Compass Investments

– Main talking points: Upbit lost $36.8 million due to an attack on the Solana network.

Penetration highlights the already existing security risks of cryptocurrency exchanges.

Upbit vows to make up for the losses from its reserves to maintain trust.

On November 27, 2025, South Korean cryptocurrency exchange Upbit faced an incident: the hack of the Solana network worth $36.8 million led to a temporary halt of operations and measures to safeguard funds.

The incident raises questions about the security of cryptocurrency exchanges, affecting the market’s faith as Upbit deals with the security of user assets amid significant financial costs and regulatory scrutiny.

Upbit discovered a serious security breach that led to the theft of over 36 million greenbacks worth of Solana assets. The attack affected a number of tokens, forcing Upbit to suspend operations and put the remaining assets into cold storage. CEO Oh Kyung-seok prioritized the protection of customer funds, promising to reimburse any lost funds from a reserve fund, which was welcomed to maintain user loyalty. According to Oh Kyung-seok, Customer assets are a priority, and the exchange is taking losses to maintain trust.

It turned out that the funds were moved through transit addresses, some of which ended up in the account of a Binance user. The incident occurred in parallel with the announcement of the merger of Upbit and Naver Financial.

The public reaction was mixed. Although there were concerns about recurring wallet vulnerabilities, praise was given for Upbit’s speed and openness. It is noteworthy that there were no official statements from Binance or Solana management, which emphasizes the complexity of what happened.

Did you know? Upbit previously experienced a major disruption in 2019 when North Korean hackers stole $1 billion worth of Ethereum, highlighting the ongoing challenges in protecting cryptoassets and platforms from evolving threats.

According to CoinMarketCap, as of November 27, 2025, Solana (SOL) is valued at $143.82 with a market capitalization of $80.45 billion and a market share of 2.58% . Daily trading volume reached $5.37 billion, showing a change of 16.3% . The latest price performance shows a 3.07% increase in the last 24 hours, but a 29.03% decrease for the month.