Cypto Exchange Upbit Confirms Theft of 342,000 ETH

Upbit Confirms Theft of 342,000 ETH

South Korean Crypto Exchange Upbit confirmed on Wednesday November 27th, 2019 that it had 342,000 ETH stolen from its hot wallet.

 

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.

Co-Founder and CEO of crypto exchange Binance, Changpeng Zhao says Binance will work with Upbit and others to make sure that any stolen funds that make their way to Binance are frozen. He tweeted:

We will work with Upbit and other industry players to ensure any hacked funds that may make their way to Binance are immediately frozen.

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