Upbit Hack Echoes Past Exchange Vulnerabilities in $37M Heist

In a sobering reminder of the crypto industry’s security risks, South Korea’s largest exchange, Upbit, has been hacked for $37 million.

The incident, which targeted a wide array of tokens on the Solana network, evokes memories of past exchange breaches.

However, Upbit’s response—immediately freezing funds, guaranteeing user reimbursement, and securing remaining assets—demonstrates a more mature industry playbook for handling such crises, even as the root cause of the attack remains unknown.