South Korean cryptocurrency exchange Upbit has confirmed a major security breach involving its Solana network assets, leading to an immediate suspension of all deposits and withdrawals. The incident, initially identified on November 27, resulted in an abnormal outflow of funds. While initial estimates placed the loss around 54 billion KRW ($37 million), Upbit has since revised this figure. The exchange has promised to fully compensate users for the losses using its own funds. In the immediate aftermath, the suspension of services halted arbitrage opportunities, causing significant price dislocations for assets like ORCA and RAY on the isolated platform compared to global markets. The breach prompted swift regulatory attention in South Korea. [Update 1] New reports indicate that Upbit has revised the estimated stolen amount from the Solana network down to approximately 44.5 billion KRW (about $30.43 million USD). Additionally, South Korea's Financial Supervisory Service (FSS) has officially initiated an on-site investigation into the breach. This regulatory inquiry is scheduled to continue until December 5 to assess the full extent of the hack and the subsequent losses.