Upbit discloses $37M hack on Solana network, pledges to cover customer losses
NegativeCryptocurrency
- Upbit, South Korea's largest cryptocurrency exchange, has reported a hack resulting in a loss of approximately $37 million from its Solana network. The exchange has suspended all deposits and withdrawals as it investigates the incident and aims to bolster security measures to protect customer assets.
- This breach raises significant concerns regarding the security of blockchain networks and the trust customers place in cryptocurrency exchanges. Upbit's commitment to cover customer losses is crucial for maintaining its reputation in a competitive market.
- The incident highlights ongoing vulnerabilities within the cryptocurrency sector, as exchanges face increasing scrutiny over their security practices. With market fluctuations and recent sell-offs affecting Solana's price, the need for robust security measures has never been more pressing, as investors remain wary of potential risks.
— via World Pulse Now AI Editorial System
