Cryptocurrency exchange Upbit robbed for $ 50 million

Cryptocurrency exchange Upbit robbed for $ 50 million

The result of crypto assets suspended

Upbit, one of South Korea’s largest cryptocurrency exchanges has announced stealing nearly $ 50 million ether (ETH) cryptocurrency as a result of explicit security breaches.

Reportedly, about 34 342,000 ETH moved from the platform’s “hot purse” to an anonymous purse. Customer funds were not affected.

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There are immediate steps taken to protect consumers. Specifically, the acceptance of all deposits and the return of crypto assets have suspended. At the same time, all the crypto assets transferred to a cold wallet. The exchange promises to immediately replace 342,000 ETH lost funds with its funds.

Details of how the theft took place were not disclosed. The exchange promised to resume work in two weeks.

As you know, in 2019, cryptocurrency theft increased significantly compared to the previous year. For the first nine months of the year, criminal damage in the area estimated at $ 4.4 billion. For comparison: the indicator for the whole of 2018 is $ 1.7 billion.

Upbit, one of South Korea’s largest cryptocurrency exchanges has announced stealing nearly $ 50 million ether (ETH) cryptocurrency as a result of explicit security breaches.

Reportedly, about 34 342,000 ETH moved from the platform’s “hot purse” to an anonymous purse. Customer funds were not affected.

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