What halted Upbit deposits and withdrawals?

TLDR

Upbit paused deposits and withdrawals after detecting unauthorized withdrawals from a Solana hot wallet.

1. About $3638.5 million in Solana ecosystem tokens were drained, triggering the halt per a news report.
2. Upbit moved assets to cold storage and pledged full reimbursement to customers, according to a report.
3. The freeze centered on Solana services, with some reports noting a wider platform pause during security checks, per a report.

Deep Dive

1. Unauthorized Solana Outflows

The immediate cause was an abnormal outflow of roughly $3638.5 million on the Solana network that hit multiple tokens.

1. Coverage cited an approximately $38.5 million unauthorized withdrawal affecting SOL, BONK, USDC, RENDER and others on Solana, which prompted emergency actions by the exchange (news report).
2. Other outlets placed the loss near $3637 million across a basket of Solana tokens, reinforcing the same trigger and timing (report).

2. Containment and Reimbursement

Upbit executed standard incident playbooks to limit damage and protect users.

1. The exchange shifted assets to cold storage, froze affected funds where possible, and began a comprehensive security audit across networks (report).
2. Management stated the exchange would fully cover user losses with its own holdings, so customer balances would not bear the impact (report).

3. Scope of the Halt and Next Steps

The suspension primarily targeted Solana deposits and withdrawals, with broader checks applied to wallet and network systems.

1. Reports emphasized a freeze on Solana-related services while inspections proceeded (report).
2. Some coverage described a full halt to deposits and withdrawals as part of systemwide security measures (report).
3. Services are set to resume in stages once audits conclude and security is validated, consistent with industry practice after hot wallet incidents (report).

Conclusion

Upbits deposit and withdrawal halt was a protective response to a Solana hot wallet breach that siphoned roughly $3638.5 million. The exchange contained risk by moving funds to cold storage and vowed to reimburse users, while inspections determine when services can safely resume.