Korea's Upbit Suspends Deposit And Withdrawal Service After $37M in Abnormal Activity in Solana Tokens
Upbit has suspended digital asset withdrawals after detecting irregular activity involving Solana network tokens.
- Upbit has suspended digital asset withdrawals after detecting irregular activity involving Solana network tokens.
- Approximately $40 million worth of tokens were transferred to unauthorized wallets, but Upbit will cover all losses.
- The exchange is working with law enforcement and has frozen assets worth about 12 billion won related to the incident.
South Korea's leading cryptocurrency exchange Upbit announced an urgent suspension of digital asset deposits and withdrawals following the detection of irregular withdrawal activity involving certain Solana network tokens.
Dunamu's CEO, the operator of Upbit, Oh Kyung-seok, apologized for the inconvenience to users and confirmed that abnormal withdrawal behavior was detected early Thursday.
The affected tokens include DoubleZero , Access Protocol (ACS), Bonk , Doodles (DOOD), Drift (DRIFT), Huma Finance (HUMA), Ionet , Jito , Jupiter (JUP), Solayer (LAYER), Magic Eden (ME), and others associated with the Solana network.
Dunamu reported that approximately 54 billion won ($37 million) worth of tokens were transferred to unauthorized wallets and assured users that the exchange will cover all losses to protect user assets fully.
The exchange said in its statement that immediate actions taken include transferring all assets to cold wallets to prevent further unauthorized transactions, initiating on-chain freezing measures in cooperation with law enforcement – including successfully freezing assets worth about 12 billion won related to the Solayer token – and conducting a thorough security audit of all digital asset transfer systems.
Upbit said it will gradually resume withdrawal services once security is confirmed and urged users to report any suspicious activity to customer support.
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As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters:
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
