Upbit Confirmed Hacking and Theft of $36M Worth of Assets

• Upbit lost $36 million due to the hacking of a hot wallet on the Solana blockchain.
• Bonk (BONK), Jito (JTO), USDC, and other tokens were leaked.
• The platform announced a security check and promised full refunds to customers.

The South Korean cryptocurrency exchange Upbit reported a loss of approximately $36 million as a result of unauthorised withdrawals from a hot wallet on the Solana network.

The incident occurred on November 27, 2025, after which the country’s largest exchange promptly suspended some services and moved all remaining assets to cold storage.

The official statement from Dunamu, Upbit’s parent company, reads:

The list of tokens withdrawn includes Bonk (BONK), Moodeng (MOODENG), Official Trump (TRUMP), as well as several DeFi assets, including Sonic SVM (SONIC), Access Protocol (ACS), Jito (JTO), Solana (SOL), and Raydium (RAY). Unauthorized transfers of the USDC stablecoin were also confirmed.

Dunamu CEO Oh Kyung-seok stressed that the losses were identified immediately and the company will fully cover them at its own expense:

After the incident, the exchange transferred all assets to cold wallets and began coordinating with projects to block the stolen tokens. A portion of Solayer (LAYER) worth about 23 billion won ($15.7 million) has already been frozen on the chain.

The updated report also confirms that the attack only affected the hot wallet, while the cold storage remained untouched.

Upbit is conducting a full audit of its asset deposit and withdrawal systems across all networks and plans to resume operations only after passing additional security checks.

Earlier it was reported that Upbit has already been targeted by hackers: in the first half of 2023 alone, more than 159,000 attack attempts were recorded.

The exchange is currently undergoing corporate changes: Dunamu is in the process of integrating into Naver Financial as part of a $13.6 billion deal that should turn Upbit into a part of the wider fintech ecosystem.