Upbit Recovers $36 Million Solana Assets Post-Security Breach

On November 27, 2025, South Korean cryptocurrency exchange Upbit detected an unauthorized transfer of approximately 54 billion Korean won ($36 million) in Solana assets to an unknown external wallet.

The incident highlights security vulnerabilities within the Solana network, triggering significant price fluctuations in affected tokens and raising concerns about asset protection across cryptocurrency platforms.

Uncovering Upbit’s Solana Breach and Market Reaction

The November 27 breach involved the transfer of around $36 million in Solana network assets from Upbit to an unidentified external wallet. Affected tokens include ORCA, DOOD, RAY, and others. Dunamu Inc., Upbit’s parent company, suspended all Solana-related transactions and launched a deep security review to prevent further issues.

Market dynamics shifted as Solana tokens experienced volatility. Low-cap token prices soared, including significant increases in ORCA and MET2, evidencing speculation and reduced liquidity stability. These impacts prompted Upbit to move assets to cold storage and intensify their security protocols.

To prevent any damage to member assets, the entire amount will be covered by Upbit’s holdings. We would like to reiterate that this will not affect member assets. — Oh Kyung-seok, CEO of Dunamu/Upbit

Historical Context and Expert Security Recommendations

Did you know? Solana’s ecosystem vulnerability is reminiscent of a 2019 incident when Upbit faced an ETH hack losing approximately $50 million, similar in scale and impact.

Orca’s current price stands at $1.73, showing a 60.77% increase over 24 hours. The trading volume reached $206,449,546, reflecting a notable 2942.44% rise. Despite these gains, Orca’s price dropped 24.38% over 90 days. CoinMarketCap attributes this volatility to recent Solana-associated events.

The Coincu research team suggests strengthened security measures and regulations due to consistent incidents within the Solana ecosystem. It highlights the need for enhanced blockchain-security technologies, curbing future vulnerabilities. The ongoing focus on security audits by Upbit promises tighter safeguards, aiming to avert breaches akin to those experienced prior.