A major South Korean cryptocurrency exchange, Upbit, has been hit by a significant hack, resulting in the loss of approximately $32 million worth of Solana (SOL) tokens. The attack led to a halt in deposits and withdrawals, triggering local price surges due to arbitrage disruptions. 😥 However, Upbit CEO Oh Kyung-seok assured customers that they will not bear any financial losses, pledging to cover all user losses using company reserves. 💰 To address the security breach, the exchange is conducting a thorough review of its systems, focusing on enhancing safety measures and stability. 🛡️ The incident echoes past crypto exchanges’ vulnerabilities, raising concerns about potential future breaches. Notably, Upbit’s customers will be spared any financial losses as the CEO has promised to cover all user-related losses through their company reserves, ensuring no impact on user funds. Meanwhile, institutional investors remain confident in Solana’s stability and resilience despite this setback, highlighted by Franklin Templeton’s recent ETF filing showcasing robust interest. 📈 The incident emphasizes the continuous need for heightened security measures within the cryptocurrency landscape.