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South Korean Cryptocurrency Exchange Confirms Stealing of Ether Worth 50 Million USD

UpBit, which is a key South Korean virtual asset exchange has informed its users of the stealth of over 300k ETH from its hot wallet.

Notably, the aforementioned occurrence was confirmed in an official statement written by the CEO of Upbit’s operator, Dunamu, on 27th November.

Dunamu CEO Apology

The CEO of Dunamu, Lee Seok-woo divulged in a statement that

“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 CEO of Dunamu apologized the exchange’s users for any inopportuneness caused. Furthermore, Lee Seok-woo delineated various measures taken by the Upbit after it spotted the happening.

It is to be noted that the crypto exchange has vowed to guard the assets of its users. In the official statement, it was stated that the stolen ETH tokens will be roofed by corporate assets. What’s more, the exchange has already moved all digital currencies held in its hot wallet to cold wallets.

Noticeably, Lee Seok-woo further gave a hint that all other latest large-scale transfers were not atypical, but were related to the crypto exchange moving digital assets between hot and cold crypto storage facilities.

Crypto Exchange Hotline

In the month of March this year, Upbit and a local cybersecurity firm suspected that a phishing con aiming at its users had been enacted by hackers from North Korea.

It is to be noted that in the month of January last year, 4 principal cryptocurrency exchanges of South Korea — Coinone, Bithumb, Korbit, and Upbit started a hotline for key crypto exchanges to ensure apprehensive transactions could be spotted and frozen instantly after being revealed.

What do you think about the recent theft of crypto funds from Upbit? What are your opinions on the hotline created by exchange groups?

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