BREAKING: Crypto Exchange UpBit Confirms Theft of 342,000 Ether — $50M

Nov 27, 2019👎Bearish

Major South Korean cryptocurrency exchange - run by a subsidiary of Korean tech giant Kakao - has notified users of the theft of 342,000 Ether (ETH) from its hot wallet. The incident was confirmed in an official statement written by Lee Seok-woo, the CEO of Upbit's operator, Dunamu, on Nov. 27.

Deposits and withdrawals will take at least two weeks to resume, with Lee Seok-woo promising to inform users as soon as they reopen. In his statement, Lee Seok-woo revealed that: Apologizing to users for any inconvenience caused, the CEO outlined measures by the exchange taken after it detected the incident.

The exchange has pledged to protect user assets, stating that the 342,000 ETH (roughly $50 million by press time) will be covered by corporate assets.

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