South Korea’s largest crypto exchange, Upbit, was hit by a security breach involving Solana (SOL)-based tokens, with losses estimated at $36–37 million. The platform pledged to fully compensate affected users and temporarily suspended some deposit and withdrawal services for emergency maintenance. The incident came just a day after Upbit outlined plans to pursue a Nasdaq IPO following a $14.5 billion merger with Naver.
Key Developments
- Upbit confirmed a hack impacting tokens on the Solana network, estimating losses at around $36–37 million.
- The exchange said it will reimburse all user losses and activated emergency maintenance procedures.
- Deposit and withdrawal services were suspended across multiple networks, including BTC, ETH, BSC, and others, with restoration prioritized for safety and stability.
- A day earlier, Upbit announced plans to seek a Nasdaq listing after a $14.5B merger with Naver.
Market Impact
Despite the security incident, Bitcoin (BTC) briefly climbed above $91,000, breaking through key resistance at $90,000. By November 25, 2025, market data showed BTC trading near $87,391, while aggregated exchange reserves fell toward 1,349,438 BTC, continuing a multi-year downtrend.
- Claims circulated that more than 1.8 million BTC left exchanges on November 25, a sign some traders interpret as bullish due to reduced sell-side supply. (These figures are unverified by major data providers.)
- Large liquidations were reported: a cluster of 55 accounts was fully liquidated for $67 million while shorting the token
HYPE, which had previously been pushed below $30. Separately, a $14.58 million short in the BTC/USD pair was wiped out.
Other Notable Moves
- Vitalik Buterin donated 128 ETH each to the privacy-focused messengers Session and SimpleX.
- SpaceX transferred 1,163 BTC (about $106 million) to new addresses.
- Top daily movers:
- Kaspa (KAS): $0.0606 (+19.63%)
- Flare (FLR): $0.01525 (+12.60%)
- SPX6900: $0.7353 (+12.45%)
What’s Next
Upbit is working to restore full functionality while completing its investigation of the Solana-related breach and implementing additional safeguards. Traders are watching for service normalization and any official updates on the previously announced Nasdaq IPO plan. In the broader market, attention remains on Bitcoin’s price action and continued declines in exchange reserves, which many view as a potential tailwind for longer-term supply dynamics.