South Korea’s Upbit Exchange Loses $37 Million In Solana Network Hack, Pledges Full Customer Reimbursement
Upbit, South Korea’s largest cryptocurrency exchange operated by Dunamu Inc., confirmed Thursday that hackers stole approximately $37 million worth of Solana (CRYPTO: SOL) based tokens in an early morning security breach. The incident marks the second major hack for the platform, occurring almost exactly six years after its devastating 2019 attack.
What Happened
The unauthorized withdrawals were detected at 4:42 AM KST on November 27, 2025, when monitoring systems flagged abnormal outflow activity on the Solana network. Multiple tokens including SOL, USD Coin, Bonk, Jupiter, Raydium, Render Token, and several memecoins were transferred to unknown external wallets.
Oh Kyung-seok, CEO of Dunamu, immediately suspended all Solana deposits and withdrawals. “We immediately identified the extent of the digital asset outflow and will cover the entire amount with Upbit assets to ensure no damage to members’ assets,” Oh stated in an official notice.
The exchange has frozen approximately $8.18 million worth of Solaire tokens through coordination with developers and is working with blockchain security teams and law enforcement to trace remaining stolen funds.
The Anniversary Connection
The timing …
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