Home News Korean Exchange Upbit Hacked for $50 Million

Shutterstock

Korean Exchange Upbit Hacked for $50 Million

-

An official post from Upbit exchange revealed that 342,000 ETH (approximately $50 million) were drained from its hot wallet.

A rogue transaction occurred on one of Upbit’s deposit addresses at 11 P.M. Eastern time. All the funds were sent to an Ethereum address that is unknown to the exchange.
The Upbit team responded by abruptly suspending cryptocurrency deposits and withdrawals. All the funds from other hot wallets were moved to cold storage to prevent further losses.

Upbit pledged to cover all the lost users’ funds with its own assets, a process that the exchange is “working on,” though it warned that it would take “at least two weeks.”

SIMETRI Research

DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

HIRING JOURNALISTS

We are currently hiring for our news team. CLICK FOR DETAILS.

796FansLike
3,920FollowersFollow
9,157FollowersFollow

More News & Analysis

X
X