Crypto Exchange Upbit Hit by Exploit After $10 Billion Deal

Upbit has suspended deposits and withdrawals after it discovered an unauthorized transfer of about $30 million of digital assets, a black eye for South Korea’s leading crypto exchange just a day after unveiling a historic takeover by Naver Corp.

The crypto exchange said in a statement that a portion of Solana network-based assets worth approximately 44.5 billion won were transferred to an unauthorized external wallet address on Nov. 27. The amount of stolen funds had initially been estimated at 54 billion won, but the company later revised the figure to reflect asset prices at the time the exploit occurred.