South Korea’s leading cryptocurrency exchange, Upbit, has temporarily suspended deposits and withdrawals after discovering unauthorized outflows of approximately $36 million from a Solana-based hot wallet. The incident was detected around 4:42 am local time (7:42 pm UTC) on Thursday, prompting the exchange to halt transfer services and initiate a comprehensive security review of its assets. Upbit confirmed that the breach was isolated to its hot wallet, with cold-wallet reserves unaffected. As part of their response, they moved remaining assets into cold storage and initiated on-chain freezing attempts. 🚨 The incident comes at a critical moment for Upbit, as its parent company, Dunamu, recently secured a $10 billion acquisition deal with Naver to expand globally. This follows a similar security breach in 2019, where the exchange lost almost $50 million to a North Korean hacking group. Upbit is working to recover impacted funds and confirm the timeline for reimbursement, but no actions are required from customers at this time. Local authorities are conducting on-site inspections to understand the incident.