Upbit Suffers $37 Million Security Breach on Solana Hot Wallet

South Korean cryptocurrency exchange Upbit confirmed unauthorized transfers of approximately $37 million from its Solana network wallet on May 15, 2025. The breach affected multiple tokens including SOL, USDC, RENDER, PYTH, RAY, JUP, JTO, ORCA, BONK, MEW, and MOODENG. The incident marks the exchange's largest security compromise since a 2019 breach involving $50 million in Ethereum assets.