Upbit pledges $36M reimbursement after Solana network hack, freezing stolen assets.
- Upbit confirms $36M Solana network hack.
- Full reimbursement pledged by Upbit.
- Stolen assets frozen in joint effort.
On November 27, 2025, Upbit, South Korea’s largest crypto exchange, reported a $36 million hack involving Solana-based tokens, promising full user reimbursement from corporate funds.
The breach highlights persistent security vulnerabilities in crypto exchanges and underscores the market’s reliance on swift corporate actions for damage control and maintaining user trust.
Upbit, South Korea’s largest cryptocurrency exchange, reported a $36 million hack on the Solana network, impacting numerous Solana-based tokens on November 27, 2025.
The hack highlights ongoing vulnerabilities in centralized exchanges, impacting the market and prompting rapid strategic responses and security measures.
Upbit CEO Pledges Full Reimbursement of $36 Million
The hack targeted multiple Solana-based tokens, resulting in a $36 million loss. Upbit’s CEO, Oh Kyung-seok, assured users of full reimbursement sourcing from corporate reserves to maintain trust. “Customer assets will not suffer any direct financial damage; the company is absorbing the loss to maintain user trust,” Kyung-seok said.
Upbit detected the breach promptly and took immediate action, freezing approximately 12 billion KRW in assets on-chain. They are working with blockchain security teams and law enforcement.
Solana Trading Halt: Quick Freeze Prevents Further Loss
The incident halted deposits and withdrawals for Solana assets on Upbit, affecting user operations. However, a swift response involving asset freezing mitigated further repercussions.
Financially, Upbit absorbed the $36 million loss, reinforcing their commitment to user protection. Industry responses praised Upbit’s transparency and quick response, despite potential hot wallet risks. Upbit Halts Operations After M-SOL Network Asset Breach
2019 Ethereum Hack Recalls Exchange Security Challenges
In a notable 2019 incident, Upbit experienced a major Ethereum hack. Such events underscore persistent vulnerabilities in hot wallet management in crypto exchanges.
Industry experts suggest this event could further influence security protocols in exchanges, emphasizing enhancement efforts to prevent similar breaches and safeguard user assets.
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