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Upbit Hacking Crisis: $37M Stolen in Major Crypto Exchange Breach

South Korea's largest cryptocurrency exchange Upbit has been hit by a major hacking attack. The breach resulted in approximately 54 billion won worth of Solana-affiliated assets being stolen. Upbit's CEO has promised to cover all losses using company assets to protect customers. This represents the exchange's largest security incident since a similar hack back in 2019.

Key Points: Upbit Crypto Exchange Loses 54 Billion Won in Hacking Attack

  • Upbit confirms 54 billion won in Solana assets transferred to unauthorized wallet
  • Exchange temporarily suspends deposit and withdrawal services for security review
  • Financial authorities preparing on-site inspection of the crypto exchange
  • This marks Upbit's largest security breach since 2019 hacking incident
2 min read

S. Korea's crypto exchange Upbit loses 54 billion won in hacking attack: CEO

South Korea's largest crypto exchange Upbit suffers $36.9 million hack, CEO confirms Solana assets stolen. Exchange promises full customer reimbursement amid security review.

"We plan to cover the full amount lost with assets from Upbit, to ensure no damage occurs to customers' assets - Oh Kyung-seok, Dunamu CEO"

Seoul, Nov 27

South Korea's largest crypto exchange Upbit suffered a massive hacking attack on Thursday, its operator Dunamu Inc. said.

"A portion of Solana-affiliated assets worth approximately 54 billion won (US$36.9 million) was confirmed to have been transferred to an unauthorized wallet address at 4:42 a.m.," said Oh Kyung-seok, the chief executive officer of Dunamu, reports Yonhap news agency.

"We plan to cover the full amount lost with assets from Upbit, to ensure no damage occurs to customers' assets," he added.

A notification was issued to customers at 12:33 p.m. following a joint press conference held with portal operator Naver Corp. and its fintech arm, Naver Financial Corp., on their merger.

As a follow-up measure, Dunamu said it has temporarily suspended virtual asset deposit and withdrawal services on its exchange and is conducting a comprehensive security review.

Financial authorities are also said to be preparing an on-site inspection to assess the situation.

The incident is the largest security breach at Upbit in six years, after some 340,000 Ethereum tokens worth 58 billion won were illicitly transferred to an anonymous account on Nov. 27, 2019.

Meanwhile, the central bank on Thursday raised its 2025 economic growth forecast for South Korea to 1 percent, citing a recovery in private consumption and solid exports.

The revision by the Bank of Korea (BOK) marks a 0.1 percentage-point increase from its previous forecast of 0.9 per cent issued in August.

For 2026, the central bank lifted its growth outlook to 1.8 pe rcent from the earlier projection of 1.6 percent. It also expected the economy to expand 1.9 per cent in 2027.

"The recent trade agreement with the United States and the strong upturn in the global semiconductor market are expected to boost exports and facility investment more than previously projected," BOK Gov. Rhee Chang-yong told a press briefing.

- IANS

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Reader Comments

R
Rohit P
Second major hack in 6 years for the same exchange? That's quite concerning. Shows that even with advanced security systems, vulnerabilities exist. Indian crypto investors should take note and ensure proper security measures.
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Arjun K
Good that they're covering customer losses from their own funds. That's the kind of responsibility we need in the crypto space. Hope Indian exchanges are learning from such incidents and strengthening their security protocols.
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Sarah B
The timing is interesting - right after their merger announcement with Naver. Makes you wonder if there's any connection. Also, $37 million is a huge amount! This is why I prefer keeping crypto in cold wallets rather than exchanges.
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Vikram M
While I appreciate their quick response and commitment to cover losses, this incident highlights why proper regulation is needed in the crypto space. Unregulated markets pose significant risks to ordinary investors.
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Michael C
The fact that they detected it at 4:42 AM and notified customers around noon shows they took time to assess the situation properly. Better to be thorough than hasty in such cases. Hope they strengthen their security systems now.

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