$36 Million Gone: Solana Hack Strikes South Korea’s Top Exchange
NegativeCryptocurrency
- Upbit, South Korea's largest cryptocurrency exchange, reported a significant loss of approximately $36 million after a security breach involving its Solana hot wallet on November 27, 2025. The exchange has since suspended all deposits and withdrawals while investigating the incident and has pledged to cover customer losses.
- This breach raises serious concerns about the security measures in place at Upbit, especially as it comes on the heels of a recent $10 billion deal involving its parent company, Dunamu. The incident could undermine customer trust and impact the exchange's reputation in a highly competitive market.
- The hack occurs amid increasing scrutiny of cryptocurrency exchanges in South Korea, where the Financial Intelligence Unit is preparing to impose sanctions on firms failing to comply with anti-money laundering regulations. This situation highlights the ongoing challenges within the crypto sector, including security vulnerabilities and regulatory pressures that could reshape the landscape for exchanges.
— via World Pulse Now AI Editorial System
