Upbit reported an unauthorized $38.5 million outflow on the Solana network and immediately halted deposits and withdrawals for Solana-based assets.
By Bhushan Akolkar
Editor Julia Sakovich
Updated
2 mins read
On Nov. 27, South Korea’s top crypto exchange Upbit revealed an abnormal $38.5 million outflow on the Solana blockchain network. The breach has reportedly affected several tokens, including SOL SOL $141.6 24h volatility: 4.2% Market cap: $79.24 B Vol. 24h: $5.76 B , BONK BONK $0.000010 24h volatility: 3.7% Market cap: $808.02 M Vol. 24h: $114.30 M , USDC USDC $1.00 24h volatility: 0.0% Market cap: $75.98 B Vol. 24h: $12.92 B , RENDER, and others. In order to limit further losses, the exchange has suspended deposits and withdrawals for other Solana-based assets.
Soon after facing 54 billion KRW ($38.5 million) worth of outflows, crypto exchange Upbit swung into action. The crypto exchange stated that it has initiated emergency inspections to evaluate the impact and strengthen security measures.
Between Nov. 26 and 27, 2025, Upbit issued several urgent updates through its customer center detailing each phase of its response. The development took place just ahead of Upbit, preparing for the Nasdaq IPO.
As said, the breach has impacted several tokens within the Solana ecosystem. In addition, it has also impacted several DeFi and meme tokens, including Render (RENDER), Pyth Network (PYTH), BONK BONK $0.000010 24h volatility: 3.7% Market cap: $808.02 M Vol. 24h: $114.30 M , Raydium (RAY), Jupiter (JUP), Orca (ORCA), etc. While announcing its compensation plan, the exchange noted:
“We have identified the exact amount of digital assets that were leaked, and we will fully cover the loss with Upbit’s own assets so that customers are not affected in any way.”
The distribution pattern indicates that the attackers focused on Upbit’s hot wallet infrastructure, which is responsible for managing active trading and withdrawals. Besides, the South Korean exchange also released the full list of wallet addresses linked to the irregular outflow.
Despite the massive outflows, Upbit’s parent firm Dunamu has unveiled a major initiative aimed at securing global market leadership through an AI- and Web3-focused partnership with Naver, South Korea’s largest internet platform.
Under the plan, Dunamu, Naver, and Naver Financial will jointly invest 10 trillion won over the next five years to accelerate the country’s AI and Web3 technology ecosystem.
This is one of the biggest collaborations happening in South Korea’s fintech and crypto space. It brings together Naver’s AI and commerce infrastructure, Naver Financial’s payments and financial services, and Dunamu’s digital asset trading and blockchain platforms.
Dunamu President Song Chi-hyung said the companies intend to “establish a new global framework” consisting of payments, settlements, and broader financial services.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
