Upbit Hacked for $36 Million in Solana-Linked Tokens, Suspends Services
Upbit suffered losses exceeding ₩44.5B due to a Solana wallet breach, pledging full user compensation and halting services for a security overhaul.
SOL
Summary
On November 27, Upbit’s Solana hot wallet experienced abnormal transfers caused by a private key management flaw, resulting in losses of ₩44.5 billion. Approximately ₩386 billion originated from user assets, with ₩2.3 billion already recovered. In response, Upbit suspended deposits and withdrawals to conduct a security overhaul and pledged full compensation to affected users.
Terms & Concepts
- Solana network: A high-performance blockchain designed for fast transactions and scalable decentralized applications.
- Upbit: A South Korea-based cryptocurrency exchange offering trading and digital asset services.
- Hot wallet: A cryptocurrency wallet connected to the internet, used for active trading but more vulnerable to hacks than cold storage.