Upbit discloses $37M hack on Solana network, pledges to cover customer losses
The exchange halted all digital asset deposits and withdrawals after its systems detected abnormal withdrawal behavior.
Key Takeaways
- Upbit, a leading South Korean cryptocurrency exchange, suffered a $37 million security breach on the Solana network.
- Upbit has pledged to cover all customer losses from its own funds, demonstrating a commitment to customer security.
Share this article
Upbit, a major South Korean crypto exchange, today disclosed a $37 million security breach on the Solana network and pledged to cover all customer losses using its own funds.
The exchange committed to reimburse affected customers from its reserves following the hack on the high-performance blockchain platform designed for decentralized applications and scalable transactions.
The affected tokens span key Solana ecosystem projects and meme coins, including Access Protocol (ACS), BONK, Cat in Dog World (MEW), Double Zero (ZZ), Drift Protocol, Huma Finance, IONET (JTO), Jupiter (JUP), LAYER, Magic Eden (ME), Moodeng, Orca, Peace Network, Pengu, Pyth Network (PYTH), Raydium (RAY), Render Network (RNDR), Sonic, Official Trump, USDC, and WOL.
Upbit is continuing its security review and will restore services once the inspection is complete.
