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A screenshot of Dunamu’s homepage, the operator of Upbit, South Korea’s largest cryptocurrency exchange. / Courtesy of Dunamu

Upbit, South Korea’s leading cryptocurrency exchange, suffered a hacking incident worth 44.5 billion won ($32 million) early Thursday, prompting an immediate suspension of deposits and withdrawals. The exchange’s operator, Dunamu, said it would fully compensate all affected users.

According to Dunamu, at around 4:42 a.m. on November 27, several Solana network–based digital assets were illicitly transferred to an external wallet. The company initially estimated losses at 54 billion won but later revised the figure down to 44.5 billion won, recalculated based on prices at the time of the breach.

“We immediately identified the abnormal withdrawals and are covering the entire loss using Upbit’s own assets to ensure no impact on customers,” Dunamu said in a statement.

The stolen assets included various Solana-based tokens such as DoubleZero (2Z), Access Protocol (ACS), Bonk (BONK), Doodles (DOOD), Drift (DRIFT), Huma Finance (HUMA), Ionet (IO), Jito (JTO), Jupiter (JUP), Solayer (LAYER), Magic Eden (ME), Cat in a Dogs World (MEW), Moodeng (MOODENG), Orca (ORCA), Pudgy Penguin (PENGU), Pyth Network (PYTH), Raydium (RAY), Render Token (RENDER), Solana (SOL), Sonic SVM (SONIC), Soon (SOON), Official Trump (TRUMP), USD Coin (USDC), and Wormhole (W).

To prevent further damage, Upbit halted all cryptocurrency deposits and withdrawals from 8:55 a.m. as it began an internal security inspection. The cause of the breach has not yet been identified.

This marks the second major hacking incident in Upbit’s history. Exactly six years ago, the exchange lost about 58 billion won worth of Ethereum (ETH) in a similar cyberattack, also covered in full by company funds.