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Upbit Hacked: Latest Event on 27/11/2025
Upbit, the largest cryptocurrency exchange in South Korea (holding about 70% market share), has just announced a new hack that occurred this morning (27/11/2025). This is the second major incident related to this platform in 2025, following the incident involving the UXLINK token in September. Below is a detailed summary based on the official announcement from Upbit and reliable sources.
Details of the Hack
• Time and Scope: At approximately 04:42 KST (around 02:42 GMT), a significant amount of digital assets on the Solana network valued at approximately 54 billion KRW (equivalent to 36-37 million USD) was transferred unusually to an unidentified wallet address (external wallet). This amount did not come from user funds but from the exchange's hot wallet.
• Upbit's Response:
• Immediately suspended deposits/withdrawals for all assets on the Solana network for security checks.
• Committed to compensating 100% of the losses from the exchange’s reserve funds, ensuring no impact on user assets.
• Currently coordinating with South Korean authorities (such as the Seoul Metropolitan Police Agency) and security partners to trace and prevent.
• Short-Term Impact:
• The price of SOL (Solana) dropped slightly by about 2-3% immediately after the announcement, but quickly stabilized thanks to Upbit's rapid response.
• No signs of significant impact on the global crypto market, as the amount is relatively small compared to the scale of Upbit (they handle billions of USD in daily transactions).
Upbit, the largest cryptocurrency exchange in South Korea (holding about 70% market share), has just announced a new hack that occurred this morning (27/11/2025). This is the second major incident related to this platform in 2025, following the incident involving the UXLINK token in September. Below is a detailed summary based on the official announcement from Upbit and reliable sources.
Details of the Hack
• Time and Scope: At approximately 04:42 KST (around 02:42 GMT), a significant amount of digital assets on the Solana network valued at approximately 54 billion KRW (equivalent to 36-37 million USD) was transferred unusually to an unidentified wallet address (external wallet). This amount did not come from user funds but from the exchange's hot wallet.
• Upbit's Response:
• Immediately suspended deposits/withdrawals for all assets on the Solana network for security checks.
• Committed to compensating 100% of the losses from the exchange’s reserve funds, ensuring no impact on user assets.
• Currently coordinating with South Korean authorities (such as the Seoul Metropolitan Police Agency) and security partners to trace and prevent.
• Short-Term Impact:
• The price of SOL (Solana) dropped slightly by about 2-3% immediately after the announcement, but quickly stabilized thanks to Upbit's rapid response.
• No signs of significant impact on the global crypto market, as the amount is relatively small compared to the scale of Upbit (they handle billions of USD in daily transactions).
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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