{"id":508728,"date":"2025-11-27T20:50:08","date_gmt":"2025-11-27T20:50:08","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=508728"},"modified":"2025-11-27T23:00:56","modified_gmt":"2025-11-27T23:00:56","slug":"solana-based-tokens-soar-on-upbit-following-32-million-hack-due-to-halted-arbitrage","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/solana-based-tokens-soar-on-upbit-following-32-million-hack-due-to-halted-arbitrage\/","title":{"rendered":"Solana tokens rip on Upbit after $32M hack due to halted arbitrage"},"content":{"rendered":"

As of mid-afternoon South Korea time, Solana-based tokens traded with double-digit gains on Upbit following a hack that stole roughly 44.5 billion won ($32 million).<\/p>\n

CryptoQuant<\/a> CEO Ki Young Ju noted<\/a> that Korean traders began bidding up altcoin prices as arbitrage bots, which normally keep Korean and international prices aligned, stopped operating.<\/p>\n

The service suspension created an immediate disconnect between Korean and global crypto markets.<\/p>\n

As of mid-afternoon local time, ORCA<\/a> traded at a 95.6% premium to global prices on Upbit, while Meteora<\/a> traded at an 82% premium and Raydium<\/a> at a 46% premium, according to exchange data.<\/p>\n

The divergence reflects how heavily Korean retail relies on Upbit, which processes the majority of the country's digital asset volume.<\/p>\n

Without active arbitrage keeping Korean won-denominated pairs in line with the dollar markets, local buy pressure drove premiums across Solana<\/a> ecosystem tokens affected by the breach.<\/p>\n

Upbit hit with hack<\/h2>\n

South Korean exchange Upbit<\/a> suspended digital asset deposits and withdrawals on Nov. 27 after detecting unauthorized transfers in Solana network tokens from a hot wallet.<\/p>\n

The breach occurred around 4:42 a.m.<\/a> local time when 24 Solana-based assets, including SOL, JUP<\/a>, ORCA, and BONK<\/a>, moved to undesignated external wallets.<\/p>\n

Upbit confirmed cold wallet holdings were not compromised and immediately moved all remaining assets to secure cold storage. CEO Oh Kyung-seok pledged to cover the full loss using the platform's own reserves.<\/p>\n

The exchange froze approximately 2.3 billion won worth of Solayer on-chain and continues tracking the remaining funds in cooperation with project teams and law enforcement.<\/p>\n

Dunamu, Upbit's operator, revised its initial damage estimate downward from 54 billion won after recalculating asset prices at the time of the breach.<\/p>\n

Oh stated that customers will face no losses and that a comprehensive security review of the entire deposit and withdrawal system is underway before services resume.<\/p>\n

Cold storage holds, but hot wallet design questioned<\/h2>\n

Upbit's statement stressed that the breach affected only a hot wallet used for operational liquidity and that segregated cold wallet reserves remained intact.<\/p>\n

The exchange did not disclose technical details of how the unauthorized withdrawals occurred or whether the breach stemmed from compromised private keys, infrastructure vulnerabilities, or insider access.<\/p>\n

As of press time, no post-mortem has been released. Upbit asked users to report suspicious activity through its customer center and said it is cooperating with investigative authorities.<\/p>\n

The exchange plans to resume deposit and withdrawal services sequentially as security reviews confirm system stability.<\/p>\n

South Korea's Financial Services Commission has not yet issued a public statement on the breach. Upbit operates under the country's Virtual Asset Service Provider framework<\/a> and is required to maintain reserve ratios and segregate customer funds, though enforcement of these requirements has varied.<\/p>\n

The $32 million loss ranks among the larger exchange breaches of 2025 but remains far below the scale of historical hacks like Mt. Gox<\/a>, the $600 million Ronin bridge exploit, or the $1.4 billion exploit<\/a> on Bybit<\/a>.<\/p>\n

Upbit's decision to freeze Solayer tokens on-chain illustrates one of the few recourse mechanisms available when assets move to identifiable addresses. However, the majority of the stolen funds remain unrecovered.<\/p>\n

Upbit has not provided a timeline for restoring normal operations. The exchange said safety confirmation will determine when deposit and withdrawal services resume, with no specific date given for completing the security review.<\/p>\n","protected":false},"excerpt":{"rendered":"

As of mid-afternoon South Korea time, Solana-based tokens traded with double-digit gains on Upbit following a hack that stole roughly 44.5 billion won ($32 million). CryptoQuant CEO Ki Young Ju noted that Korean traders began bidding up altcoin prices as arbitrage bots, which normally keep Korean and international prices aligned, stopped operating. The service suspension […]<\/p>\n","protected":false},"author":1511,"featured_media":508750,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,16041],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nSolana tokens rip on Upbit after $32M hack due to halted arbitrage<\/title>\n<meta name=\"description\" content=\"Korean traders began bidding up altcoin prices as arbitrage bots, which normally keep Korean and international prices aligned, stopped operating.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/solana-based-tokens-soar-on-upbit-following-32-million-hack-due-to-halted-arbitrage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Solana tokens rip on Upbit after $32M 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