Latest Security Scandal: Upbit Experiences $37 Million Theft on the Solana Network

Jakarta, Pintu News – Upbit, the largest crypto exchange in South Korea, recently announced a major security breach of their Solana network wallet. The incident resulted in the theft of approximately 54 billion KRW (approximately $37 million) worth of crypto assets. This incident marks the second significant attack on Upbit, following the Ethereum heist in 2019 which amounted to approximately $50 million.

Incident Details

The theft was detected when unusual withdrawal activity occurred on Upbit’s Solana hot wallet at 4:42 am Korean standard time (KST). The hackers managed to drain various tokens in one coordinated operation, including Solana (SOL), USDC (stablecoin), and some memecoins such as Bonk (BONK).

The assets were then moved to an unknown external wallet, making tracking efforts more complicated. The theft involved various tokens from the Solana ecosystem, including projects such as Render (RENDER), Pyth Network (PYTH), and Raydium (RAY). Other tokens such as Jupiter (JUP), Jito (JTO), and Orca (ORCA) were also affected. This incident shows significant vulnerabilities in the management of crypto assets on exchanges.

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Upbit Response

In response to this incident, Upbit immediately isolated the affected wallets and suspended all deposits and withdrawals on the Solana network. This step was taken to prevent further leaks and to begin the investigation process. Upbit, which operates under Dunamu, has over $11 billion in customer assets, making this incident a major blow to their reputation.

Upbit is also committed to strengthening their security system to avoid similar incidents in the future. They plan to work with cybersecurity experts and improve their internal security protocols. These measures are expected to restore user confidence and ensure the safety of crypto assets.

Conclusion

This incident highlights the importance of security in this young and often disorganized crypto industry. Upbit and other exchanges may need to consider stricter security audits and transparency with their users to avoid losing trust and assets. Going forward, security will be a critical factor in maintaining and gaining user trust in the crypto ecosystem.

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FAQ

Q1: What is Upbit?

A1: Upbit is the largest crypto exchange in South Korea, operating over $11 billion worth of customer crypto assets.

Q2: What is the value of assets stolen in Upbit’s latest hack?

A2: The assets stolen in the latest hack on Upbit’s Solana network are worth approximately 54 billion KRW, or about $37 million.

Q3: When was the theft incident on Upbit detected?

A3: The theft incident on Upbit was detected at 4:42 am Korean standard time (KST).

Q4: What are the types of tokens affected in this theft?

A4: Tokens affected include Solana (SOL), USDC (stablecoin), Render (RENDER), Pyth Network (PYTH), Raydium (RAY), and some memecoins like Bonk (BONK).

Q5: What steps does Upbit take after detecting a theft?

A5: Upbit immediately isolated the affected wallets and suspended all deposits and withdrawals on the Solana network in response to the theft.

Reference

• U.Today. Crypto Giant Upbit Discloses $37 Million Hack on Solana Network. Accessed on November 28, 2025