Upbit resumes operations on Monday following a $37 million hack.

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Yaroslav Dmytrenko

30.11.2025

Upbit resumes operations on Monday following a $37 million hack. — South Korean Upbit resumes accepting deposits following a major breach.

South Korea’s largest crypto exchange, Upbit, has announced a phased resumption of deposit and withdrawal services starting December 1, 2025, at 1:00 p.m. Korean time. The exchange has committed to covering all losses from its own reserves without impacting client funds.

Starting Monday, Upbit will fully resume operations following the November 27 hack and the unauthorized withdrawal of approximately 54 billion Korean won ($36.8 million) in SOL, USDC, and more than 20 other Solana-based crypto assets, including BONK, JUP, RAY, ORCA, RENDER, PYTH, and TRUMP.

South Korean authorities suspect that the North Korean-linked Lazarus Group is behind the attack, as the methods resemble those used in the 2019 Upbit hack, when 342,000 ETH were stolen.

Government officials believe the hackers compromised or impersonated administrator accounts to authorize the transfers. Blockchain analysis shows that the hacker wallet swapped Solana for USDC and later moved the funds to Ethereum, apparently in an attempt to cover its tracks.

After detecting the breach, Upbit immediately suspended all deposits and withdrawals on its platform and transferred remaining assets to cold storage to prevent further losses. The exchange successfully froze $8.18 million worth of LAYER tokens and continues working with projects and authorities to freeze additional stolen funds.

Upbit CEO Oh Kyung-seok stated that the exchange will cover the full amount from its own reserves, ensuring that no customers will suffer personal losses.

Updated addresses and regulatory inspection

Upbit reported that the recovery will begin with assets on the Akash (AKT) and Ethereum networks, such as 1INCH, AAVE, and ADT.

Users will need to verify their updated addresses and monitor the status of their funding, as each asset will be migrated to a new deposit address. The exchange did not provide a timeline for the full restoration of deposit and withdrawal functions for all cryptocurrencies, noting that services will be resumed gradually as security checks for each asset are completed.

Users who already had funds on the platform were able to trade normally during the suspension period; however, they were unable to transfer funds to or from the exchange at that time.

Following the hack, South Korea’s Financial Supervisory Service began an on-site inspection of Upbit, which is expected to continue until December 5.

As we wrote, Upbit eyes Nasdaq IPO after $14.5B Naver merger deal

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