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On November 27, 2025, a “minor earthquake” occurred in the South Korean cryptocurrency circle. Upbit, the undisputed leader in the South Korean market, suffered a hacker attack, resulting in the loss of 54 billion won (approximately US$36 million). Upbit later revised its statement, claiming the loss was 44.5 billion won from its Solana network assets. But the market’s panic was quickly digested. Based on Upbit’s quarterly net profit of approximately $200 million, Upbit could recoup the stolen amount in just two weeks. Just three days before the theft, Upbit’s parent company, Dunamu, announced a “merger of the century” with South Korean internet giant Naver Financial. The merged company is preparing for an IPO on the US stock market, with a current valuation of $10.3 billion. Behind this merger are not…# Analysis# bitcoin# crypto# Exchange# MarketPre
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