South Korean crypto exchange Upbit canceled trading for Hemi (HEMI) after a hacker exploited a smart-contract vulnerability on September 7, stealing approximately 124.5 million unclaimed HEMI tokens worth about $255,000. The attacker used a reentrancy exploit to drain tokens and converted the proceeds into stablecoins and Ether. Upbit halted HEMI trading just minutes before its scheduled launch while continuing to list Cluster Protocol (CP) and Useless Coin (USELESS) as planned. Hemi confirmed the attack affected only the Genesis Drop contract and is working with security firms and law enforcement on recovery efforts. Upbit plans to strengthen its listing review process amid ongoing regulatory scrutiny in South Korea.
