Upbit Faces Solana Outflows: $36 Million in SOL Moved After Hack, Exchange to Fully Compensate Users

South Korea’s Upbit, the nation’s largest crypto exchange, reported a security incident today. A prior 2019 hot-wallet breach compromised 342,000 ETH, with the Lazarus Group suspected as the architect.

In the wake of earlier outages, Upbit compensated users with its own funds and paused trading for about two weeks, subsequently increasing cold-wallet storage to roughly 70% of assets.

Early this morning, Upbit detected unusual withdrawals at 04:42 local time, with around 540 billion KRW (~$36 million) of Solana-related assets moved to an unknown external address.

The exchange said it would cover all customer losses and has suspended Solana network deposits and withdrawals. The affected holdings reportedly include tokens such as 2Z, ACS, BONK, DOOD, TRUMP, USDC, and W.

Separately, Naver agreed to acquire Dunamu, Upbit’s operator, in a stock deal valued at about $10.3 billion, underscoring continued consolidation in Korea’s crypto ecosystem.