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South Korea’s largest crypto exchange, Upbit, has reported a major security incident involving assets on the Solana network, confirming losses of roughly $36 million after detecting abnormal activity tied to a compromised hot-wallet address.
Sudden Irregular Withdrawals Trigger Emergency Response
According to a public notice from Dunamu CEO Oh Kyung-seok, the breach was discovered at approximately 04:42 on November 27, 2025, when Upbit identified that around 54 billion KRW worth of Solana-based tokens had been transferred to an unauthorized external wallet.
The suspicious outflow prompted the exchange to immediately halt certain services while investigators traced the movement of the funds. Oh stated that the scale of the loss was internally identified right away, allowing the team to act quickly.
Wide Range of Tokens Affected
The compromised wallet drained a diverse set of assets, including prominent meme coins like Bonk (BONK), Moodeng (MOODENG), Official Trump (TRUMP), and other ecosystem tokens such as Sonic SVM (SONIC), Access Protocol (ACS), Jito (JTO), Solana (SOL), Raydium (RAY), and Pudgy Penguin (PENGU). Stablecoin USDC was also among the affected tokens.
Upbit Pledges Full Compensation to Users
To reassure customers, Oh emphasized that Upbit will fully compensate the entire amount using its own assets, ensuring that users experience no financial impact. The exchange has also launched an emergency security review across all related networks and wallet infrastructure.
As part of its containment efforts, Upbit transferred all remaining assets to cold storage and is working with relevant projects on on-chain freeze attempts, successfully freezing a portion of Solayer (LAYER) so far.
Deposit and Withdrawal Services Remain Limited
Upbit confirmed that broader deposit and withdrawal functions will resume only after comprehensive systemwide security checks are completed.
The incident unfolds during a pivotal moment for parent company Dunamu, which is preparing for its planned absorption into Naver Financial through a $10.3 billion stock-swap deal.
