Image: Envato South Korea’s top crypto exchange, Upbit, suffered a major security breach, losing tens of millions of dollars in digital assets just hours after its parent company, Dunamu Inc., unveiled a massive $10.3 billion takeover by tech giant Naver Corp. The intrusion, which primarily targeted Solana-based tokens, forced Upbit to halt all deposits and withdrawals today (Nov. 27). While the initial estimates of the loss were higher, the exchange revised the figure to approximately 44.5 billion Korean won, about $30 million, based on asset prices at the time of the unauthorized transfer. The company confirmed that the security failure occurred in one of its “Hot Wallets,” which are used for fast, day-to-day transactions. The more secure cold wallet, which stores the majority of customer assets offline, was not affected. Abnormal withdrawals were first detected around 4:42 a.m. KST on Nov. 27, 2025, when a basket of assets on the Solana network was moved to an unknown external wallet address. The stolen assets included over 20 tokens, prominently featuring Solana (SOL), USDC, Bonk (BONK), Jupiter (JUP), Render Token (RENDER), Orca (ORCA), and Peace Network (PYTH). In response, the exchange immediately suspended all transaction services. Upbit also initiated on-chain measures to freeze the stolen funds, successfully freezing approximately 2.3 billion won worth of Solayer (LAYER) tokens. Oh Kyoung-suk, CEO of Dunamu, addressed users, expressing his deep regret. In an o