Analyzing this major hack on South Korea’s largest crypto exchange, Upbit, reveals several key points:

First, the attack was launched at 4:42 AM, a time of low trading volume, making it easier to execute and less likely to be detected promptly. Second, the attackers precisely targeted Solana ecosystem assets, indicating that they had a thorough understanding of the platform’s asset distribution. Furthermore, the stolen amount exceeded $30 million, suggesting that Upbit’s hot wallets were storing too many assets, violating basic security principles.

This exposes serious vulnerabilities in Upbit’s private key management, asset allocation, and security monitoring. For the entire industry, this incident serves as another wake-up call—even top exchanges cannot afford to let their guard down. It is recommended that all exchanges immediately conduct comprehensive security audits, with special attention to hot wallet management mechanisms. At the same time, users should transfer large amounts of assets to self-custodied cold wallets to reduce the risks associated with centralized custody.