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A major theft occured in Upbit, a TOP leading crypto exchange

By Inkarias - 2019-11-27

The well-known and major South Korean cryptocurrency exchange , Upbit , a subsidiary of Kakao  has notified users of the theft of exactly 342,000 Ether (ETH) from its hot wallet. The incident was fully confirmed in an official statement written by the CEO of Upbit’s operator, Dunamu during this morning.

Protection of funds and users

n order to solve the issue , Upbit group decided to use corporate funds to protect user assets that were stolen during this attack. In that way , Lee Seok-woo stated that :
At 1:06 PM on November 27, 2019, 342,000 ETH (approximately 58 billion won) were transferred from the Upbeat Ethereum Hot Wallet to an unknown wallet. Unknown wallet address is 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029
At the same time , to prevent any further attack or issues that could occur on the exchange , the CEO outlined measures taken by the exchange after it detected the incident and has already moved all crypto assets held from its hot wallet to cold storage to guarantee the complete safety.

What’s next ?

Deposits and withdrawals will take at least two weeks to resume, with Lee Seok-woo promising to inform users as soon as they reopen it. An official communication from the team is to be expected during the next week while investigations on this case are still ongoing. The CEO further indicated that all other recent large-scale transfers were not abnormal, but were related to the exchange moving assets between hot and storage facilities. For reminder , in March of this year, Upbit and local cybersecurity firm East Security alleged that a phishing scam targeting its users had been perpetrated by hackers from North Korea.  Thus , this isn’t the first time that Upbit is attacked directly by unknown groups and more generally , several attacks occured this year targeting multiple top ranked exchange.
More details on this theft at https://www.upbit.com