$50 Million ETH Hacked From South Korean Exchange – Trustnodes

$50 Million ETH Hacked From South Korean Exchange


Some $50 million worth of eth has been hacked today from one of the biggest crypto exchange in South Korea, Upbit. They say:

“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.”

The hacked funds have not moved at the time of writing, with it unclear how this breach was performed, but Upbit says they’ve now sent all eth to cold storage, with deposits and withdrawals suspended for two weeks.

They also say all the $50 million will be covered from the company’s funds, making it unclear then why they announced this hack when they could have just dealt with it quietly since no customer is losing any funds.

Interestingly it appears only eth were stolen, no bitcoin or any other assets, with it unclear whether the hacker just likes eth or whether that was the easiest to steal.

What is clear however is that South Korean exchanges are re-learning the lessons of western exchanges which generally have gotten quite good at protecting from hacks, but in South Korea it appears the measures are not quite there yet.

Copyrights Trustnodes.com

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