Based on Bijié Wǎng, South Korea's largest crypto exchange Upbit suffered a $37 million hack on November 27, 2025, with attackers exploiting a vulnerability in the Solana network to steal SOL, USDC, and meme coins. The breach occurred one day after Upbit's parent company Dunamu announced a $10.3 billion merger with Naver Financial, raising questions about the timing. CEO Oh Jong-hyun confirmed the platform will use its assets to cover the losses. The attack has intensified concerns over exchange security, especially as North Korea's Lazarus group is suspected due to similar tactics and geopolitical factors. In 2019, Upbit lost $41.5 million in Ethereum, now worth over $100 million. Chainalysis reported that North Korean groups stole $1.3 billion in 2024 alone. Upbit froze $8.18 million in Solaire tokens and is tracking stolen assets. Meanwhile, Yearn Finance's yETH product was exploited in a $900 million scam on November 30, and MegaETH faced a $500 million deposit reversal due to technical errors. These incidents highlight the fragility of the crypto ecosystem.
Upbit Hit by $37M Hack, North Korea Suspected
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