Upbit Restarts Cryptocurrency Transactions Following Hack Event

Upbit Resumes Services: Upbit has resumed digital asset deposits and withdrawals following a security breach involving Solana tokens, requiring users to generate new deposit addresses and promising full compensation for affected users.

Impact of the Breach: The incident resulted in the theft of approximately $30–37 million in Solana network assets, prompting regulatory scrutiny and highlighting ongoing security challenges in the cryptocurrency market.

Historical Context: This breach recalls a significant hack in 2019 where Upbit lost 342,000 ETH, raising concerns about persistent security vulnerabilities in crypto exchanges.

Proactive Measures: Upbit's swift response and commitment to cover user losses from corporate reserves demonstrate a proactive approach, although experts note that the repeated targeting of the exchange indicates ongoing security gaps.