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USD 49 mln in Ether stolen from Upbit

Monday 2 December 2019 12:11 CET | News

South Korea-based cryptocurrency exchange Upbit has confirmed the loss of cryptocurrency worth of USD 49 million.

Coindesk reports that the exchange’s the loss will be covered by its own assets, while withdrawals and deposits have already been suspended as a precaution. As per the company, the estimation period for services to be back to normal is ‘at least two weeks’.

Upbit said that an abnormal transaction from its wallets had resulted in the outflow of 342,000 Ether (ETH). According to transaction tracking site Whale Alert, the lost Ether – worth USD 49 million – was sent from Upbit’s wallet to an unknown Ethereum address. Also, more than USD 100 million worth of multiple cryptocurrencies have been sent out from Upbit, although the exchange mentioned that all other transactions, apart from the abnormal Ethereum outflow, were the exchange moving cryptos from hot wallets to cold wallets to prevent further losses.

Moreover, 10 transactions, each of USD 1.51 million-worth of Tron (TRX), and USD 3.5 million in BitTorrent (BTT), were further sent to unknown blockchain addresses, Whale Alert mentions. Transactions of USD 8.7 million-worth of Stellar (XLM), USD 1.08 million in OmiseGo (OMG), USD 22 million in EOS, and USD 3.4 million in Status (SNT) were further transacted from Upbit’s wallets to the Bittrex crypto exchange.


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Keywords: cryptocurrency, exchange, Upbit, theft, Ether, fraud, digital assets, transactions, wallets, South Korea
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: Korea, Democratic People's Republic of
This article is part of category

Blockchain & Cryptocurrencies