South Korean crypto exchange Upbit confirmed that 342,000 ETH had been stolen from its hot wallet.
“At 1:06 PM on November 27, 2019, 342,000 ETH (roughly $50 million by press time) were transferred from the Upbeat Ethereum Hot Wallet to an unknown wallet. Unknown wallet address is 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029,” Lee Seok-woo, the CEO of Upbit’s operator, wrote in official statement, on Nov. 27.
Upbit has moved all crypto assets held in its hot wallet to cold storage and promised to refunf users assets from corporate funds.
Deposits and withdrawals will take at least two weeks to resume, with Lee Seok-woo promising to inform users as soon as they reopen.
Back in January 2018, four major crypto exchanges of South Korea — Upbit, Coinone, Bithumb, and Korbit — launched a hotline for large exchanges to detect and frozen suspicious transactions.
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