Solana Tokens Surge on Upbit Following $32 Million Hack
- Upbit experienced a hack resulting in the theft of approximately 44.5 billion won ($32 million) on November 27.
- Following the breach, Solana-based tokens like ORCA traded at a premium of up to 95.6% on Upbit compared to global prices.
- The exchange suspended all digital asset deposits and withdrawals after unauthorized transfers were detected around local time at 4:42 a.m.
- CEO Oh Kyung-seok confirmed that cold wallet holdings were secure and pledged to cover customer losses from company reserves.
- Upbit froze roughly ¥2.3 billion worth of Solayer tokens and is working with law enforcement to track stolen funds.
The hack has caused significant disruption in South Korea’s crypto market, particularly affecting Solana ecosystem tokens due to halted arbitrage activities that typically stabilize prices between local and international exchanges.
As a result of the breach, Upbit’s operations are under review, with no timeline provided for restoring services following the security assessment process.(Source)
