TLDR
Upbit reported the Solana breach. See the report on the Upbit Solana hot wallet incident.
- Estimated loss was about $3638.5 million in Solana network assets, per coverage on the incident.
- Upbit suspended Solana deposits and withdrawals and moved funds to cold storage, according to a security update.
- The exchange pledged to fully reimburse customers, as stated in the report above.
Deep Dive
1. Magnitude And Assets
Coverage places the loss around 54 billion KRW, or roughly $3638.5 million, affecting a basket of Solana ecosystem tokens such as SOL, USDC, BONK, RAY, JUP, PYTH, and ORCA. Multiple outlets corroborated the scale and token mix tied to Solana wallets on the exchanges side, not the base chain itself, per a detailed roundup.
- One summary notes an outflow across more than 20 Solana tokens with abnormal withdrawal activity flagged early on the day of the incident, per a separate report.
For users, the impact was concentrated in Solana-linked hot wallets at the exchange, not a protocol-level Solana failure.
2. Containment And User Protection
Upbit paused Solana deposits and withdrawals, shifted remaining affected funds to cold storage, and coordinated on-chain freezes with issuers (including securing a portion of LAYER tokens), per the incident coverage. The company stated customers would not bear losses and that it would cover the full amount from its own holdings, as reiterated in a security update.
- Reporting also mentions a broader security review of wallets and staged resumption of services after checks are complete, per the updates.
Operationally, the exchange moved quickly to stop further leakage and signaled restitution, which limits direct customer impact but may affect short-term service availability.
3. Likely Cause And Scope
Early reporting suggests a compromise of Upbits hot wallet infrastructure rather than any flaw in the Solana protocol itself, according to a security update. Investigations and on-chain tracing are ongoing across multiple reports, with no definitive public attribution at this stage, as noted in follow-up coverage.
The incident appears exchange-side, so broader Solana network usage is unaffected. Users should rely on the exchanges official notices for when services fully resume.
Conclusion
The CEX that reported the SOL breach was Upbit. Reports indicate a hot wallet compromise affecting Solana-linked assets, with rapid containment steps and a commitment to reimburse users. Monitor the exchanges updates referenced above for staged service restoration and investigation progress.
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