Uh-Oh! Upbit Gets Hit by a $36 Million Hack

Hold onto your hats, folks! Upbit, one of South Korea’s biggest crypto exchanges, just reported a serious bummer after a Solana-network hot wallet was wiped clean on November 27, 2025. Yep, we’re talking about a loss of a whopping 54 billion Korean won — that’s around $36–37 million! This little heist was called an “abnormal withdrawal,” which sounds like a fancy way of saying, “Oops, we messed up!” This revelation broke out at the crack of dawn at 04:42 KST, proving that crime doesn’t take a day off!

Quick Fix: Freezing and Stashing

In classic emergency response style, Upbit immediately hit the brakes on deposits and withdrawals for assets on the Solana chain right after the breach was discovered. Their tech whizzes swiftly shoved the remaining Solana assets into cold storage — because who wants to leave the fridge door open after the milk spills? They even managed to freeze some tokens on-chain while they traced the slippery transfers.

Did Someone Say Freezing Tokens?

As of now, reports reveal that about 12 billion won, which is roughly $8–9 million, in some LAYER tokens has been temporarily frozen. Phew! But it looks like the party of stolen assets included more than just Solana. The mischief-makers made off with SOL, USDC, and a whole smorgasbord of Solana-ecosystem tokens including ACS, BONK, RAY, and even some cheekily named tokens like TRUMP. Seriously, the list goes on and on — it’s like a crypto buffet that no one wanted to be at!

Upbit to the Rescue: No Need to Panic!

Upbit didn’t just throw up their hands and give up, though. They announced they’d cover the entire loss from their own stash to make sure customers don’t face any nasty surprises. They’ve gotta protect their peeps while a thorough technical and forensic examination is underway. Talk about a safety blanket!

Awkward Timing in the Crypto World

To make things even more interesting, this hack happened right after a big corporate reveal involving Naver Financial on November 26, 2025. Nothing like a juicy hack to steal the thunder, right? But let’s not forget, Upbit didn’t just land here out of the blue; they had a previous hack back in 2019 that cost them a mountain of ETH. Hot wallets can be like leaving your front door wide open at night — not the wisest move in a world full of opportunists!

Still Digging to Uncover the Truth

Blockchain detectives are hot on the trail of where these stolen assets went, closely monitoring the wallets like they’re looking for lost treasure. Some tokens can be frozen if the issuers get involved, which is how that LAYER freeze came to fruition. But let’s face it — many assets may become like socks in the laundry, lost for good. Legal proceedings can move slower than a snail on vacation, so fingers crossed they can recover some of that lost cash!

Users Rest Easy for Now!

For the time being, Upbit users can breathe a sigh of relief: their funds are allegedly safe, and the company has pledged to soak up the losses. However, expect some bumps in the road with temporary liquidity hiccups for those Solana tokens while things are in limbo.

And that’s the latest scoop from the crypto world! Stay tuned, because in the world of digital currencies, things can turn on a dime!