Upbit, the largest cryptocurrency exchange in South Korea, has officially confirmed a significant security breach affecting its Solana network wallet. The incident, which occurred around 4:42 a.m. KST, involved the unauthorized transfer of assets valued at approximately 54 billion KRW, equating to roughly $37 million USD. This marks the second major security compromise for Upbit, following a notorious Ethereum theft in 2019 where approximately $50 million was stolen.

The breach saw hackers drain a diverse array of tokens from Upbit's Solana hot wallet in a single, coordinated operation. The affected cryptocurrencies include prominent Solana ecosystem projects such as Solana (SOL), Render (RENDER), Pyth Network (PYTH), Raydium (RAY), Jupiter (JUP), Jito (JTO), and Orca (ORCA). Additionally, the hackers targeted stablecoins like USDC and several popular memecoins, including Bonk (BONK), Cat in a Dogs World (MEW), and Moo Deng (MOODENG). Following the unauthorized withdrawals, the stolen funds were quickly observed being moved across various blockchain networks, significantly complicating efforts to trace and recover them.

In response to the breach, Upbit acted swiftly by isolating the compromised wallet and suspending all deposit and withdrawal services on the Solana network. Upbit's CEO, Oh Kyung-seok, issued an official statement assuring users that no customer funds were affected. He clarified that the stolen assets belonged solely to the exchange's own holdings, not user deposits.

Upbit, which operates under Dunamu and manages over $11 billion in customer assets, has committed to fully reimbursing the losses using its corporate reserves. This latest hack represents a notable setback for one of Asia's leading cryptocurrency trading platforms, underscoring the persistent security challenges within the digital asset industry.