Upbit Halts Solana Transfers After $36M Hack—Full User Refunds Promised

Upbit halted Solana network deposits and withdrawals after a $36 million hack, pledging full reimbursement to users. Trading continues, but transfers are paused pending security checks.

Upbit, South Korea's largest crypto exchange, has faced significant disruptions following a major security breach involving the unauthorized withdrawal of approximately $36 million in Solana-based tokens. The incident, which occurred early Thursday, prompted Upbit to immediately halt all deposit and withdrawal services for Solana network assets and initiate an emergency inspection of its systems. The breach affected a wide range of Solana ecosystem tokens, including SOL, USDC, BONK, and others, with assets transferred to an unknown wallet. Upbit responded by moving remaining assets to cold storage, freezing a portion of the stolen tokens, and launching a comprehensive security review. The exchange has assured users that all losses will be fully reimbursed from its own reserves, emphasizing that customer balances remain unaffected. Trading of affected tokens continues on the platform, but deposits and withdrawals are suspended until security checks are completed. Upbit is working with relevant projects and authorities to recover stolen assets and has not specified when normal operations will resume. The situation underscores the importance of robust security measures and transparent communication in the crypto industry.