A Group of Hackers Steals $50M in ETH from Upbit
Main page News, Cryptocurrency Exchanges, Hacker Attack

A group of hackers has attacked the South Korean crypto trading platform Upbit and stolen 60 billion won (about $50M) in cryptocurrencies, the exchange has reported. Lee Seok-woo, Dunamu CEO, the exchange operator, has confirmed the attack and said:

"I apologize for the inconvenience. On November 27, 2019, 342,000 ethereum tokens were transferred from our ethereum wallet to an unknown wallet."

The cryptocurrency trading platform has blocked all transfers between wallets after the incident.

This morning, the Whale Alert service registered a 342,000 ethereum tokens transfer from Upbit to an unknown wallet. A bit later, there were a few more BTT and TRX transactions. However, the exchange has confirmed these transactions have been made by the platform in order to move its funds from its hot wallets to its cold wallets.

The exchange has said it will pay all losses with its own funds and that the platform will be fully operational in two weeks.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error