TLDR
Upbit (South Korea) froze Solana (SOL) deposits and withdrawals after detecting abnormal outflows from its Solana hot wallets on 27 Nov Upbit froze Solana withdrawals.
- The incident involved roughly $36$38 million in Solana-linked assets per a news report.
- Services paused across SOL network assets (SOL, USDC, BONK, JUP, RAY) pending a full security audit, as noted by a media update.
Deep Dive
1. Exchange Identified
The centralized exchange that froze SOL withdrawals was Upbit, which halted deposits and withdrawals tied to the Solana network on 27 Nov in response to unauthorized wallet outflows (Upbit froze Solana withdrawals).
2. Trigger and Scope
Upbit reported abnormal withdrawals from its Solana hot-wallet infrastructure, estimating losses near $36$38 million and moving remaining assets to cold storage while coordinating on-chain freezes (including a tranche of LAYER), according to a news summary and a follow-up report.
If your SOL or Solana tokens were on Upbit, expect staged service resumption after security checks, and monitor the exchanges customer notices for timing updates.
3. Status and Impact
Upbit pledged to fully compensate user losses from its own assets and said deposits and withdrawals will resume after systemwide security checks, per a media update. Despite the incident, SOLs price showed resilience, suggesting markets viewed the issue as exchange-specific rather than a Solana protocol failure, as noted by a market recap.
Conclusion
Upbit is the CEX that froze Solana withdrawals, driven by a security incident affecting its Solana hot wallets. The immediate pause aimed to contain losses, with a compensation pledge and audits underway. Operationally, the impact is localized to Upbits services; broader market effects were limited.
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