Upbit, South Korea's largest cryptocurrency exchange, has confirmed a major security breach on its Solana network wallet.
The incident involved the unauthorized transfer of assets worth approximately 54 billion KRW (roughly $$37 million). This makes it the exchange's second significant hack since the infamous 2019 Ethereum theft of around $50 million.
The list of affected tokens includes a mix of Solana ecosystem projects, memecoins, and stablecoins. These are Solana (SOL), USDC (stablecoin), Render (RENDER), Pyth Network (PYTH), Raydium (RAY), Jupiter (JUP), Jito (JTO), Orca (ORCA,) as well as meme coins such as Bonk (BONK), Cat in a Dogs World (MEW), and Moo Deng (MOODENG).
The hack was detected around 4:42 a.m. KST (Korean Standard Time) when abnormal withdrawal activity was flagged from Upbit's Solana hot wallet.
Hackers drained multiple tokens in a single coordinated operation, transferring them to unknown external wallets.
The Funds were quickly observed moving across chains, complicating tracing efforts.
Upbit's response
Upbit immediately isolated the affected wallet, suspended all deposits and withdrawals on the Solana network
Upbit operates under Dunamu and holds over $11 billion in customer assets, making this event a notable blow to one of Asia's top crypto platforms.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team