South Korea's largest exchange Upbit was hacked for 54 billion won! The official emphasized: full compensation for user losses.

Korea's largest exchange Upbit experienced an abnormal withdrawal incident early this morning, where approximately 54 billion Korean won, about 36.88 million USD, worth of Solana ecosystem assets were transferred to an unknown external Wallet, causing market panic. Upbit immediately froze all deposits and withdrawals, transferred assets to Cold Wallets, and initiated a security check, emphasizing that user assets were not affected and that all losses would be fully borne by the company.

Upbit experienced abnormal outflows in the early morning, with 24 tokens from the Solana ecosystem flowing out.

Upbit's parent company Dunamu announced that at 4:42 AM on the 27th, it detected that some assets on the Solana network were transferred out by an “unauthorized wallet address.” A total of 24 affected cryptocurrencies were identified, including SOL, USDC, BONK, JUP, RAY, HUMA, LAYER, and others.

The specific tokens flowing out of Upbit ( have been translated )

The preliminary estimate of the outflow amount is approximately 54 billion Korean won, which is about 36.88 million US dollars. The cause of the incident is still to be clarified.

The official also stated that they are working with multiple teams, on-chain tool providers, and relevant institutions to try to further freeze or recover the stolen tokens, and are preparing to hand over the data to law enforcement. Approximately 12 billion Korean won worth of LAYER tokens have now been frozen, and other assets are being continuously tracked.

(South Korea National Investigation: Upbit exchange 340,000 ETH theft case related to North Korean hackers)

Upbit activates the highest level of defense: blocking deposits and withdrawals, and moving assets to a Cold Wallet.

After detecting abnormal withdrawals, Upbit immediately activated emergency procedures:

Comprehensively suspend all deposit and withdrawal services.

Transfer all platform assets to a secure Cold Wallet.

Conduct security audits for each Wallet and signature system.

The officials pointed out that this incident is not limited to the Solana ecosystem; the entire digital asset deposit and withdrawal system will also undergo a complete inspection, and services will be restored in order only after ensuring that there are no issues.

Upbit promises to fully compensate users' assets.

To reassure the market and users' concerns, Upbit repeatedly emphasized: “Users' assets will not be affected in any way, and all losses will be borne by Upbit itself.”

We immediately grasped the specific amount affected, and the loss will be fully compensated by the company's assets to ensure that users' account balances and rights are not affected.

Upbit representative Oh Kyung-seok also apologized, promising to strengthen the protection mechanisms for Wallet and deposit thoroughly, and called on users to report any suspicious information through customer service to assist in the investigation.

Coincidence or intentional? Upbit has just announced a merger with Naver Financial.

It is worth noting that Dunamu, Naver, and Naver Financial have just announced a comprehensive equity exchange and corporate merger plan, which is seen as a significant merger move in the South Korean fintech sector.

The revelation of a cybersecurity incident at this sensitive time raises curiosity about the hackers' intentions, while also drawing more attention from the outside world to Upbit's risk management and subsequent rectification.

(The largest compliant crypto giant in Asia! Naver and Upbit's parent company merged on the 27th and will be listed in the US)

This article reports that South Korea's largest exchange Upbit was hacked for 54 billion won! The officials emphasized: full compensation for user losses. First appeared on Chain News ABMedia.