Upbit to Resume Crypto Transactions After $36.8M Solana Theft

Upbit to Resume Crypto Transactions After $36.8M Solana Theft

Upbit will begin phased restoration of deposits and withdrawals for 21 networks and 33 assets from Dec 5, 2025, requiring users to generate new deposit addresses after wallet maintenance.

SOL
FIL
HBAR

Fact Check
The statement is highly likely to be true. There is overwhelming and consistent evidence across all provided sources, including multiple high-authority news outlets and an official notice from Upbit itself. 1. **Confirmation of the Event:** The most authoritative source, an official notice from Upbit, confirms an 'abnormal withdrawal' involving Solana network assets. This directly validates the core elements of the statement: a theft occurred at Upbit involving Solana.2. **Corroboration of Value:** Multiple independent and reputable news sources (The Block, DL News, Yahoo Finance) corroborate the hack and place the value in the $36 million to $37 million range. Crucially, several sources, including a follow-up report from The Block and a post from a blockchain security firm, specify the exact figure of $36.8 million.3. **Consistency Across Sources:** There are no significant contradictions in the provided evidence. The minor variations in the reported value ($36M, $37M, $36.8M) are typical for incidents involving volatile cryptocurrency assets and can be attributed to rounding or different valuation times. The convergence on the specific $36.8 million figure across multiple reports strengthens its credibility.In summary, the combination of an official acknowledgement from the victim, consistent reporting from numerous high-authority sources, and specific corroboration of the $36.8 million value provides high confidence in the statement's truthfulness.
Summary

South Korean cryptocurrency exchange Upbit announced in an official statement that deposits and withdrawals will be restored for 21 networks and 33 digital assets starting December 5, 2025, at 5:00 PM local time. This follows earlier service suspension due to a $36.8 million Solana-related theft. As part of wallet maintenance, all existing deposit addresses have been invalidated, requiring users to create new ones to avoid transaction delays. Restored assets in the initial phase include ELF, ALGO, FIL, HBAR, NEO, VET, and WAXP.

Terms & Concepts
  • Solana: A high-performance blockchain known for fast transactions and low fees, often used for decentralized applications.
  • Deposit Address: A unique cryptocurrency wallet address provided by an exchange for users to send funds into their accounts.
  • Wallet Maintenance: Routine or emergency servicing of a cryptocurrency wallet system to ensure security, functionality, and compatibility with supported assets.