Upbit Experiences $36 Million Loss in Solana Network Breach
- South Korea’s largest crypto exchange, Upbit, reported a loss of approximately $36 million due to irregular transfers on the Solana network.
- The breach affected multiple tokens including BONK, JTO, SONIC, and USDC, with funds moved to an unknown external wallet.
- Upbit has transferred remaining assets into cold storage and is coordinating on-chain freezes with issuers after securing some Solayer tokens.
- Dunamu CEO Oh Kyung-seok confirmed that Upbit will fully reimburse customers for the losses.
Upbit detected irregular withdrawals linked to a compromised hot-wallet address, prompting immediate security measures and service halts while tracing the fund flow. The exchange has committed to compensating users fully from its own assets.
This incident highlights ongoing security challenges in the crypto space as exchanges like Upbit work to safeguard user funds against breaches. (Source)
