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Upbit Loses $50 Million Worth Of Ethereum To Hackers


29 Nov 2019

#Ethereum

UpBit, a crypto exchange company, has become the latest victim of cryptocurrency hacks in the blockchain industry. The company, which is run by Tech giant Kakao, has informed users of a 342,000 Ethereum theft on its hot wallet. The CEO of the exchange, Lee Seok-Woo, confirmed the report in an official statement today.

Upbit assures users of the security of their assets


Lee Seok-Woo has already asked users not to worry about the security of their crypto assets, as the funds are protected with its corporate funds. As a subsidiary of Kakao, UpBit is assuring users that no single user will lose their funds as a result of the theft. He gave the assurance earlier today that its parent company will come in to mitigate the loss.

Upbit announced that the incident occurred at 1:06 PM today, where some hackers transferred about $50 million (or about 324,000 ETH) from the exchange’s hot wallet to an unknown wallet. After addressing users and apologizing on behalf of the company, Lee Seok-Woo pointed out what the company has done since it detected the incident.

The exchange reiterated its desire to protect users' assets at all costs, stating that corporate assets will cover the stolen assets. The CEO said that the company has already transferred the remaining ETH assets from the hot wallet to cold storage for better security.

For now, the company will need about two weeks to fix every loophole before withdrawals and deposits can resume. Lee Seok-Woo promised users that the company would alert them as soon as it resumes these services. Lee Seok-Woo also told users that they did some other large-scale transfers, but these were normal and still related to the movement of assets from the hot wallet to cold storage.

Uprising threats in the industry


Upbit’s ETH hack is not the first in recent times. There are already crypto hacks in hundreds of millions just within the year. And since the cryptocurrency was founded, hackers have stolen cryptocurrencies worth billions of dollars from several wallets in the cryptocurrency industry.

In July, Bitpoint revealed that its wallet was hacked, and about $27.9 million worth of crypto funds were stolen. The company revealed that about $8.9 million of the funds was the company’s holdings, while the remaining $19 was users’ funds.  Other exchanges have suffered similar fate both in the past and in recent times.

Earlier in March this year, local security company East Security and Upbit said some hackers from North Korea are targeting their servers via a phishing scam.

The four largest crypto exchanges in South Korea – Korbit, Coinone, Upbit, and Bithumb – set up a security hotline in January last year. The aim was to develop an avenue where major exchanges can report suspicious transactions so that they can be frozen on time.

Apart from Upbit, some other crypto exchanges have suffered a similar fate in the hands of hackers. Bithumb alone has had three major security breaches since it was founded, the most recent coming in March this year.

Author: Ali Raza for Crypto-Rating.com

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