In the fast-paced world of crypto, hacks can strike without warning, and the latest incident at Upbit, one of South Korea's top exchanges, is a stark reminder. On November 27, 2025, Upbit announced a security breach involving approximately 54 billion KRW (about $36 million) in Solana network assets. The exchange quickly assured users that it would cover all losses using its own funds, preventing any direct impact on customers.

The hack targeted a variety of Solana-based digital assets, many of which are popular meme tokens. These included BONK (a dog-themed meme coin that's gained massive traction), MEW (Cat in a Dogs World, another playful feline-inspired token), MOODENG (likely referring to Moodeng, a vibe-based meme), PENGU (a penguin-themed fun token), and others like OFFICIAL TRUMP, which taps into political satire. Non-meme assets like SOL (Solana's native token), USDC (a stablecoin), and RENDER were also affected. This mix highlights how meme tokens, often seen as lighthearted investments, are increasingly in the crosshairs of sophisticated attacks due to their liquidity and hype.

The news broke via a post on X from Aggr News, summarizing Upbit's blog disclosure. Upbit's CEO, Oh Kyung-seok, issued a personal apology, explaining that abnormal withdrawal behavior was detected around 4:42 AM on November 27, leading to an immediate suspension of deposits and withdrawals for the affected assets. The exchange conducted a thorough inspection and confirmed the leakage scale, committing to full reimbursement.

Adding a layer of intrigue, Chaofan Shou (known as @Fried_rice on X), an intern at Solayer Labs, quoted the announcement to reveal that all hacked $LAYER tokens were frozen just hours after the incident using the team's multisig wallet. Multisig, short for multi-signature, is a security feature requiring multiple approvals for transactions, often used in DeFi protocols to prevent single points of failure. This quick action likely prevented further exploitation of the stolen $LAYER, which appears to be associated with Solayer—a restaking platform on Solana that's bridging traditional staking with more advanced yield opportunities.

For those new to the space, meme tokens like BONK or MEW derive value from community hype, viral marketing, and sometimes clever utilities, but they're volatile and risky. This hack underscores the vulnerabilities in centralized exchanges (CEXs) like Upbit, where user funds are custodied by the platform. In contrast, decentralized finance (DeFi) on Solana offers self-custody, but it comes with its own risks, like smart contract exploits.

What does this mean for meme token holders? First, it's a win for Upbit's response—they're absorbing the hit, which builds trust. Second, the rapid freezing of $LAYER shows how proactive teams can mitigate damage. However, it also raises questions about centralization in token controls; while multisig helped here, it could be seen as a double-edged sword if misused.

As blockchain practitioners, incidents like this push us to prioritize security—use hardware wallets, enable two-factor authentication, and diversify across platforms. Stay tuned to Meme Insider for more updates on how this unfolds and tips to safeguard your portfolio in the wild world of memes and crypto.