The exchange confirmed the event in a midday announcement and quickly suspended withdrawals for the affected tokens.
This Upbit incident sent shockwaves through local markets. It pushed several Solana-related assets into extreme premiums as normal trading flows were disrupted.
A Sudden Outflow Creates Market Distortion
According to the exchange’s statement, the abnormal outflow occurred at around 04:42 KST. While full details are still under review, the exchange froze deposits and withdrawals to protect user funds and began investigating the event. This pause created an unusual trading environment in South Korea, where prices for some Solana-based tokens quickly disconnected from global averages.
Upbit(@Official_Upbit) has been hacked — 54B KRW (~36.8M USD) in assets on #Solana have been transferred to unknown wallets.https://t.co/plbmBz2G4Nhttps://t.co/YOHoqDVfqa pic.twitter.com/DM5BxSTtXA
— Lookonchain (@lookonchain) November 27, 2025
One clear example is the ORCA token, which surged to 3,410 KRW, or about 2.33 dollars, representing a premium of more than 25% compared with prices on other major exchanges. This type of price gap, often called a “premium effect,” usually appears when a local market has restricted liquidity.
Traders who cannot easily deposit new tokens onto an exchange tend to bid up the existing supply, causing sudden spikes even without any change in the underlying project.
Another day, another CEX gets drained, this time it’s Upbit.
$36M gone in minutes from a single Solana hot wallet.🧵👇
𝐇𝐨𝐰 𝐃𝐢𝐝 𝐈𝐭 𝐇𝐚𝐩𝐩𝐞𝐧?
On Nov 27, around 4:42 a.m. KST, the exchange spotted abnormal withdrawals from one of its Solana hot wallets. They… pic.twitter.com/6oKwbmDHY2
— Hercules | DeFi (@Hercules_Defi) November 27, 2025
The event comes at a time when the industry is experiencing renewed interest in exchange security and risk management. A recent trend shows that more investors are spreading assets across multiple platforms or using self-custody wallets to reduce exposure to centralised incidents. While an abnormal outflow does not always mean a confirmed hack, the reaction from the exchange indicates a serious threat that requires immediate action.
More About Crypto Hacks
Algorand highlighted growing concerns about quantum computing. This is after Vitalik Buterin warned that advanced quantum machines could be powerful enough to hack Bitcoin as early as 2028. In response to this threat, Algorand explained that it has already taken steps to prepare for a post-quantum future.
Vitalik recently warned of the dangers of quantum computing to crypto.
He estimates that quantum computing could be able to hack Bitcoin by 2028.
Algorand recently introduced quantum-secure accounts, as well as already having a quantum-secure ledger.
We’re ready for a…
— Algorand Foundation (@AlgoFoundation) November 26, 2025
The network now offers quantum-secure accounts and operates a ledger designed to resist quantum attacks. Through tools like Falcon Verify and the privacy-focused HermesVault system. This means that users can create private accounts that are built to withstand the next generation of computing power.
Disclaimer
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