In the fast-paced world of cryptocurrency, security breaches can shake the market in an instant. That's exactly what happened recently when Upbit, South Korea's largest crypto exchange, fell victim to a major hack on the Solana network. According to on-chain data sleuths at Lookonchain, around $36.8 million worth of assets—equivalent to about 54 billion Korean won—were siphoned off to unknown wallets.

The incident unfolded early on November 27, 2025, around 4:42 a.m., involving abnormal withdrawals from Upbit's hot wallets. Hot wallets are online storage solutions used for quick transactions, but they're more vulnerable to attacks compared to cold wallets, which are offline and harder to breach. The stolen funds included a mix of major tokens like SOL (Solana's native cryptocurrency) and USDC (a stablecoin pegged to the US dollar), along with several smaller Solana-based tokens.

What makes this hack particularly interesting for meme token enthusiasts is the inclusion of popular meme coins in the loot. Meme tokens are cryptocurrencies inspired by internet memes, often driven by community hype rather than traditional utility, and they've exploded in popularity on Solana due to its low fees and fast transactions. Here's a breakdown of some key assets transferred, based on the on-chain data:

• JUP (Jupiter)​: Over 402,501 tokens worth about $104,000. Jupiter is a decentralized exchange aggregator on Solana, not purely a meme but often traded alongside them.
• SONIC: Around 411,441 tokens valued at $106,000. Sonic is another Solana project gaining traction.
• BONK: A whopping 15.7 million tokens ($115,000) and more in other transfers. BONK is a classic dog-themed meme coin, known for its viral marketing and community burns to increase scarcity.
• MOODENG: About 1.38 million tokens ($110,000). MOODENG draws from the "moodeng" hippo meme, capturing the whimsical side of crypto.
• PYTH (Pyth Network)​: 2.32 million tokens ($223,000). Pyth provides oracle data for prices, essential for DeFi but with meme-like appeal in trading circles.
• MEW: 126.79 million tokens ($154,000). MEW is a cat-in-a-hat meme token, rivaling dog coins in the animal-themed meta.
• RAY (Raydium)​: 145.35K tokens ($168,000). Raydium is a DEX on Solana, facilitating meme token swaps.
• And others like W (Wormhole), a cross-chain bridge token.

Upbit quickly responded by suspending all deposit and withdrawal services to prevent further losses. In an official notice, the exchange confirmed the breach and announced a full security audit. CEO Oh Kyung-seok of parent company Dunamu assured users that the platform would cover all losses using its own reserves, meaning customer balances remain unaffected. They've already frozen about 12 billion won in tokens and are collaborating with projects and authorities to recover the rest. Services are expected to resume gradually after verifying system stability.

This isn't Upbit's first rodeo with hackers. Back in 2019, on the same date no less, the exchange lost 342,000 ETH (worth $41.5 million at the time, now over $1 billion) in a hack linked to North Korean actors. The timing raises eyebrows, but no attributions have been made yet for this latest exploit. You can track the Upbit wallets and transactions on Arkham Intelligence for real-time insights.

For meme token holders, this event underscores the risks in the space. While Solana's ecosystem has fueled massive gains for coins like BONK (which once surged over 10,000% in a year), it also attracts bad actors due to its high liquidity. Exchanges like Upbit play a crucial role in meme trading, but incidents like this highlight the importance of using decentralized wallets and enabling two-factor authentication.

As Upbit gears up for a potential Nasdaq listing amid a merger with tech giant Naver, this hack could impact investor confidence. However, their swift reimbursement promise might help mitigate the fallout. Stay tuned to Meme Insider for updates on how this affects the meme token market and tips on staying secure in crypto.

For more on the story, check out coverage from CryptoNews. If you're diving into Solana memes, remember: always do your own research and never invest more than you can afford to lose.