Crypto Giant Upbit Discloses $37 Million Hack on Solana Network
Analysis
Price Impact
HighA $37 million hack on upbit's solana hot wallet, impacting sol and numerous solana ecosystem tokens (defi, memecoins), is significant. this raises immediate concerns about security within the solana ecosystem, potentially shaking investor confidence.
Trustworthiness
HighThe news comes from u.today, directly quoting and confirming statements from upbit, south korea's largest cryptocurrency exchange, about the incident.
Price Direction
BearishSecurity breaches typically lead to a negative market sentiment and selling pressure for the affected assets and underlying network. despite upbit's quick response, the immediate reaction is usually a downturn as investors de-risk. the movement of stolen funds across chains further complicates recovery and could lead to market instability if liquidated.
Time Effect
ShortThe immediate panic and selling pressure are expected to be short-term. while upbit's reputation might experience a minor temporary hit, large exchanges often have insurance or reserves to cover such losses, which tends to mitigate long-term damage to the coin's price.
Original Article:
Article Content:
Cover image via U.Today Read U.TODAY on Google News Upbit, South Korea's largest cryptocurrency exchange, has confirmed a major security breach on its Solana network wallet. Advertisement The incident involved the unauthorized transfer of assets worth approximately 54 billion KRW (roughly $$37 million). This makes it the exchange's second significant hack since the infamous 2019 Ethereum theft of around $50 million. The list of affected tokens includes a mix of Solana ecosystem projects, memecoins, and stablecoins. These are Solana (SOL), USDC (stablecoin), Render (RENDER), Pyth Network (PYTH), Raydium (RAY), Jupiter (JUP), Jito (JTO), Orca (ORCA,) as well as meme coins such as Bonk (BONK), Cat in a Dogs World (MEW), and Moo Deng (MOODENG). The hack was detected around 4:42 a.m. KST (Korean Standard Time) when abnormal withdrawal activity was flagged from Upbit's Solana hot wallet. Advertisement Hackers drained multiple tokens in a single coordinated operation, transferring them to unknown external wallets. The Funds were quickly observed moving across chains, complicating tracing efforts. Upbit's response Upbit immediately isolated the affected wallet, suspended all deposits and withdrawals on the Solana network Upbit operates under Dunamu and holds over $11 billion in customer assets, making this event a notable blow to one of Asia's top crypto platforms. #Solana News