Hackers Steal Worth $48.7M in Ethereum From Cryptocurrency Exchange Upbit
Cryptocurrency hacking is not a new thing in the crypto market, but this time it had unexpectedly hit one of the leading cryptocurrency exchanges of South Korea named Upbit. In a statement posted on the exchange’s website, Upbit’s CEO Lee Seok-woo said,
“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.”
Hot wallets in the cryptocurrency terms refer to the software-based cryptocurrency solutions meant mainly for computers and phones. On the other hand, Cold wallets are hardware-based standalone devices that are kept offline when not in use to prevent hackers from reaching out to these devices.
Following the news of hacking, Upbit has kept all its transactions suspended until it can resume its original potentials. Until then, all the users are advised not to transact any cryptocurrencies to the platform and wait till the exchange shows them a green signal to start over its normal operations.
Keeping up to the reputations that Upbit has earned in all these years, it has assured its users that it will fund for the loss of the stolen Ethereum so that the users do not have to face any difficulties. This is lauded by the Upbit users worldwide, and the trust factor is strengthened once more with this move on behalf of Upbit.