Upbit plans to resume digital asset deposits and withdrawals, mandating new deposit address generation after a recent security breach affecting Solana network assets.
The incident underscores intensifying security challenges in the crypto market, prompting regulatory scrutiny and impacting market trust.
Upbit Resumes Crypto Transactions Post-Hack Incident
Upbit resumes cryptocurrency deposits and withdrawals after Solana hack, promising full compensation for affected users.
Upbit Relaunches Services After Solana-Specific Breach
Upbit announced the resumption of digital asset deposits and withdrawals. This follows a security breach involving Solana tokens. Users are required to generate new deposit addresses due to wallet security upgrades. Upbit committed to covering losses.
Key figures in the incident include Upbit, operated by Dunamu with CEO Oh Kyung-seok, addressing the breach. The Fiscal Supervisory Service (FSS) initiated an inspection, while affected assets and trading activities continue to change.
"We will fully cover all user losses from our corporate reserves following the hack-related suspension." — Oh Kyung-seok, CEO, Upbit
Over $30 Million Compromised: Solana Network Impact
Approximately 30–37 million USD was stolen during the incident, affecting Solana network tokens. Upbit managed to freeze certain tokens, minimizing some losses. The company plans to compensate users fully from corporate reserves.
The phased resumption anticipates potential technological and regulatory outcomes. With thorough wallet inspections, Akash Network and Ethereum ecosystem tokens, such as 1INCH and AAVE, are prioritized for early transaction resumption.
2019 Hack Revisited: Lessons Yet to Learn
In 2019, Upbit experienced a significant hack involving 342,000 ETH, attributed to North Korea's Lazarus Group. The latest breach mirrors past events, again involving Solana tokens, sparking a comparison in the community.
Experts from Kanalcoin note that Upbit’s swift response and reassurance of compensation demonstrate a proactive approach. However, the repeated target of Upbit underscores persistent security gaps in crypto exchanges.
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