They steal 50.88 million dollars in 342,000 ETH coins
Yesterday the largest cryptocurrency exchange in South Korea, UPbit, reported the theft of more than 340,000 Ethers (ETH), the equivalent of nearly 50 million US dollars, from a hot wallet. The exchange avoids the term "hack." However, a large part of the cryptocurrency community currently assumes that it has been a hacker.
Lee Seok-woo, CEO of Doo-myeon, the company that operates UPbit, said the loss will be covered with funds from the firm. Meanwhile, deposits and withdrawals have been suspended as a precaution. The exchange house believes that it will take "at least two weeks" to return to normal operations.
At 1:06 p.m. On November 27, 2019 [9:06 UTC], 342,000 ETH (approximately 58 billion won) were transferred from Upbeat's Ethereum Hot Wallet to an unknown wallet. The unknown wallet address is 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029 As soon as we confirm this, we communicate with our customer base. Optimistically we will respond to protect customer assets. All cryptocurrencies in Hot Wallets have been transferred to Cold Wallet. We hope it takes at least two weeks for your funds to be reimbursed. We will communicate with you when this is done.
Lee Seok-woo, CEO of Doo-myeon, the company that operates UPbit
In the note, UPbit also writes that the stock market has frozen all customer funds for protection purposes. All cryptocurrencies that were still stored in a hot wallet were transferred to a cold wallet. In addition, all deposits and withdrawals will be suspended for at least two weeks, and Lee Seok-Woo promised that users will be notified as soon as transactions resume.
