Kimchi premium for ORCA surges past 50% amid Upbit withdrawal halt

The kimchi premium for several Solana-based tokens has surged, according to CoinNess market data. The premium for ORCA, based on prices between the South Korean exchange Upbit and Binance, has soared to 50.72%, while the premium for RAY is at 48.9%. Other Solana network tokens, including HUMA and LAYER, have also seen their premiums climb into the 10% range. This price divergence follows Upbit's suspension of all digital asset deposits and withdrawals. The exchange announced the halt for an emergency service inspection after a hack involving approximately 54 billion won ($39.13 million) worth of Solana-based assets.