342,000 Ether worth $ 50 million stolen from Upbit crypto exchange
Posted On March 23, 2021
Upbit Crypto exchange – 342,000 ETH Hack ($50 million)
The CEO of South Korean Upbit announced an unplanned transfer of 342,000 ether from the exchange’s hot wallet to an unknown address.
On his blog, Lee Seok-woo wrote, that the theft took place on November 27 at 13:06 local time. He also apologized to users for the inconvenience caused and said that the team has been working on a solution to the problem since the discovery of the loss..
The company said it will cover all losses from its own funds. At the rate of ETH at the time of publication, the amount of losses is $ 50.8 million.
However, as a precaution replenishment of the deposit and withdrawal of assets were temporarily suspended. Recovery of these functions can be expected no earlier than in two weeks..
To protect the remaining funds, they were moved to cold storage. Total for today from Upbit hot wallets more than $ 100 million worth of cryptocurrencies were transferred.
Since the head of the exchange does not call the incident a hack, some representatives of the crypto society suggested that an exchange employee was involved in the theft, who took advantage of the moment in the process of transferring assets.
In an effort to make money, traders often put profitable trading conditions over safety. According to a recent study by BDCenter Digital, only 37% speculators are called platform security is a key factor, and 16% keep their assets on the exchange.