TLDR Upbit, South Korea’s largest crypto exchange, suspended deposits and withdrawals after detecting unauthorized transactions on November 27, 2025 Approximately $37 million worth of Solana network tokens were transferred to unauthorized wallets through a compromised hot wallet Affected tokens include BONK, JTO, USDC, ACS, DRIFT, and other Solana-based assets Upbit will fully reimburse all customers [...] The post South Korea’s Largest Crypto Exchange Upbit Halts Services After $37 Million Solana Token Breach appeared first on CoinCentral.TLDR Upbit, South Korea’s largest crypto exchange, suspended deposits and withdrawals after detecting unauthorized transactions on November 27, 2025 Approximately $37 million worth of Solana network tokens were transferred to unauthorized wallets through a compromised hot wallet Affected tokens include BONK, JTO, USDC, ACS, DRIFT, and other Solana-based assets Upbit will fully reimburse all customers [...] The post South Korea’s Largest Crypto Exchange Upbit Halts Services After $37 Million Solana Token Breach appeared first on CoinCentral.

South Korea’s Largest Crypto Exchange Upbit Halts Services After $37 Million Solana Token Breach

TLDR

  • Upbit, South Korea’s largest crypto exchange, suspended deposits and withdrawals after detecting unauthorized transactions on November 27, 2025
  • Approximately $37 million worth of Solana network tokens were transferred to unauthorized wallets through a compromised hot wallet
  • Affected tokens include BONK, JTO, USDC, ACS, DRIFT, and other Solana-based assets
  • Upbit will fully reimburse all customers using the exchange’s own assets to cover losses
  • The exchange moved remaining funds to cold storage and froze about $8 million worth of Solayer tokens with law enforcement help

Upbit suspended all digital asset deposits and withdrawals on Thursday morning after detecting irregular activity on its Solana network wallets. The South Korean exchange identified unauthorized transfers totaling approximately 54 billion won, or $37 million.

The breach occurred around 4:42 AM local time on November 27, 2025. Exchange operators detected the irregular withdrawals from a compromised hot wallet address early in the incident.

Dunamu CEO Oh Kyung-seok confirmed the security breach in a public notice. He apologized to users for the service disruption and assured customers that the exchange would handle all losses.

The affected tokens span multiple categories on the Solana network. Meme coins including BONK, MOODENG, and Official Trump were among the compromised assets. Decentralized finance tokens such as Sonic SVM, Access Protocol, JTO, SOL, and Raydium were also transferred.

Other affected assets include DoubleZero, DOOD, Drift, HUMA, Ionet, JUP, LAYER, ME, Pudgy Penguin, and Circle’s USDC stablecoin. The unauthorized transfers moved these tokens to external wallet addresses not designated by Upbit’s internal systems.

Exchange Response and Asset Recovery

Upbit took immediate action after detecting the breach. The exchange transferred all remaining digital assets to cold storage to prevent further unauthorized transactions. Cold storage keeps cryptocurrency offline and away from potential network vulnerabilities.

The exchange worked with law enforcement to initiate on-chain freezing measures. These efforts successfully froze approximately 12 billion won, or $8 million, worth of Solayer tokens related to the incident. Upbit is coordinating with other token projects to attempt additional asset freezes.

Upbit launched a complete security audit of all digital asset transfer systems. The exchange stated it will gradually resume withdrawal services only after confirming system security. Deposit and withdrawal functions remain suspended while the investigation continues.

The exchange emphasized that customers will not bear any financial burden from the breach. Upbit committed to fully reimbursing all affected users using the company’s own assets. This compensation policy aims to protect user funds completely.

The timing of this security incident comes as Upbit’s parent company Dunamu navigates a major corporate change. Naver Financial agreed to absorb Dunamu in a $10.29 billion all-stock deal announced November 26, 2025. The transaction requires regulatory approval and would issue 2.54 new Naver shares for each Dunamu share.

The post South Korea’s Largest Crypto Exchange Upbit Halts Services After $37 Million Solana Token Breach appeared first on CoinCentral.

Market Opportunity
TokenFi Logo
TokenFi Price(TOKEN)
$0.002376
$0.002376$0.002376
+0.84%
USD
TokenFi (TOKEN) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact [email protected] for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Hoskinson Says XRP and Cardano Projects Lead Tokenization Race

Hoskinson Says XRP and Cardano Projects Lead Tokenization Race

Cardano founder Charles Hoskinson says Web3-native platforms already operate at a scale traditional finance has yet to reach. Cardano founder Charles Hoskinson
Share
LiveBitcoinNews2025/12/27 07:59
Fed forecasts only one rate cut in 2026, a more conservative outlook than expected

Fed forecasts only one rate cut in 2026, a more conservative outlook than expected

The post Fed forecasts only one rate cut in 2026, a more conservative outlook than expected appeared on BitcoinEthereumNews.com. Federal Reserve Chairman Jerome Powell talks to reporters following the regular Federal Open Market Committee meetings at the Fed on July 30, 2025 in Washington, DC. Chip Somodevilla | Getty Images The Federal Reserve is projecting only one rate cut in 2026, fewer than expected, according to its median projection. The central bank’s so-called dot plot, which shows 19 individual members’ expectations anonymously, indicated a median estimate of 3.4% for the federal funds rate at the end of 2026. That compares to a median estimate of 3.6% for the end of this year following two expected cuts on top of Wednesday’s reduction. A single quarter-point reduction next year is significantly more conservative than current market pricing. Traders are currently pricing in at two to three more rate cuts next year, according to the CME Group’s FedWatch tool, updated shortly after the decision. The gauge uses prices on 30-day fed funds futures contracts to determine market-implied odds for rate moves. Here are the Fed’s latest targets from 19 FOMC members, both voters and nonvoters: Zoom In IconArrows pointing outwards The forecasts, however, showed a large difference of opinion with two voting members seeing as many as four cuts. Three officials penciled in three rate reductions next year. “Next year’s dot plot is a mosaic of different perspectives and is an accurate reflection of a confusing economic outlook, muddied by labor supply shifts, data measurement concerns, and government policy upheaval and uncertainty,” said Seema Shah, chief global strategist at Principal Asset Management. The central bank has two policy meetings left for the year, one in October and one in December. Economic projections from the Fed saw slightly faster economic growth in 2026 than was projected in June, while the outlook for inflation was updated modestly higher for next year. There’s a lot of uncertainty…
Share
BitcoinEthereumNews2025/09/18 02:59
Sharplink CEO: Stablecoins, RWA, and sovereign wealth funds will drive Ethereum's TVL to grow tenfold by 2026.

Sharplink CEO: Stablecoins, RWA, and sovereign wealth funds will drive Ethereum's TVL to grow tenfold by 2026.

PANews reported on December 27 that Sharplink CEO Joseph Chalom stated that the surge in stablecoins, tokenized RWAs, and the growing interest from sovereign wealth
Share
PANews2025/12/27 08:15