Crypto Exchange Upbit Reports Hack and Theft of $50 million worth of Ether

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A hack took place at the South Korean crypto exchange Upbit. Hackers stole a total of 342,000 ether coins. That amounts to a value of more than 50 million dollars.

The CEO of Dunamu, Upbit’s operator, Lee Seok-woo, has confirmed that it was a hack. Although with regard to the transaction a possible wallet migration was first thought of. According to Lee Seok-woo, 342,000 ethereum was transferred to an unknown wallet. “Unknown wallet address is 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029″. The company says that it has taken a number of measures to protect the property of its members and is going to compensate for the losses.

Upbit had already notified users that it had suspended deposits and withdrawals. It is estimated that it will take another two weeks before deposits and withdrawals for all Upbit-traded crypto-currencies are resumed.

Whale Alert noted several withdrawals taking place via UPbit. Involving other cryptocurrencies and tokens as well. Tron (TRX) and BitTorrent (BTT), among others. But the exchange said only ether holdings were affected. According to the CEO, all other previous large-scale transfers were not abnormal and certainly not the result of hacks or thefts.

According to The Block, “UPbit’s hack marks this year’s eighth breach, and the total amount stolen from cryptocurrency exchanges to date now stands at around $1.44 billion.”

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