Significant 'Kimchi Premium' Emerges in Some Solana-Based Tokens Following Upbit Hack, Orca Sees Over 50% Price Discrepancy

On the 27th, South Korea's largest cryptocurrency exchange, Upbit, experienced a hacking incident, leading to the suspension of deposits and withdrawals, which resulted in significant price discrepancies in some Solana-based tokens. Orca was priced at $2.21 on Upbit compared to the international price of $1.46, marking approximately a 51% premium.

At 4:42 AM on the same day, Upbit detected unauthorized withdrawals from its hot wallet, with 24 tokens, primarily Solana-based, being transferred to external wallets. The outflow amounted to about 44.5 billion won, approximately 4.8 billion yen at the time. The company immediately suspended all deposit and withdrawal services.

Due to the suspension of deposits and withdrawals, it became impossible to move assets between exchanges...