Upbit, South Korea's largest cryptocurrency exchange, announced that it suffered a major cyberattack in which 54 billion Korean won (approximately $36.8 million) worth of Solana-based assets were stolen.
South Korea's Largest Crypto Exchange Upbit Hit by $37 Million Solana Hack
The incident occurred early Thursday morning, with the exchange halting all cryptocurrency deposits and withdrawals after an anomalous outflow was detected on the Solana network.
According to the exchange, around 4:42 a.m. local time, some tokens were transferred to an unidentified external wallet. The stolen assets include SOL, 2Z, ACS, BONK, DOOD, DRIFT, HUMA, IO, JTO, JUP, LAYER, ME, MEW, MOODENG, ORCA, PENGU, PYTH, RAY, RENDER, SONIC, SOON, TRUMP, USDC, and W.
Upbit announced that it moved all user assets to secure cold wallets following the attack, preventing further losses. It also stated that it had successfully frozen approximately $8.18 million worth of LAYER tokens. The exchange is collaborating with projects and relevant authorities to freeze other stolen assets.
The company emphasized that users will not be harmed, stating that all losses will be covered by the platform's reserve assets. Upbit has not yet released details about how the attack occurred or which vulnerability the attackers exploited. Technical investigations into the incident are ongoing.
*This is not investment advice.
