Popular South Korean crypto exchange, Upbit, was hacked for roughly $36 million on the Solana Network on Thursday, Nov. 27, 2025. The platform halted Solana (SOL) withdrawals and has pledged to fully reimburse affected customers. The attack has been attributed to North Korean hackers, who have been responsible for several crypto exploits over many years. Dunamu CEO Oh Kyung-seok stated, “Upbit immediately suspended deposit/withdrawal services and conducted a comprehensive inspection, prioritizing the protection of member assets.“
Will Solana Take a Hit After The Upbit Hack?
Upbit faced a similar hack in 2019 when 342,000 ETH, then worth roughly $41.5 million, were stolen by North Korean hackers. The value of the Ethereum (ETH) stolen has since risen to more than $1 billion. The 2019 hack is still one of the most significant exploits in crypto history.
The Solana Network has been at the center of several crypto exploits. However, has not taken a hit as of now. According to CoinGecko’s Solana data, SOL’s price is up 2.9% in the last 24 hours and 0.3% over the previous week. SOL’s rally follows a market-wide resurgence, with Bitcoin (BTC) reclaiming the $91,000 mark today. Despite the rally, Solana (SOL) is still down by 8.9% in the 14-day charts, 28.8% over the previous month, and 38.1% since November 2024.
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The recent market upswing could be due to a surge in the chances of another interest rate cut in December 2025. Solana (SOL) and the larger crypto market took a massive hit over the last month, most likely due to macroeconomic uncertainties. The recent surge in interest rate chances has likely led to a rise in investor sentiment. It is possible that the market surge will continue over the coming weeks. If things continue as they are, Solana (SOL) could reclaim the $200 mark next month.