Which exchange halted SOL withdrawals?

TLDR

Upbit halted Solana (SOL) withdrawals.

1. The exchange suspended Solana?based deposits and withdrawals after an approximately $3638.5 million unauthorized outflow on 27 Nov (UTC), per a news report.
2. Upbit said it would fully cover losses from its reserves and protect user balances, according to a statement reported by media.
3. Services are set to resume in stages after a full security review, as noted in the update above.

Deep Dive

1. What Happened

Upbit detected irregular withdrawals affecting Solana ecosystem assets and paused deposits and withdrawals to contain the issue. Reports place the outflow around $3638.5 million and note multiple Solana tokens were impacted, including DeFi and meme assets, per a news report.

• The exchange stated it would reimburse losses and safeguard user funds, as covered in the media update.
• The pause was focused on Solana?linked services, with the platform outlining a staged resumption after reviews, per the report above.

2. Why Halted Withdrawals

Halting withdrawals is a standard containment measure to stop further unauthorized transfers while teams investigate and harden wallet systems. Upbit described an emergency plan that included shutting down deposits and withdrawals and conducting systemwide checks, as summarized in a follow?up report.

• The review covers deposit/withdrawal infrastructure and wallet security, with resumption after final inspection, per the update above.

3. Impact and Next Steps

User balances are expected to be protected because the exchange pledged to absorb the loss from its own reserves, according to the media report. The main near?term effect is limited liquidity for Solana?listed pairs on the venue until services resume.

• Solana markets outside Upbit continue to operate normally; the impact is localized to the exchanges services, per the coverage above.

Conclusion

Upbit is the exchange that halted SOL withdrawals. The pause was a protective response to a reported unauthorized outflow, with a stated plan to reimburse losses and resume services after security reviews. This containment should limit further risk while the platform hardens its systems.