#hacking | Hackers Steal $49 Million in Ethereum From Upbit Exchange

#hacking | Hackers Steal $49 Million in Ethereum From Upbit Exchange

Anti-Money Laundering (AML),Blockchain & Cryptocurrency,Breach Notification


$158 Million Stolen So Far This Year From Cryptocurrency ExchangesMathew J. Schwartz(euroinfosec)


•November 28, 2019    


Hackers stole ethereum valued at 58 billion South Korean won (bank notes pictured) from Upbit (Photo: YunHo Lee, via Flickr/CC)

Poorly secured cryptocurrency exchanges: Hackers and rogue nation states’ best friend?


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Without a doubt, online exchanges trading in bitcoin, monero, litecoin, ethereum and other digital currencies continue to get hacked, fueling many an illicit payday.


Cryptocurrency worth $158 million has been stolen via seven major cryptocurrency heists so far this year. 



The latest victim is South Korean cryptocurrency exchange Upbit, which says hackers stole $49 million worth of Ethereum from its hot wallet.

Hackers struck at 1:06 p.m. local time on Wednesday, moving “342,000 ETH (approximately 58 billion won) … from the Upbeat ethereum hot wallet to an unknown wallet,” Lee Seok-Woo, Upbit’s CEO, says in a blog post.

Upbit says it responded immediately to the breach by freezing all cryptocurrency deposits and withdrawals, which it expects to keep in effect for “at least two weeks.” For now, all of its cryptocurrency has been transferred from the exchange’s internet-connected hot wallet to a cold wallet that is not internet-accessible. The exchange has not said how it got hacked.

“We took immediate actions to protect your assets; no investors’ assets were lost,” the CEO says. The company has promised to cover the missing ethereum from its own assets, and called on the cryptocurrency community to not accept any transfers from the wallet that hackers used to deposit the stolen assets.

Upbit ..

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