South Korean Crypto Exchange Upbit Hacked Again
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Leading South Korean crypto exchange, Upbit, announced on Thursday that it has suffered a hack to the value of 44.5 billion Korean Won (approximately $30 million USD). On its website, Upbit posted a notice in Korean giving clearer information about an “abnormal withdrawal situation”, in other words a hack, that occurred on November 27 at 04:42 Korean local time. Upbit confirmed that most of the coins stolen were Solana-based, including BONK, JUP, PENGU, PYTH and Solana. Some other coins included TRUMP and USDC. Upbit has also frozen deposits and withdrawals to ensure no further funds are stolen while it investigates the full extent of the loss. Trading continues as normal, it is deposits and withdrawals that are suspended. History Repeats Itself Exactly 6 Years Later This isn’t the first time Upbit has been hacked, back in 2019 in fact exactly 6 years ago on November 27 2019, Upbit was hacked for over $51 million Dollars worth of Ethereum. Upbit stated at the time that deposits and withdrawals will be enabled in approximately 2 weeks, however it was not until January 13 2020 that withdrawals were resumed, almost 7 weeks later. Upbit later confirmed that North Korea’s Lazarus group were involved in the Ethereum hack in 2019 and it is suspected that they are also involved in the Solana 2025 hack. Bad Timing As Upbit Prepares for Nasdaq Listing There’s never a good time to get hacked, but the timing was particularly bad as Upbit had announced a merger with Korean tech giant Naver Financial. Upbit is also targeting an IPO on the Nasdaq stock exchange. The news of the hack will unsettle investors however given the scale of the hack was relatively small it will motivate Upbit to improve their security systems to prevent any larger future hacks. What Steps…
