Upbit Deletes Old Deposit Addresses After 44.5B Won Solana Hot‑Wallet Hack; Dunamu to Cover Losses
South Korea’s largest crypto exchange Upbit removed all existing deposit addresses after a Nov. 27 security breach drained roughly 44.5 billion won (~$30–36M) from Solana (SOL) hot wallets. The platform suspended deposits and withdrawals, moved remaining assets to cold storage, and is reopening services in phases after comprehensive security checks and a wallet infrastructure overhaul. Upbit said it has frozen some stolen tokens with help from project teams and blockchain analytics firms and has attempted on-chain freezes. Parent company Dunamu pledged to cover all customer losses from corporate reserves. Authorities including the Korea Internet and Security Agency and the Financial Supervisory Service are investigating; local reports say investigators are examining possible links to North Korea’s Lazarus Group. Upbit urges users to delete saved deposit addresses and generate new ones to avoid failed or delayed deposits; phased limits and enhanced security measures remain in place. Trading on the exchange continues. Key SEO keywords: Upbit hack, Solana hot wallet breach, SOL security, deposits suspended, Dunamu covers losses.
Bearish
The incident is likely bearish for SOL in the short term. A hot-wallet breach draining ~44.5B won directly reduces available SOL liquidity on Upbit and increases selling pressure as affected users and the market digest the theft. News of a significant exchange hack typically triggers negative sentiment, higher volatility, and short-term outflows from the affected chain and exchange. Although Upbit’s pledge to cover losses and successful freezing of some tokens mitigate systemic risk and reassure users, trust is weakened while investigations continue—suppressing demand for SOL until security fixes and regulatory clarity are achieved. In the medium to long term the impact may moderate: if Upbit’s coverage prevents forced selling and the exchange completes its security overhaul, confidence could recover. However, reputational damage and possible links to a state‑sponsored actor (e.g., Lazarus) could keep risk premia elevated for longer, limiting upside for SOL relative to pre-incident levels.