Upbit Hack exposes a $37M exploit on Solana, with Upbit fully covering losses from corporate funds to safeguard user assets.
Author: Akshat Thakur
November 27, 2025 — Upbit Hack revealed a $37 million exploit on the Solana network, with Upbit confirming it will cover the full amount using company reserves. The Upbit Solana Hack remains isolated to Solana operations, with no customer assets affected.
The Upbit Solana Hack was disclosed on November 27, 2025, after Upbit confirmed a $37 million loss originating from unauthorized access to Solana-based systems. The exchange immediately issued an emergency notice and paused relevant services to prevent further damage.
This event follows Upbit’s long-standing practice of absorbing operational risks, similar to its 2019 ETH breach, reinforcing user confidence in turbulent markets.
Upbit focused on protecting users and announced that it will fully reimburse all stolen funds using its own holdings. It suspended affected Solana deposit and withdrawal services while it completes a full diagnostic.
Upbit emphasized that member assets were never at risk and that enhanced safeguards are being implemented as part of the ongoing investigation. No impact has been reported across other networks or account systems.
The Upbit Solana Hack underscores persistent vulnerabilities across Solana’s ecosystem, which faced multiple high-profile exploits in 2025. While Solana’s throughput attracts builders and exchanges, the rapid expansion of third-party tooling introduces new attack vectors.
For Upbit, the incident serves as a reminder of the need for robust cross-chain security and reinforces its strategy of maintaining strong internal reserves to manage unforeseen operational risks.
The Upbit Solana Hack occurs against a backdrop of declining overall crypto hack volumes, driven by improved security practices across major chains. Yet exploits in high-speed ecosystems and cross-chain infrastructure remain prevalent.
Upbit’s full reimbursement approach is increasingly becoming an industry expectation, and this disclosure may influence regulatory expectations in Korea regarding minimum operational reserve requirements for exchanges.
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