Upbit Halts Solana-Based Token Transactions After Detecting Suspicious Withdrawals

South Korea’s largest cryptocurrency exchange, Upbit, has temporarily suspended digital asset deposits and withdrawals after identifying irregular withdrawal activities involving multiple Solana network tokens. The exchange’s operator, Dunamu, confirmed that the issue was detected early Thursday and emphasized that user protection remains the top priority.

According to Dunamu CEO Oh Kyung-seok, the suspicious transactions involved an estimated 54 billion won (approximately $37 million) worth of Solana-based tokens being transferred to unauthorized wallets. The tokens affected include DoubleZero (2Z), ACS, BONK, DOOD, Drift (DRIFT), HUMA, Ionet (IO), JTO, JUP, LAYER, ME, and several others tied to the Solana ecosystem. Oh apologized to users for the disruption and assured them that Upbit will fully compensate all losses resulting from the incident.

In response to the abnormal withdrawal activity, Upbit immediately moved all digital assets to cold wallets to block potential further unauthorized transfers. The company also initiated on-chain freezing actions in cooperation with law enforcement, successfully freezing around 12 billion won in assets related to the Solayer token. A comprehensive security audit of the exchange’s digital asset transfer systems is now underway to prevent similar incidents in the future.

Upbit stated that it will gradually restore withdrawal services once security checks are complete and system integrity is confirmed. The exchange encouraged its users to stay alert and report any unusual account activity to customer support as investigations continue.

The incident highlights ongoing security challenges within the crypto industry, especially among exchanges handling high volumes of transactions on fast-evolving networks like Solana. As Upbit works to strengthen its infrastructure and reassure its customer base, the broader market continues monitoring the situation closely to assess potential impacts on Solana-linked tokens and overall investor confidence.