Via a notice posted on its website, Upbit explained that at 16:06 UTC (13:06 Korean time) on November 27th, 342,000 ETH (worth approximately $49 million) was transferred from its hot Ether wallet to “an unknown wallet”. The address of this wallet is 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029.
Upbit responded thus as soon they noticed this.
- All cryptoassets in its hot wallets were moved to cold wallets.
- Deposits and withdrawals were suspended and they will not be resumed for “at least two weeks”.
According to the exchange, it will cover this loss out of its own funds. Upbit’s announcement never said the exchange was hacked which creates a possibility that this could have been an inside job.
“We will work with Upbit and other industry players to ensure any hacked funds that may make their way to Binance are immediately frozen.
Stay #SAFU “