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Upbit Suspends Withdrawals After $37 Million Data Breach, Pledges to Compensate Users

Upbit Suspends Withdrawals After $37 Million Data Breach, Pledges to Compensate Users

Upbit Suspends Withdrawals After $37 Million Data Breach, Pledges to Compensate Users

Exchange Security • Breach & Response
Upbit exchange security breach illustration

Cryptocurrency exchange Upbit has suspended digital asset withdrawals after suffering a $37 million data breach, prompting an urgent security investigation and a commitment to fully compensate affected users.

The platform announced that it had detected suspicious activity linked to customer data and wallet infrastructure, forcing the exchange to immediately freeze outgoing transfers while incident response teams assessed the damage.

Upbit Announces Maintenance and Service Suspension

Shortly after the breach was detected, Upbit published a maintenance notice stating that digital asset deposit and withdrawal services would be temporarily unavailable while systems were secured and audited.

Exchange Pledges Full Compensation

Upbit has stated that it will compensate users for any confirmed losses resulting from the incident. The exchange says the affected amount is covered by company reserves and insurance policies, and that customer balances will be restored once the investigation is complete.

According to preliminary statements, core account data and internal ledgers remain intact, but certain wallet-related data and access credentials were exposed and are now being locked down and rotated.

Security Upgrades and Ongoing Investigation

The company has begun rolling out additional security measures, including:

  • Enhanced monitoring across hot and cold wallet infrastructure
  • Temporary migration of assets to newly generated wallets
  • Independent third-party security audits
  • Collaboration with law enforcement and cybersecurity firms

Upbit has urged users to remain cautious of phishing attempts and unofficial communication channels while the investigation continues.

What Users Should Do Now

Until withdrawals resume, users are advised to:

  • Verify all announcements through Upbit’s official website and social channels
  • Avoid clicking on suspicious links or sharing private keys and authentication codes
  • Review account security settings, including passwords and two-factor authentication

The incident is the latest reminder that even large exchanges remain attractive targets for attackers, and that strong personal security practices are essential for anyone holding crypto assets on centralized platforms.

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