is to trace the stolen funds, expand freezing efforts and support any upcoming criminal investigation. The exchange also asked users to report any suspicious activity or information related to the hack. Upbit said customer cooperation could help speed up asset recovery efforts.
Deposit and Withdrawal Services Remain in Gradual Recovery
Upbit confirmed that its current suspension affects deposits and withdrawals across the platform, not just Solana based assets. The exchange said it is reviewing the full security structure of its deposit and withdrawal systems before restoring services. Services will resume gradually. Each network will reopen only after security checks are completed and stability is confirmed. Upbit has not provided an exact timeline yet.
This incident adds to a growing list of large-scale crypto thefts. That is linked to cross-chain activity and hot wallet exposure. It also highlights the growing risks tied to complex blockchain ecosystems like Solana, where many tokens share similar infrastructure. Currently, user trading remains active, but asset movement is tightly restricted. The industry will be watching closely to see how quickly Upbit restores full operations. Additionally, whether law enforcement can recover most of the stolen funds.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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