Upbit Delays Reporting Solana Hack by 6 Hours as SOL Tokens Worth 44.5 Billion Won Were Stolen

According to Chosun Ilbo, Upbit, South Korea’s largest cryptocurrency exchange, delayed reporting the incident to the Financial Supervisory Service by about six hours after detecting abnormal transactions at 04:42 on November 27. The alert to authorities arrived at 10:58, during which attackers siphoned more than 1.04 trillion Solana ecosystem tokens in 54 minutes, valued at roughly KRW 44.5 billion. An emergency meeting occurred 18 minutes after discovery. Deposits and withdrawals for the Solana network were suspended 27 minutes later, with a full halt of all digital asset deposits and withdrawals by 08:55. Current law shows no direct sanction clauses for virtual asset service providers in hacking incidents, constraining the FSS‘ punitive options. Upbit says it has fully compensated user losses with its own funds and reported the intrusion promptly to authorities.