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Upbit Exchange Hacked in Extreme ETH Loss

Upbit Exchange Hacked in Extreme ETH Loss
  • Upbit has just unfortunately been hacked.
  • Lee Seok-woo, said in an official statement that more than 340k Ethereum tokens were transferred from Upbit’s hot wallet to an unknown wallet.

One of South Korea’s biggest cryptocurrency platforms, Upbit has just unfortunately been hacked. All trading activities, deposits, and withdrawals have been temporarily suspended due to the breach.

Today, November 27th, the CEO of Dunamoo, Lee Seok-woo, said in an official statement that more than 340k Ethereum tokens were transferred from Upbit’s hot wallet to an unknown wallet.

For those that don’t know, Dunamoo is the company behind Upbit that operates the platform.

Lee confirmed in the announcement:

“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. Unknown wallet address is 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029.”

The news was published on Whale Alert Twitter too:

For those that don’t know, the Whale Alert Twitter account is dedicated to “live tracking of large crypto transactions from and to exchanges” for some of the top coins in the market.

The term ‘whale’ is given to an investor or trader that have a very big amount of crypto funds and partakes in very big transactions. So when compared to other financial sectors, the crypto market is pretty small.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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