South Korean cryptocurrency exchange Upbit suffered a significant security breach on November 27, 2025, resulting in an estimated $36.8 million loss from its Solana network assets. The incident has sparked concerns about the overall security of crypto exchanges and their ability to protect user funds against increasingly sophisticated threats. Upbit halted operations after the breach, moved remaining assets into cold storage, and vowed to cover all losses with company reserves in a move aimed at maintaining trust with users. Regulatory scrutiny is expected as Upbit works to address the breach and implement stronger security measures. The incident comes amid the exchange’s ongoing merger with Naver Financial, which has been met with mixed reactions from the community. Some were concerned about recurring wallet vulnerabilities, while others praised Upbit for its swift response and transparency in addressing the situation.