Upbit Sees $38 Million Unauthorized Withdrawal of Solana-based Assets

Core Insights - Upbit, South Korea's leading crypto exchange, experienced an abnormal outflow of $38.5 million on the Solana blockchain, affecting multiple tokens [1][2] - The exchange has suspended deposits and withdrawals for Solana-based assets to mitigate further losses [1] - Upbit's parent company, Dunamu, is launching a significant initiative to enhance the AI and Web3 ecosystem in South Korea through a partnership with Naver, involving a joint investment of 10 trillion won over five years [4][5] Company Response - Following the $38.5 million outflow, Upbit initiated emergency inspections to assess the situation and enhance security measures [2] - The exchange provided urgent updates to customers detailing its response phases and has committed to covering the losses with its own assets [3] - Upbit has identified the specific digital assets that were compromised and released a list of wallet addresses associated with the outflow [3] Industry Collaboration - The partnership between Dunamu and Naver aims to create a new global framework for payments, settlements, and financial services, leveraging Naver's AI and commerce infrastructure [5] - This collaboration is considered one of the largest in South Korea's fintech and crypto sectors, combining resources from both companies to strengthen the digital asset trading and blockchain landscape [5]