South Korea’s Upbit Hacked: $36.8 Million in Crypto Drained from Solana Chain, Exchange Assures User Funds Are Safe
Upbit, South Korea’s leading cryptocurrency exchange, was targeted in a significant security breach early this morning, resulting in the unauthorized transfer of approximately 54 billion Korean Won (valued at around $36.8 million USD) from its Solana chain holdings. The incident, which saw assets moved to an unidentified external wallet, prompted immediate action from the exchange to safeguard user funds.
Incident Details and Immediate Response
The abnormal withdrawal was detected at 4:42 AM Korean time today (the 27th). Following the breach, Upbit promptly halted all deposit and withdrawal functionalities across its platform to contain the situation and initiated a thorough investigation into the security lapse on the Solana network. The exchange confirmed the incident via an official notice, emphasizing its commitment to transparency and swift resolution.
Compromised Digital Assets
A wide array of digital assets were compromised during the attack, highlighting the broad impact of the unauthorized transfers. The affected tokens include: SOL, 2Z, ACS, BONK, DOOD, DRIFT, HUMA, IO, JTO, JUP, LAYER, ME, MEW, MOODENG, ORCA, PENGU, PYTH, RAY, RENDER, SONIC, SOON, TRUMP, USDC, and W.
Upbit’s Emergency Mitigation Measures
In response to the escalating threat, Upbit swiftly implemented a series of emergency protocols to mitigate further losses and protect its ecosystem:
-
Asset Relocation to Cold Storage
All remaining platform assets were immediately transferred to secure cold storage wallets, significantly reducing exposure to ongoing risks and ensuring the safety of uncompromised funds.
-
Successful Token Freezing
The exchange successfully froze approximately $8.18 million worth of LAYER tokens, a critical step in recovering a portion of the stolen assets and limiting the attackers’ ability to liquidate them.
-
Collaborative Investigation and Recovery Efforts
Upbit has pledged close cooperation with relevant project teams and law enforcement agencies. This collaborative effort aims to meticulously track and freeze the remaining stolen assets, bringing perpetrators to justice and maximizing recovery.
Unwavering Commitment to User Compensation
Crucially, Upbit has moved to reassure its user base, unequivocally stating that any losses incurred by users due to this incident will be fully covered by the exchange’s substantial reserve assets. This commitment underscores Upbit’s dedication to maintaining user trust and financial security, ensuring no individual user will suffer financial detriment from this breach.
Ongoing Investigation into Attack Vector
Despite the swift response, the exchange has yet to provide detailed information regarding the specific methods employed by the attackers or the exact entry points leveraged to compromise the Solana chain assets. Investigations are ongoing to ascertain the full scope and technical details of the breach, with further updates expected as more information becomes available.
Disclaimer: This article is for market information purposes only. All content and views are for reference only and do not constitute investment advice, nor do they represent the views and positions of the publisher. Investors should make their own decisions and transactions. The author and publisher will not be responsible for any direct or indirect losses arising from investor transactions.
