South Korea's largest cryptocurrency exchange, Upbit, operated by Dunamu, detected abnormal withdrawal activity of Solana tokens worth approximately $36.8 million on November 27, 2025. The exchange immediately suspended Solana network transactions upon detection.
This event underscores persistent security vulnerabilities in high-throughput cryptocurrency networks like Solana, causing significant market ripple effects amid South Korea's ongoing regulatory tightening on cryptocurrency exchanges.
Upbit has suspended Solana network deposits and withdrawals following the abnormal activity involving approximately $37 million in Solana tokens. The affected tokens include SOL, USDC, and others. Immediate security measures are being implemented.
We detected abnormal withdrawal activity involving Solana network assets worth approximately 54 billion KRW (~$36.8M) on November 27, 2025.
CEO Oh Kyoung-suk confirmed the detection of this activity. Upbit's remaining Solana assets have been transferred to cold wallets. The company pledges to cover customer losses from this breach, ensuring financial stability for its users.
The incident has shaken the cryptocurrency market, highlighting vulnerabilities in digital exchanges. With Upbit moving quickly to freeze stolen tokens, blockchain and regulatory efforts are intensified. Customers face temporary disruptions, but asset security remains the top priority.
Regulatory Landscape and Exchange Operations
These events unfold amid increasing regulatory scrutiny in South Korea, particularly after recent AML/KYC fines. Upbit is navigating the challenges while maintaining commitments to security and infrastructure improvements, crucial amid its merger with Naver Financial.
Security Concerns Highlighted
This breach emphasizes persistent security risks associated with hot wallets on platforms like Solana, often targeted by cybercriminals. Past incidents, such as Upbit's 2019 hack, underscore ongoing industry challenges. Regulatory pressures and technological advancements are essential for exchange stability.