Monat: November 2025

• About 54 billion won in tokens moved to an external wallet on Nov. 27.
• Around 12 billion won in Solaire tokens have been frozen so far.
• The breach coincided with Dunamu’s major merger plans with Naver.

Upbit, South Korea’s largest crypto exchange, is carrying out extensive security inspections after an early-morning breach on Nov. 27 led to unauthorised transfers of Solana-linked assets worth about 54 billion won.

The exchange halted all deposits and withdrawals as it began moving digital assets to cold storage and initiated a broader internal review.

The incident has renewed attention on how Solana-based tokens are secured across trading platforms and has placed pressure on Upbit to strengthen systems as the company enters a major corporate transition involving its parent firm, Dunamu.

Solana assets targeted in early transfer

The breach took place at around 4:42 am on Nov. 27 when Solana network assets, including SOL, USDC, and other smaller tokens, were moved to an external wallet without authorisation.

Upbit described the activity as abnormal withdrawals connected to the Solana network.

The exchange confirmed that roughly $37 million worth of digital assets had been affected.

Upbit immediately suspended services to stop further transfers.

It said it has identified the entire scale of the outflow and will fully compensate users by covering the amount with its own holdings.

Customer balances will not be touched as part of the reimbursement process.

To control risk, the exchange transferred assets to cold storage and started a systemwide inspection of its wallet operations, deposit channels, and withdrawal procedures.

These steps were taken to prevent any further unauthorised movement and to contain the situation while teams examined logs and asset flows.

System checks widen beyond the Solana network

Upbit said its investigation will not be restricted to the Solana ecosystem.

It is reviewing the stability and security of the complete deposit and withdrawal infrastructure. This includes a detailed audit of network connections, wallet systems, and digital asset storage methods.

The exchange has begun an emergency sweep of internal processes and is carrying out a full evaluation of whether other networks require additional protections.

Deposits and withdrawals will resume gradually once the inspections conclude and the company is satisfied with system security.

The timing has amplified industry attention.

The breach occurred one day after Dunamu announced plans for a multibillion-dollar merger with Naver’s fintech arm.

The deal, valued at about $10.3 billion, represents one of the largest corporate moves in Asia’s digital finance landscape.

Reports suggest it may support Upbit’s ambitions for a future Nasdaq listing, creating pressure for the company to demonstrate resilience during a sensitive transition.

Freeze efforts expand as authorities prepare response

Upbit has started on-chain measures to track and freeze the affected assets.

It said around 12 billion won in Solaire tokens have already been frozen, and it continues to work with related projects and institutions to stop further movement.

The exchange is tracing the remaining funds through blockchain monitoring tools and coordinating with partners to identify additional freeze points.

Authorities and law enforcement agencies are also expected to join the investigation.

Upbit has prepared to cooperate with official inquiries once they begin and has asked users to report any verified information linked to the suspicious transactions.

The company acknowledged the disruption caused by the suspension of services and repeated that member assets remain protected.

It also stressed that the entire outflow will be covered using the exchange’s own resources.

Major merger plans heighten timing pressure

The breach took place on the anniversary of a major incident in Upbit’s history.

In 2019, on the same date, the exchange lost 342,000 ETH in another high-profile theft.

South Korean investigators later connected the event to North Korean hackers.

The stolen Ether has since increased in value to over $1 billion and remains one of the largest crypto heists associated with the country.

With deposits and withdrawals still paused, Upbit plans to restore services in stages after it completes its full review.

The exchange said its priority is to secure its infrastructure across all supported networks and to strengthen safeguards around Solana-linked assets while recovery and freeze efforts continue.

The post South Korea’s Upbit hack puts spotlight on Solana security and exchange safeguards appeared first on CoinJournal.

• Bolivia lets banks offer crypto services to counter inflation and dollar scarcity.
• Stablecoins gain traction in Bolivia as businesses and consumers hedge a weakening boliviano.
• Government pairs digital finance push with major new financing and tax reforms.

Bolivia is turning to cryptocurrencies and stablecoins in a sweeping effort to stabilise an economy strained by high inflation, a widening fiscal deficit, and a persistent shortage of US dollars.

The initiative is emerging as a central pillar of the government’s broader plan to modernise the financial system and revive investment under President Rodrigo Paz.

Crypto push in Bolivia gains steam

The shift marks a major policy change for the country, which only lifted a longstanding ban on crypto last year.

Economy Minister Jose Gabriel Espinoza confirmed that banks will now be allowed to custody digital assets and offer crypto-based savings accounts, loans, and credit cards.

The move effectively brings stablecoins such as USDT into the formal financial system, giving them a role similar to legal tender.

Espinoza said the decision reflects the practical reality that cryptocurrencies cannot be contained by national borders. He noted that recognising and integrating them is more efficient than trying to enforce old restrictions.

This approach follows a regional trend, as several Latin American economies hit by inflation turn to digital assets as a hedge against currency depreciation.

Bolivia’s inflation, in particular, has averaged above 22% over the past year, eroding the value of the boliviano and pushing residents toward alternatives that hold value more reliably.

As a result, stablecoins, which maintain a one-to-one link to assets such as the US dollar, have become a popular escape hatch for households and businesses looking to shield their savings from further losses.

Pressure from inflation and dollar scarcity

Businesses across Bolivia have already begun pricing goods in USDT, responding to the sharp shortage of physical dollars that has disrupted imports and raised costs.

Vehicle manufacturers, including Toyota, Yamaha, and BYD, started accepting stablecoins in September after struggling to secure dollars for transactions.

The state-owned energy company YPFB has also revealed plans to create a system allowing crypto-denominated payments for energy imports, though details are still being developed.

Stablecoins offer a workaround for strict currency controls that limit access to foreign currency.

Anyone with a mobile phone and a crypto wallet can now hold dollar-pegged tokens without going through banks that enforce tight restrictions.

This ease of access has been a major factor behind the rapid rise in crypto volumes following the regulatory shift last year.

Financing push alongside crypto reforms

The government’s crypto strategy is unfolding alongside a wider effort to shore up the economy through new financing and investment incentives.

Espinoza announced that Bolivia is negotiating more than $9 billion in multilateral financing for public and private projects, far above initial projections.

Roughly a third of the funds could arrive within two to three months, providing support for infrastructure, renewable energy, and financial inclusion initiatives.

The announcement lifted Bolivia’s dollar bonds, which reached their highest levels since 2022.

The government has also moved to scrap the wealth tax and eliminate taxes on financial transactions to attract private capital and encourage investment.

These measures still require congressional approval, but they signal a significant shift away from the state-heavy policies of previous administrations.

Paz has pledged a market-oriented approach while avoiding shocks that could undermine the country’s social programs.

The administration plans to cut public spending by 30% in the 2026 budget, though officials stress that the decision was made independently and not under pressure from the International Monetary Fund.

The post Bolivia eyes crypto and stablecoins to fight inflation and US dollar shortage appeared first on CoinJournal.