Upbit Pauses Solana Token Withdrawals After $37 M “Abnormal Activity”

On November 27, 2025, Upbit, the largest crypto exchange in South Korea and one of the highest-volume platforms globally, temporarily suspended both deposits and withdrawals for Solana-based tokens. The decision came after the exchange detected roughly $37 million in irregular token movement on the Solana network. This type of suspension is not uncommon during moments of uncertainty, but the scale and timing have raised important questions for traders, long-term holders, and anyone who relies on centralized exchanges for asset management.

When a leading exchange pauses token flows, it creates a moment of stress for users because assets held on the platform cannot be transferred out or added to. For some investors, even a short pause can disrupt trading plans or access to funds.

What Upbit Has Confirmed So Far

Upbit has stated that the suspension applies to Solana (SOL) and other tokens that operate on the Solana network. According to their update, the pause was triggered after hackers transferred approximately $37 million (or 54 billion Korean won) worth of various Solana-based tokens from Upbit’s internal hot wallet to an unknown external wallet. Upbit has confirmed that it will cover all losses with its own funds, so user assets will not be affected.

The exchange immediately halted all deposits and withdrawals, and moved remaining assets to secure cold wallets to prevent further theft.  Upbit is working with law enforcement and conducting a full security review of its systems. While deposits and withdrawals are suspended, trading of these tokens may still function internally on the exchange. The hack occurred shortly after the exchange’s parent company, Dunamu, announced a merger deal with South Korean tech giant Naver, bringing fresh scrutiny to the company’s security

Dunamu’s CEO, Oh Kyung-seok  the company behind Upbit  apologized to users for the inconvenience and explained that the team spotted unusual withdrawal activity early Thursday. He said the exchange acted quickly to protect users and investigate the issue.

Understanding What “Abnormal Activity” Might Mean

Although the exact details have not been made public, irregular activity can come from several sources. Sometimes it involves large, rapid movements of tokens that trigger automated alerts. Other times it involves tokens interacting with wallets flagged by analytics firms. There are also cases where smart contracts behave unexpectedly, which can lead exchanges to pause transfers until they confirm that the tokens are safe.

What matters for users is that “abnormal activity” does not automatically mean an attack on Solana. It could be a protective pause while the exchange completes an investigation. Even well-established blockchains experience moments where outside events, large transfers, or contract abnormalities require closer inspection.

Solana is known for its fast transaction speeds and active ecosystem, but it is also reliant on centralized exchanges to move assets between users and the network. When a major exchange like Upbit pauses Solana token transfers, it reduces liquidity for a significant portion of the market. Reduced liquidity can cause uncertainty, especially for users who rely on fast access to funds.

This moment also highlights how interconnected the blockchain world is. Even though Solana itself is decentralized, access points such as exchanges, custodians, and bridges remain centralized. When one of those access points pauses activity, the effects can be felt across the entire ecosystem.

For anyone holding Solana tokens on Upbit, the most important step is to stay calm and up to date with official announcements. Suspensions like this are often temporary and lifted once an investigation is complete. The pause does not necessarily mean tokens are at risk, but users should use this time to think about long-term safety practices.

Another important point is to avoid rushing to sell the moment withdrawals reopen. Large numbers of users attempting to exit at once can cause price swings. Decisions made calmly and with good information generally lead to better outcomes than choices driven by fear.

A Reminder of How Important Transparency and Security Have Become

The temporary suspension of Solana token transfers on Upbit is a reminder of how quickly the crypto landscape can shift when security concerns arise. Even strong ecosystems like Solana depend on centralized platforms to manage liquidity and access, and any disruption at that level can create uncertainty. For users, the most important response is patience, clarity, and attention to verified updates. Events like this underscore the value of understanding where your assets are stored, how exchanges manage risk, and why long-term safety practices matter. While the situation is serious, Upbit’s commitment to covering losses and its swift action to secure remaining funds offer reassurance that user protection remains a priority.

Given moments like these, how do you balance the convenience of centralized exchanges with the security of self-custody to protect your long-term crypto holdings?