UpBit Crypto Exchange Hack of 342000 Ether is confirmed

South Korean crypto exchange Upbit was hacked and lost 342000 Ether (ETH). The exchange said it would hedge losses through its assets. And it will take at least two weeks for the deposit and withdrawal services to resume.

27 November, 2019 | AtoZ Markets – Upbit announced that 342,000 ETH (worth nearly 50 million dollars) had been transferred from its “hot” wallet of ethereum to an unknown wallet. Lee Seok-woo, CEO of Doo-myeon who operates Upbit added that the unknown address of the wallet is 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029 and already apologized for any inconvenience caused due to you UpBit Crypto Exchange hack. Some commentators have suggested that the hacking was an inside job.

UpBit Crypto Exchange Hack

As a result, UpBit transferred all cryptocurrencies from its “hot wallet” to a “cold wallet” and said it would cover losses through its assets. Before publishing piracy details, UpBit suspended cryptocurrency deposits and withdrawals due to service checks. In the updated announcement, the exchange said it would take “at least two weeks” for the deposit and withdrawal services to resume.

Whale Alert is a Twitter service. It also monitors blockchain transactions. Earlier today, it mentioned, “342,000 # ETH ($ 49,848,273) transferred from #UpBit to an unknown wallet.” This massive withdrawal has raised suspicions, with several people on social media have described it as hacking.

Whale Alert has noted several withdrawals made via UpBit, involving other cryptocurrencies and tokens – Tron (TRX) and BitTorrent (BTT), among others. But the exchange said that only the holdings of ether were affected.

Cryptocurrency markets reacted to the announcement of the incident, with Bitcoin (BTC) once again falling below $ 7,000 in an already fragile market climate. However, Binance CEO Changpeng Zhao tweeted that the exchange “will work with UpBit and other industry players. It is to ensure that any hacked funds that could go to Binance are immediately frozen.”

Read More: South Korea Cryptocurrency Bill Brings Regulatory Clarity

Other Hacked Exchanges

UpBit’s hack marks this year’s eighth breach, and the total amount stolen on cryptocurrency exchange is currently about $ 1.44 billion. VinDAX is a little-known crypto exchange system in Vietnam. Earlier this month, hackers hacked it and lost at least $ 500,000 in cryptocurrencies. In July, the Japanese Bitpoint Crypto Exchange lost about $ 32 million in cryptocurrencies, including XRP. A month earlier, some hackers hacked the Singapore-based Bitrue crypto exchange company. And it also lost about $ 4.3 million in XRP and Cardano (ADA) tokens. Other exchanges include Binance, Bithumb, DragonEX, and Cryptopia.

AtoZMarkets’ team has reached out to UpBit Cryptocurrency Exchange for the recent updates about the hack. While most of the internet sources found that it is an insider job. Still, it is not yet confirmed from our side. We are waiting for the recent updates from the company. We will update you with the latest info about the hack after we get updates directly from the company.

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