Upbit hit with $36M Solana hot wallet breach day after $10B Naver deal

The breach occurred as Upbit’s parent company, Dunamu, sealed a $10 billion acquisition deal with Naver and plans an initial public offering in the US.

Update Nov. 27, 9:23 am UTC: This article has been updated to include comments from Trezor CEO Matej Zak.

South Korea’s biggest crypto exchange, Upbit, temporarily froze deposits and withdrawals on Thursday after detecting about $36 million in unauthorized outflows from a Solana-network hot wallet. 

In an announcement, the exchange said the suspicious transfers were flagged around 4:42 am local time (7:42 pm UTC), prompting a shutdown of transfer services and a full security review of its supported crypto assets. 

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