[Breaking]: UpBit just got hacked for 342,000 ETH worth of $50,000,000
Upbit, a South Korean crypto exchange, was hacked and stolen nearly $ 50 million worth of cryptocurrencies, the exchange’s CEO said in a blog post at 9:00 UTC.
An unusual transaction from its wallet led to the loss of 342,000 ether. The exchange said losses would be paid for by their own assets. Meanwhile, withdrawals and deposits have been suspended to prevent further losses. According to company estimates, it will take them at least two weeks to recover the services.
The reaction of the crypto community
The Crypto Twitter community quickly reported the situation of the hack. As early as the Whale Alert account tracking account reported the lost ETH, worth nearly $ 50 million at the press time.
— Whale Alert (@whale_alert) November 27, 2019
The number of coins sent from Upbit’s wallet to an unknown ethereum address begins with 0xa09871. The timeline for the suspicious action is at 4:00 UTC today. Surprisingly, the total cost of transferring nearly $ 50 million worth of ETH is only $ 0.07.
It only costs $0.07 to send $49,848,273$ pic.twitter.com/5TRiISKIdT
— Ξ Fly Guy Ξ (flyguy.eth)? (@FlyGuyInTheSky) November 27, 2019
About 30 minutes later, Upbit announced that it had temporarily suspended withdrawals and deposits due to server maintenance.
However, the news has negatively affected the exchange. A series of over $ 100 million crypto transfers were transferred from Upbit to various wallet addresses today.
— Harry The Horse (@HarryNakamoto) November 27, 2019
However, the exchange confirmed that, except for unusual ETH trading, the rest were all transferred from hot wallets to cold wallets to prevent further losses.
Traders were quite indignant about the hacked Upbit exchange. Most people are calling for no more deposits on this exchange.
Who keeps 50M worth of ETH in a hot wallet ?
Not #UPBIT any more
— ??????? (@monjere) November 27, 2019
? Korean cryptocurrency exchange #UpBit got hacked for 342,000 ETH worth of $50,000,000! ?
— AtomicWallet.io (@AtomicWallet) November 27, 2019
Upbit was launched in collaboration with Bittrex and South Korean app maker Dunamu, messaging giant KakaoTalk.
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