Upbit Freezes $1.77M in Stolen Assets After Hack
- Upbit freezes $1.77M after Solana wallet breach.
- Coordination with token issuers to block assets.
- User assets are fully compensated by Upbit.
Upbit experienced a Solana hot-wallet breach on November 27, 2025, leading to approximately $36M in crypto assets being moved to an unverified wallet address.
The incident underscores the critical need for strengthened security measures in crypto exchanges, affecting market trust and highlighting vulnerabilities in current digital asset storage solutions.
Upbit, South Korea’s largest crypto exchange, faced a Solana hot-wallet breach on November 27, losing approximately KRW 54B (~$36M). The exchange has managed to freeze $1.77M in stolen assets amid ongoing investigations.
Chief Executive Oh Kyung-seok confirmed that Upbit has coordinated with token issuers and infrastructure teams to lock illicit funds. Dunamu, Upbit’s parent company, has pledged to fully repay affected users.
The breach impacted users and security protocols, affecting multiple Solana ecosystem tokens. Upbit has suspended trading to protect user assets and reinforce security measures across its platform.
The hack has led to scrutiny from regulators, raising concerns about digital asset security. Upbit’s prompt action aims to preserve user trust while restoring operational normalcy.
Financial repercussions include halting Solana trading and moving assets to cold storage. Upbit’s strategy to cover losses shields users from financial harm, maintaining exchange stability in a volatile market environment.
Future security measures will likely involve enhanced wallet protocols and external audits. Past incidents, including Lazarus-linked attacks, indicate a need for robust cryptographic defenses to prevent similar breaches. User confidence remains a critical concern.
The extent of the losses caused by the abnormal withdrawals was determined internally immediately after confirmation, and Upbit will fully compensate the entire amount from its own assets so that members’ assets are not affected. [Source](https://crypto.ro/en/news/upbits-30m-solana-wallet-breach-key-details-and-official-statements/)
Oh Kyung-seok, CEO, Dunamu
