"Naver said acquiring Upbit would help to grow its financial services business, making the $10.27 billion stock swap deal a sound investment. That argument became rather harder to sustain on Thursday, because at 05:27 local time Upbit advised it had suspended withdrawals and deposits to wallets storing the Solana cryptocurrency to allow for maintenance of its wallet system. At 08:55 the outfit changed the language it used to describe the situation to a mention of "emergency maintenance.""
"By 12:33 Upbit admitted maintenance was needed due to an "abnormal withdrawal situation" because somebody made off with ₩54 billion, which it later adjusted to ₩44.5 billion ($30 million). The outfit said it was investigating the matter, implemented extra security measures, and promised to cover customers' losses from its own assets. Upbit has previously been the target of attackers thought to operate on behalf of North Korea, which targets cryptocurrency outfits to prop up its government and fund military spending."
Naver acquired Dunamu Corp, operator of Upbit, via a $10.27 billion stock swap to grow financial services. The day after the deal was announced, Upbit suspended Solana withdrawals and deposits for wallet system maintenance, later calling it 'emergency maintenance.' Upbit then reported an 'abnormal withdrawal situation' with theft initially reported as ₩54 billion and later adjusted to ₩44.5 billion ($30 million). Upbit said it is investigating, implemented extra security measures, and will cover customer losses from its own assets. South Korean crypto firms have faced multiple successful attacks in the past, and attackers linked to North Korea have targeted exchanges.
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