Upbit Faces $38 Million Outflow, Suspends Solana Asset Transactions

On November 27, Upbit, South Korea's leading crypto exchange, reported an unusual outflow of $38.5 million on the Solana blockchain. This affected several tokens, including SOL, USDC, BONK, and others. To prevent further losses, Upbit has halted deposits and withdrawals for Solana-based assets.

Upbit Responds to Security Breach

After detecting a $38.5 million outflow, Upbit initiated emergency inspections and enhanced security measures.
The breach impacted tokens within the Solana ecosystem, affecting DeFi and meme tokens like RENDER and BONK.
Upbit plans to cover the loss using its own assets to ensure customer protection.
The attackers targeted Upbit’s hot wallet infrastructure, which manages active trading and withdrawals.
Upbit released a list of wallet addresses linked to the irregular outflow.

Dunamu’s AI and Web3 Initiative

Despite the incident, Dunamu, Upbit's parent company, announced a partnership with Naver to enhance South Korea’s AI and Web3 ecosystem.
The collaboration involves a 10 trillion won investment over five years, combining Naver’s AI capabilities with Dunamu’s blockchain expertise.
The initiative aims to create a global framework for payments, settlements, and financial services.