Upbit Suffers Massive Security Breach Hours After $10.3 Billion Takeover Announcement

Crypto exchange Upbit suffered a major security breach on November 27, losing tens of millions of dollars in digital assets just hours after its parent company Dunamu Inc. unveiled a massive $10.3 billion takeover by tech giant Naver Corp.

The intrusion primarily targeted Solana-based tokens and forced Upbit to halt all deposits and withdrawals. The exchange initially estimated the loss at around 44.5 billion Korean won, but later revised it to approximately 30 million dollars based on asset prices at the time of the unauthorized transfer.

The security failure occurred in one of Upbit's 'Hot Wallets,' which are used for fast, day-to-day transactions. The more secure cold wallet, which stores the majority of customer assets offline, was not affected.

Upbit has reported the incident to relevant authorities and is cooperating with investigative agencies. The exchange is currently conducting an extensive investigation beyond the compromised Solana network family and plans to resume deposit and withdrawal services 'sequentially as soon as safety is secured,' according to CEO Oh Kyoung-suk.