Upbit Crypto Exchange Reopens Ethereum (ETH) Wallet Services After $49 Million Hack

Upbit, one of the major crypto exchanges in South Korea, has restarted Ethereum (ETH) wallet services almost 2 months after being attacked by hackers for $49 million ETH.

It has been officially made public that after an enhancement to its wallet security structure, Upbit is supporting deposits and withdrawals in ETH again. In a tweet from Monday, it has been indicated the services are again available. However, the traders will have to create new wallet addresses that will hold the ETH they have with the exchange, said the firm. The ETH will be automatically deposited to these new addresses.

$49 Million ETH Stolen in a Transaction

Back in November 26, 2019, Upbit said it had a transaction that it called “abnormal”, through which approximately 342,000 ETH straight from its hot wallet went missing, which was valued at about $49 million. The rest of the digital assets remaining were transferred into cold storage as a measure of precaution. While users didn’t have their funds in any way affected, nor emptied, Lee Seok-woo, Upbit’s CEO, made a statement in which he said the trading functions on the company’s platform will be temporarily suspended. After a few days, hackers did something else and split the ETH they stolen among a few wallet addresses.

Voices Saying the Funds Were Laundered

A crypto analyst said the hacking group may send small amounts through the rival exchange Huobi to test if they can launder the funds. The Upbit announcement says users should delete their addresses from before, as the wallets associated with them can no longer be used. It also stated that:

“The recovery of ETH sent to previous addresses from now could be long and costly process.”

In spite of the fact that it had lost millions, Upbit assured its users that they will receive a full refund with its corporate assets.

Ethereum (ETH) Live Price

1 ETH/USD =$338.6624 change ~ -7.94%

Coin Market Cap

$38.14 Billion

24 Hour Volume

$5.66 Billion

24 Hour VWAP

$360

24 Hour Change

$-26.8754

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Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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