UpBit, South Korea’s leading cryptocurrency exchange, notified users on the same day that its security systems had been compromised and 34,200 tethenta were stolen, According to Aifinances on Wednesday (November 28). The corresponding digital assets were transferred from the exchange’s hot wallet to an unknown wallet address.
The statement was issued by Upbit chief executive Lee Seok-woo, who said: “At 1:06pm on 27 November 2019, 34,200 espresso (approximately 58 billion won) was transferred from Upbeat’s Ethereum hot wallet to an unknown wallet. Its address is 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029. ”
To prevent further theft, the exchange transferred all funds to a cold wallet and suspended all access services.
“Access services are expected to resume after at least two weeks. I’ll let you know again at that time. The statement read.
At the time of publication, the price of Ether was $144 each, so the total value of the theft was about $50 million.
The company guarantees that the company’s assets will cover customer losses. Its CEO stressed that all other funds had been transferred to a secure address.
Before the official announcement, the cryptocurrency community had spread the word. Other cryptocurrency exchanges have expressed solidarity with preventing the conversion of stolen cryptocurrencies into French currency.