TLDR
Upbit halted Solana (SOL) network deposits and withdrawals after detecting unauthorized outflows on the Solana network, pausing services for SOL and related tokens on 27 Nov per an exchange update reported by media.
- The incident involved roughly 54 billion KRW in Solana-linked assets, according to an exchange statement cited by media.
- Upbit said it would fully compensate users and moved assets to cold storage while auditing systems, per the reports above.
Deep Dive
1. The Venue
The venue is Upbit, South Koreas largest exchange. It froze Solana network deposits and withdrawals after abnormal withdrawals and is conducting a security review, as covered in an exchange update reported by media.
If your SOL or Solana tokens are on Upbit, withdrawal timing may be delayed until checks complete. Trading elsewhere is unaffected by this venue-specific action.
2. Scale And Tokens
Media citing Upbits notice reported around 54 billion KRW in Solana-linked assets were moved to an external wallet, impacting SOL and several Solana ecosystem tokens such as BONK, JUP, RAY, PYTH and ORCA (report; a second report).
The issue centered on Solana network hot wallets at the venue, not the Solana protocol. Broader SOL markets continued trading normally on other venues.
3. User Impact And Response
Upbit said it would fully compensate users from its own assets and moved funds to cold storage while auditing systems, with some assets reportedly frozen on-chain during the response (media recap).
User balances are intended to remain whole at this venue, but operational pauses can still inconvenience deposits and withdrawals until service resumes.
Conclusion
The venue that halted SOL withdrawals was Upbit, which paused Solana network deposits and withdrawals after detecting unauthorized outflows. The action is venue specific, with compensation pledged and systems under audit, while SOL trading elsewhere remains unaffected according to the reports above.
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