The unauthorized transfers involved Solana network–linked assets, which were moved from Upbit’s internal wallets to an unidentified external address.
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Once the exchange became aware of the incident, it immediately activated its first line of defense by suspending deposits and withdrawals for all affected Solana-based services.
This quick response was intended to prevent further unauthorized transfers while the full extent of the breach was being investigated.
According to the exchange’s investigation, the company reported that the value of the compromised assets is estimated at 54 billion KRW, equivalent to approximately $37 million.
The breach primarily impacted a broad range of Solana ecosystem assets, including memecoins.
Interestingly, the timing of the breach occurred almost exactly six years after another major security incident at Upbit.
On the same date in 2019, the exchange lost 342,000 ETH, valued at approximately $41.5 million at the time.
Later, South Korean authorities attributed the incident to North Korean hackers.
Despite the Upbit hack, the prices of BONK, TRUMP, and MOODENG did not crash. Here is why and what could be next for the Solana memecoins.
BONK
Looking at the weekly chart, BONK has logged four straight red candles, reflecting the pressure it’s faced while trading inside a descending channel.
At press time, however, the memecoin was printing a green candle, hinting at early signs of strength.
BONK also sits on solid support near $0.0000090, a level buyers have repeatedly defended.
Still, the signals are mixed.
The Awesome Oscillator (AO) has dipped into negative territory, suggesting weakening momentum.
At the same time, the Relative Strength Index (RSI) has turned upward from oversold levels — often the first sign of a potential trend shift.
The Parabolic SAR dots now appear above the price, indicating that the trend has shifted in favor of the bulls.
Building on this strength, the Money Flow Index (MFI) has risen above its midpoint, indicating increased buying activity and new capital entering the token.
If these conditions hold, MOODENG’s price could advance toward the $0.10 level, where the next notable resistance lies.
A sustained push in volume and momentum would help confirm this move.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
