Deng Tong, Jinse Finance
Less than a month after Balancer was hacked on November 4th, another leading exchange has suffered a loss.
On November 27, 2025, Upbit disclosed that it suffered a 54 billion won (US$36 million) attack on the Solana network, and Upbit will bear all customer losses. However, unlike the previous hacked exchanges, Upbit has a new backer—Naver.
I. Upbit's Official Response After the Hack
Oh Kyoung-suk, CEO of Dunamu, the operator of Upbit, South Korea's largest cryptocurrency exchange, stated:
First of all, we sincerely apologize for the inconvenience caused to our members by the emergency inspection of digital asset deposit and withdrawal services today and the abnormal withdrawal situation. Upbit immediately suspended deposit and withdrawal services and launched a comprehensive inspection, prioritizing the safety of investor assets.
We have swiftly identified the scope of the digital asset outflow caused by the abnormal withdrawals and will fully cover the losses using Upbit's own funds to ensure that investors' assets are not subject to any loss. We are pleased to inform you of Upbit's progress following this abnormal withdrawal activity. Upbit has confirmed that a portion of Solana network assets (worth approximately 54 billion Korean Won) was transferred to an unspecified wallet address (an unknown external wallet) around 04:42 on November 27, 2025.
Target digital assets include: Double Zero (2Z), Access Protocol (ACS), Bonk (BONK), Doodles (DOOD), DRIFT (DRIFT), Huma Finance (HUMA), Ionet (IO), Zito (JTO), Jupiter (JUP), Solaire (LAYER), Magic Eden (ME), Cat in a Dog World (MEW), MOODENG, ORCA, Fudge Penguin (PENGU), Peace Network (PYTH), Radium (RAY), Render Token (RENDER), Solana (SOL), SonicSVM (SONIC), SOON, Official Trump (TRUMP), USD Coin (USDC), Wormhole (W)