Upbit suffers $37 million hack on Solana assets, halts withdrawals

Upbit, South Korea's largest cryptocurrency exchange, was hacked for around 54 billion Korean won ($36.8 million) early morning on Thursday, local time.

The exchange said it has halted withdrawals and deposits to examine an abnormal withdrawal of cryptocurrencies on the Solana network. Its announcement said that at around 4:42 a.m. in South Korea, a portion of tokens were withdrawn to an external wallet that has not been identified by the platform.

The affected tokens are 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, according to Upbit's announcement.

It said the platform has moved all assets to a safe cold wallet to prevent further attacks, and has successfully frozen $8.18 million worth of LAYER tokens. Upbit said it will work with projects and authorities to freeze the remainder of stolen assets.

The platform added that it will compensate damages to user assets using its reserve assets, and ensured that customers will not experience any personal losses. Upbit has not yet disclosed the details of the attack nor the point of entry.

This is a developing story.