Upbit Limits Crypto Withdrawals to Protect Users From Fraudsters

Upbit on Friday announced to put a limit to cryptocurrency withdrawal in an effort to protect user accounts from malicious attacks.

November 27, 2020 | AtoZ Markets – South Korean cryptocurrency exchange Upbit has announced new measures to protect user accounts from potential attacks.

Upbit limit on crypto withdrawals takes effect on November 28

Upbit crypto withdrawals limit will take effect on November 28. according to the announcement. Users will be able to withdraw digital assets in an amount corresponding to their fiat deposits within 24 hours of submitting a request. The restrictions do not apply to the withdrawal of Korean Won for deposits made in Fiat.

The company explained that these measures are aimed at combating financial fraud on the platform.

As a reminder, in November 2019, as a result of the Upbit hack, attackers stole 342,000 ETH ($48.2 million at the exchange rate at that time). In December of the same year, Upbit hackers moved stolen 55,000 ETH to anonymous wallets.

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A few days laters, hackers transferred funds from addresses associated with the hacking of the platform to the BYEX exchange.

Unqualified Russian Bitcoin investors limited to $8K purchase per year

As AtoZ Markets recently reported, the Bank of Russia will significantly limit the purchase of Bitcoin and other cryptocurrencies for inexperienced investors.

The Financial Technologies Department of the Bank of Russia has developed corresponding draft amendments to the law “On Digital Assets”, which will take effect as from 2021. At the current price, Russians who are financially inexperienced will not be able to buy even one bitcoin.

In recent years, the value of the Russian ruble has continued to drop. This apparently suggests that the amount of the potential crypto investment limit could devalue in the future. When the Bank of Russia initially suggested the 600,000 ruble Bitcoin purchases limit back in 2019, the amount was worth about $9,100.

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