TLDR
Upbit paused Solana (SOL) network deposits and withdrawals today after detecting abnormal activity in its Solana hot wallet, as confirmed by a public notice and multiple reports (exchange suspension).
- Estimated outflows were about 54 billion KRW (roughly $3638.5 million) across Solana-based assets (amount and timeline).
- Affected tokens include SOL, USDC, BONK, JUP, RAY, RENDER, ORCA, PYTH and others tied to Solana (token scope).
- Halting flows disrupted arbitrage, causing large premiums on Solana tokens on Upbit versus global markets (market impact).
Deep Dive
1. Upbit Suspension
Upbit temporarily suspended all deposits and withdrawals for Solana-linked assets to contain losses and protect user funds. The exchange stated it had moved assets to cold storage and initiated emergency inspections to secure systems (exchange suspension).
Upbits operator said users will be fully reimbursed and services will resume in stages once security checks finish (amount and timeline).
If you use Upbit, expect staged reopening and watch the exchanges notices before attempting deposits.
2. Scale And Tokens
Reports estimate ~54 billion KRW (about $3638.5 million) in unauthorized outflows affecting multiple Solana ecosystem tokens, not just SOL. Names cited include BONK, JUP, RAY, RENDER, ORCA, PYTH, and USDC among others tied to Solana (token scope).
Upbit indicated it identified the full extent of the outflow and would cover losses from its own holdings (amount and timeline).
The pause is broad across Solana assets on Upbit. Users should assume deposit/withdrawal interruptions until official restoration.
3. Market Impact
With deposits and withdrawals halted, arbitrage bots that normally align Korean won pairs with USD markets stopped, leading to sharp premiums for Solana tokens on Upbit versus global venues (market impact).
Such dislocations can persist until operational flows restart and pricing realigns through cross-venue arbitrage when services resume (see the report above).
Price gaps on KRW pairs could be temporary and may compress when Upbit reopens deposits/withdrawals.
Conclusion
The CEX that paused SOL deposits today is Upbit. The suspension follows abnormal Solana hot-wallet activity, with broad Solana token exposure and estimated losses around $3638.5 million. Expect staged service restoration and temporary local price dislocations until normal flows return.
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