Which exchange paused Solana withdrawals Wednesday?

TLDR

Upbit paused Solana (SOL) deposits and withdrawals on Wednesday after detecting abnormal withdrawals, per an Upbit suspension report.

1. The incident involved Solana?based tokens and hot wallet activity, reported at roughly $3638 million.
2. Upbit said it would fully compensate users and moved assets to cold wallets, per a news update.

Deep Dive

1. The Exchange And Reason

South Koreas Upbit halted SOL?network deposits and withdrawals after detecting irregular outflows tied to its hot wallet infrastructure. Several reports confirm suspensions across Solana tokens following unauthorized movements worth around 54 billion KRW ($3638 million), as detailed in a Yahoo Finance report and a coverage by The Block.

• The action was framed as an emergency security measure to prevent further losses.
• A wide set of Solana ecosystem tokens were impacted (for example BONK, JUP, RAY, PYTH), per the report above.

2. User Protection And Steps

Upbit pledged to cover the entire loss from its own reserves and began a comprehensive security audit, while moving funds to cold storage to reduce exposure, per a Crypto.news update. Subsequent updates reiterated the full compensation commitment and ongoing tracking/freeze attempts for affected assets, as noted in an additional coverage.

• Reports note some assets were successfully frozen on chain during the response, per the coverage above.
• Market reaction to SOL was relatively contained, suggesting the issue was exchange?specific rather than protocol?wide, per the Yahoo Finance report.

Conclusion

Upbit paused Solana withdrawals Wednesday due to an exchange?level security incident. The exchange moved quickly to secure funds and committed to make users whole, suggesting operational risk at the venue rather than an issue with Solana itself.