Token247 is closely monitoring a major security incident involving Upbit, South Korea’s largest cryptocurrency exchange, which confirmed an unauthorized withdrawal event early Thursday morning.
According to Upbit, approximately 54 billion KRW (~$36.8 million) worth of Solana-based assets were illicitly transferred at 4:42 a.m. KST to an unidentified external wallet. In response, the exchange immediately suspended all deposits and withdrawals to begin a full internal review.
The affected assets include: 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.
To prevent further escalation, Upbit has moved all user assets into secure cold storage and has already frozen $8.18 million in LAYER tokens with the cooperation of relevant projects. The exchange stated it is working actively with project teams and global authorities to freeze additional stolen funds.
Crucially, Upbit assured its customers that no users will incur any losses, as the platform will fully compensate affected assets using its own reserves.
At this time, Upbit has not released details regarding the attack vector or point of entry, but an investigation is ongoing.
Token247 will continue to provide timely updates as the situation develops and remains committed to ensuring transparency and security across the digital asset landscape.
