Upbit hit with $36M Solana hot wallet breach day after $10B Naver deal

The breach occurred as Upbit’s parent company, Dunamu, sealed a $10 billion acquisition deal with Naver and plans an initial public offering in the US.

South Korea’s biggest crypto exchange, Upbit, temporarily froze deposits and withdrawals on Thursday after detecting roughly $36 million in unauthorized outflows from a Solana-network hot wallet. 

In an announcement, the exchange said the suspicious transfers were flagged around 4:42 am local time (7:42 pm UTC), prompting a shutdown of transfer services and a full security review of its supported crypto assets. 

Upbit confirmed that the compromise was isolated to its hot wallet, highlighting that cold-wallet reserves remained untouched. The exchange moved its remaining assets into cold storage and initiated onchain freezing attempts.

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