Crypto Exchange Upbit Suffers Security Breach After $10B Deal

The timing is awful. The breach occurred just hours after its parent company, Dunamu Inc., unveiled a massive $10.3 billion takeover by tech giant Naver Corp.

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 ...