UPBIT HACKED 54 BILLION KRW (36M$) BUT ALTCOINS BEING HACKED ARE PUMPING

Upbit confirmed a leak of assets worth 54 billion KRW (~36M USD) occurred at 04:42 this morning. The funds were transferred to Solana wallets not under the exchange's control.

=> This is a targeted attack on Upbit's asset management system on Solana, not a fault of the Solana network.

=> The attacking group has not yet been identified, but the behavior indicates that the hacker had access to or exploited the internal withdrawal operations layer, executing multiple small transactions in a chain to avoid immediate alerts from the system.

1. Tokens that were hacked are pumping

- The affected tokens are mainly low-cap Solana tokens - a group that tends to be highly volatile when supply on the exchange is disrupted.

2. Why are these tokens pumping?

- The reason is that Upbit has suspended all deposits and withdrawals for investigation, preventing arbitrage bots from operating. The Upbit market immediately diverged from the global price, and the supply on the exchange became “isolated.” The thin liquidity of small altcoins on Solana means that even a modest amount of money is enough to create pumps of 50–100%.

3. How is Upbit handling it?

- Upbit is committed to compensating all customer assets. The hacker has not yet sold the stolen coins; all assets remain intact in the wallet.

4. Impact on the market

- Short-term psychological effects in Korea are highly volatile, but systemic risks are not spreading to other CEXs. This is primarily an operational incident of Upbit, not a technological vulnerability from Solana.

=> When Upbit reopens deposits and withdrawals, it is possible that all the tokens currently pumping will be pulled back to their true prices according to the international market, often resulting in a sharp decrease.