Upbit Loses $37 Million in Solana Wallet Hack
South Korea’s biggest crypto exchange, Upbit, was hacked. The attackers stole about $36.8 million (54 billion KRW) from a Solana (SOL) wallet.
Upbit quickly stopped all deposits and withdrawals after noticing unusual asset transfers on its Solana wallet.
Assets Affected and Security Response
The stolen tokens included Solana-based coins like Bonk (BONK), Moodeng (MOODENG), and Official Trump (TRUMP). DeFi tokens such as Sonic SVM (SONIC), Access Protocol (ACS), Jito (JTO), Raydium (RAY), plus native SOL were also affected.
Upbit moved remaining digital assets to cold storage to prevent further theft. The company is working with law enforcement and blockchain partners to freeze stolen funds.
So far, assets worth about 12 billion KRW tied to the Solayer (LAYER) token have been seized.
Ongoing Investigations and Future Actions
Upbit started a full review of its asset transfer system to fix any weak points. Withdrawals will reopen slowly after safety checks finish.
Oh Kyung-seok, CEO of Dunamu, Upbit’s parent company, said all losses will be covered by Upbit’s own funds.
The exchange later revised the loss to $30.43 million and said frozen assets total $1.57 million.
South Korea’s Virtual Asset Supervision Bureau is inspecting Upbit. The review will continue until next Friday.
