In the fast-paced world of crypto, security breaches can strike without warning, and the latest incident at Upbit, one of South Korea's leading exchanges, highlights just how vulnerable even established platforms can be. On November 27, 2025, Upbit's CEO, Oh Kyung-seok, issued a public apology and detailed explanation about a hack that led to abnormal withdrawals of Solana network-affiliated digital assets worth about 54 billion KRW—roughly $36 million USD.

The trouble started when Upbit detected suspicious withdrawal behavior in certain Solana-based tokens. Prioritizing user protection, the exchange immediately halted deposit and withdrawal services for these assets and launched a comprehensive inspection. According to the CEO's statement, the breach resulted in assets being sent to an unknown external wallet around 4:42 AM on November 27.

What's particularly noteworthy for meme token enthusiasts is that many of the affected assets are popular meme coins built on the Solana blockchain. Solana has become a hotbed for meme tokens due to its high speed and low fees, attracting projects that often go viral through community hype and social media buzz. However, this incident underscores the risks involved in holding these volatile assets on centralized exchanges.

The Affected Meme Tokens and Assets

The CEO's notice listed a range of targeted digital assets, many of which are well-known in the meme coin space. Here's a breakdown:

• BONK: A dog-themed meme coin that exploded in popularity on Solana, often compared to Shiba Inu on Ethereum.
• MEW (Cat in Dog World)​: A playful cat-versus-dog narrative token that's gained traction among animal-themed meme fans.
• MOODENG: Inspired by internet memes, this token captures humorous cultural moments.
• PENGU: Likely referring to penguin-themed memes, adding to the zoo of animal-inspired coins.
• Other Meme-Related Assets: The list also includes DOOD, DRIFT, HUMA, and more, some of which blend meme culture with utility features.

Beyond memes, the hack impacted other Solana tokens like ACCESS PROTOCOL (ACS), JTO (from Jupiter and IONET), JUP, PYTH (Peace Network), RAY (Raydium), RENDER, SOL (Solana's native token), USDC (a stablecoin), and others such as DOUBLE ZERO (22), LAYER, MAGIC EDEN (ME), ORCA, SONIC SVM, SOON, OFFICIAL TRUMP, and WOL.

This mix shows how hackers targeted a broad spectrum of Solana ecosystem tokens, but the inclusion of so many meme coins could shake confidence in this niche.

Upbit's Response and User Reassurance

In a move to restore trust, Upbit has committed to covering all losses using its own assets, ensuring no damage to customer holdings. The CEO emphasized that the exchange has identified the scale of the leakage and is working diligently to resolve the issue. This isn't the first time an exchange has stepped up like this—similar to how Binance handled past incidents—but it does highlight the importance of robust security measures.

For blockchain practitioners and meme token holders, this serves as a reminder to diversify storage options. Consider using decentralized wallets like Phantom for Solana assets, where you control your private keys, rather than relying solely on exchanges.

Implications for the Meme Token Ecosystem

Meme tokens thrive on community sentiment, and news like this can trigger price volatility. Following the announcement, we might see short-term dips in the affected coins as traders react. However, Solana's resilient community could turn this into a rallying point, pushing for better security standards across the board.

At Meme Insider, we're keeping a close eye on how this unfolds. If you're invested in Solana memes, stay updated via our knowledge base on Solana meme tokens for tips on safe trading and storage.

This incident is a stark reminder that while meme coins offer fun and potential gains, they come with real risks. Always do your due diligence and prioritize security in your crypto journey.