Upbit Halts Solana Transactions After $37 Million Security Breach

South Korea’s largest cryptocurrency exchange, Upbit, has suspended Solana transactions following a significant security breach. The company detected unauthorized withdrawals of approximately $36.8 million in SOL, USDC, and other Solana-related assets on November 27, 2025. In response, Upbit transferred the remaining Solana tokens to cold wallets for enhanced security and confirmed they will cover customer losses arising from this incident. Upbit’s CEO, Oh Kyoung-suk, addressed the issue, emphasizing the company’s commitment to user safety and its dedication to improving security infrastructure as it integrates with Naver Financial.