South Korean Cryptocurrency Exchange Upbit Hacked- Loses $50 Million

Upbit Hacked
Upbit Hacked

Another Cryptocurrency Exchange Upbit Hacked, and Loses nearly $50 million worth of Ethereum.

As per the statement by Lee Seok-woo, CEO of Doo-myeon and operators of Upbit.

  • Upbit suspends all deposits and Withdraw.
  • Also, it promises to resume the service within two weeks.

342,000 ETH were transferred from the Upbit Hacked Ethereum Hot Wallet to an unknown wallet.

Upbit responds as follows to protect members’ assets.

  • To ensure that your assets are harmed, 342,000 ETH transferred to unknown wallets will be covered by upbit assets. We’re working on it, and I’ll tell you as soon as I’m done.
  • All cryptocurrencies in Hot Wallet have been transferred to Cold Wallet.
  • It is estimated that it will take at least two weeks for the deposit and withdrawal to resume. I’ll tell you again when this is done.

The Company also informs their Investors and apologies for the inconvenience.

“We took immediate actions to protect your assets, and no investors’ assets were lost.”

Currently, Upbit exchange took action as follow:

  • Suspensions of all crypto-asset deposits and withdrawals
  • Transfer of all crypto-assets to cold wallets. (Please note that all large-scale asset transfers following the ETH transfer were part of this process.)
  • In addition, Upbit will replace the 342,000 ETH with the company’s assets immediately.

In addition, Upbit will replace the 342,000 ETH with the company’s assets immediately.

Upbit said they would announce again after the completion of this process. Crypto-asset deposit and withdrawal will be enabled in approximately two weeks. We will notify you of the exact date once it is finalized.

According to the research, in this year, the total eight breaches had happened with UPbit’s exchange, and the total amount stolen from cryptocurrency exchanges to date now at around $1.44 Billion.

As a Cyber Security expert, I could say that how they are aware of securing their website.

Previously Cryptocurrency Exchanges were Hacked

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