South Korean cryptocurrency exchange Upbit confirms a significant security breach on the Solana network, resulting in a loss of approximately $36 million. The incident involved unauthorized transfers worth 54 billion KRW (roughly equivalent to $38.57M), and was discovered by Upbit early Thursday morning. The company has taken immediate action, halting deposits and withdrawals to safeguard user funds. They have allocated their own reserves to cover the loss and are actively tracing the remaining stolen funds. Upbit is also implementing stricter security protocols including freezing assets on-chain, bolstering its infrastructure with cold storage and initiating a comprehensive system review. Authorities are expected to join in the investigation to prevent further losses and potential cybercrime.