Key Takeaways
- Upbit suffered a $36.9 million hot-wallet breach.
- The exchange froze activity and shifted assets to cold storage.
- Upbit’s hack comes almost six years after its massive 2019 hack.
Upbit, South Korea’s largest crypto exchange, is currently under investigation by regulators after confirming a major hack worth approximately $36.9 million on the Solana network.
The move affected over 20 different tokens and has resulted in a widespread freeze of assets on the platform as the investigation remains ongoing.
Upbit Reports Hack, Again
On Thursday, Nov. 27, Upbit announced that a number of tokens had been transferred to an unknown external wallet, describing the event as “abnormal withdrawal activity.”
The hack occurred just days before the six-year anniversary of its large-scale breach in 2019, which saw the exchange lose 342,000 ETH to North Korean hackers.
CEO of Upbit operator Dunamu, Oh Kyung-seok, said the exchange halted activity as soon as it noticed the behavior.
“Upbit immediately suspended deposit/withdrawal services and conducted a comprehensive inspection, prioritizing the protection of member assets,” he said in a notice to users.
What Tokens Were Impacted?
A range of tokens were moved to an unknown wallet, all of which were present on the Solana network, worth approximately $36.9 million.
The impacted tokens were as follows:
- SOL
- 2Z
- ACS
- BONK
- DOOD
- DRIFT
- HUMA
- IO
- JTO
- JUP
- LAYER
- ME
- MEW
- MOODENG
- ORCA
- PENGU
- PYTH
- RAY
- RENDER
- SONIC
- SOON
- TRUMP
- USDC
- W
How Did Upbit React To the Hack?
After noticing the “abnormal withdrawal activity,” Upbit said it was working to freeze the compromised funds where possible.
The exchange shifted all assets to cold wallets to block any further transfers by the bad actor, it stated in a press release, and continues to monitor the remaining assets.
Upbit noted it had already frozen approximately 12 billion won worth of LAYER.
It has also vowed to reimburse all affected users.
Oh said the exchange will “cover the entire amount with Upbit assets to ensure no damage to members’ assets.”
Upbit Under Investigation
According to BlockTempo, Korea’s financial regulator is currently investigating Upbit for delayed reporting and data-handling issues.
The Chinese-speaking media outlet claimed that the regulator “may halt new user sign-ups for three months.”
These reports have not officially been confirmed.
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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
