The Upbit cryptocurrency exchange, operated by Dunamu, experienced a hack on November 27, 2025, resulting in a theft of assets worth 44.5 billion Korean won, linked to North Korea's Lazarus Group.
The incident underscores security challenges in digital finance, with Upbit's assurance to cover losses signaling resilience, yet highlighting vulnerability in hot wallet protections amid growing state-sponsored cyber threats.
The Upbit exchange hack has been traced to the Lazarus Group. The group reportedly stole 44.5 billion Korean won. Upbit's CEO confirmed that customer losses will be fully covered, leveraging the company's own asset reserves.
Impact on Solana-based Assets
The hack predominantly affected Solana-based assets, leading to a suspension of transactions. Upbit’s quick measures ensured hot wallet assets were moved to cold storage. This approach is aimed at preventing further unauthorized access.
Financial Protocols Activated and Regulatory Scrutiny
Financial protocols were activated to safeguard customer assets. The cyberattack has prompted scrutiny from relevant government bodies, including the Financial Supervisory Service. Intensive reviews are expected to identify security enhancements.
Recurring Attacks Raise Security Questions
The recurring nature of these attacks raises questions about wallet security. Regulatory bodies and South Korean security experts are investigating protective measures. Technological adjustments will likely follow to bolster the digital exchange environment.
Potential Financial and Regulatory Changes
Financial and regulatory changes could ensue from this incident. Historical patterns of prior attacks suggest increased scrutiny on crypto security. Enhanced governmental cooperation may lead to swift action against vulnerabilities in multinational hacking syndicates.
CEO Statement on Loss Coverage
"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."
— Oh Kyung-seok, CEO, Dunamu