TLDR
Upbits breach drained Solana?network assets including Solana (SOL), USD Coin (USDC), Bonk (BONK), Jupiter (JUP), Raydium (RAY), Pyth Network (PYTH), Orca (ORCA), Render (RENDER), Jito (JTO), Layer (LAYER), and others per the exchanges announcement and reporting in late November 2025 (details here).
- At least 24 Solana?based tokens were involved, with a total loss near 54 billion KRW (~$3638 million) (count and estimate).
- About 12 billion KRW in Layer (LAYER) tokens were frozen on chain during the response (freeze noted).
- Upbit said it will fully reimburse users and moved remaining funds to cold storage (see the notice above).
Deep Dive
1. Affected Tokens
The incident centered on Solana?ecosystem assets. Reporting based on Upbits lists identifies SOL, USDC, BONK, JUP, RAY, PYTH, ORCA, RENDER, JTO, LAYER and additional Solana tokens (including 2Z, ACS, ME, MEW, MOODENG, TRUMP, SONIC, SOON, W) as part of the outflows, with funds sent to external wallets (exchange announcement coverage).
If you held Solana?chain assets at Upbit, the disruption likely focused on these tickers; service restoration depends on asset?by?asset checks.
2. Scope And Network
The drain was confined to Upbits Solana hot wallet, with at least 24 Solana?based tokens affected and a loss estimate around 54 billion KRW (~$3638 million) (scope and estimate). Several outlets corroborated the list and totals as the situation stabilized (see the report above).
The issue was platform?specific (wallet layer) rather than a Solana protocol flaw, so broader Solana network functionality was not the root cause.
3. Freezes And Coverage
Upbit coordinated freezes where possible, including roughly 12 billion KRW in LAYER tokens, and moved remaining assets to cold storage while auditing deposit and withdrawal systems. It stated users would be fully reimbursed from company reserves (freeze and reimbursement statement summarized here).
Recovery can be partial for specific tokens (when issuers can freeze), but reimbursement reduces direct user loss; temporary liquidity frictions in affected tickers are likely until services resume.
Conclusion
The assets drained were primarily Solana?ecosystem tokens, with a clear list led by SOL, USDC, BONK, JUP, RAY, PYTH, ORCA, RENDER, JTO, and LAYER, plus other smaller names. The impact and the count of at least 24 tokens align across reports, and Upbits freeze and reimbursement steps aim to contain user damage while forensic checks complete.
