Breach Details and Immediate Response
On November 27, 2025, South Korean cryptocurrency exchange Upbit detected an unauthorized transfer of approximately 54 billion Korean won, equivalent to $36 million, in Solana assets to an unknown external wallet. The incident involves assets such as ORCA, DOOD, and RAY, among others.
In response to the breach, Dunamu Inc., Upbit's parent company, immediately suspended all Solana-related transactions. The company also initiated a comprehensive security review to identify and address any vulnerabilities within the network and to prevent further unauthorized access.
To prevent any damage to member assets, the entire amount will be covered by Upbit’s holdings. We would like to reiterate that this will not affect member assets. — Oh Kyung-seok, CEO of Dunamu/Upbit
Market Reaction and Asset Volatility
The security incident triggered significant price fluctuations across Solana-related tokens. Low-cap tokens, in particular, experienced abrupt price increases, with notable surges observed in ORCA and MET2. This volatility is attributed to speculation and a potential reduction in liquidity stability within the market.
As a precautionary measure, Upbit has moved affected assets to cold storage and is intensifying its security protocols to safeguard user funds. The exchange is committed to ensuring the security of its platform and the assets entrusted to it by its users.
Historical Precedents and Security Recommendations
This incident echoes a past security challenge for Upbit, which faced an Ethereum hack in 2019 resulting in the loss of approximately $50 million. The scale and impact of the current Solana breach are reminiscent of that earlier event, highlighting ongoing security concerns within the cryptocurrency space.
Orca (ORCA) has seen considerable price movement, with a 60.77% increase over 24 hours and a trading volume surge of 2942.44%, reaching $206,449,546. Despite these short-term gains, Orca's price has seen a 24.38% decrease over the past 90 days, a trend CoinMarketCap links to recent events affecting the Solana ecosystem.
The Coincu research team emphasizes the need for strengthened security measures and enhanced regulations in light of consistent security incidents within the Solana ecosystem. The development of advanced blockchain-security technologies is crucial to mitigate future vulnerabilities. Upbit's commitment to ongoing security audits is expected to lead to more robust safeguards, aiming to prevent breaches similar to those experienced in the past.