Following unscheduled maintenance on 27th November, UPbit confirmed the speculated ETH hack. As per the official service center notice, 342,000 ETH stand transferred to an unknown wallet. The transfer took place from an Upbeat Ethereum Hot Wallet.
It’s true: a lot of Ethereum has been stolen. In light of the hack, UPbit has ceased any deposits and withdrawals for the next two weeks.
According to a Forbes contributor Joseph Young, the “hacker” timed the attack with Upbit’s cold wallet crypto transfer. While the exchange was transferring its alts, an irregular ETH transaction made its way to an unknown wallet. And he presumes it was an insider’s job. Because it involved the transfer of an unusual amount. And that too to an untested account.
The loss is fully covered!
As per an official statement from UPbit, an immediate preventive measure is already in place. All the crypto assets have been transferred to cold wallets. UPbit ensures it will cover all the customer ETH losses.
While the exchange is in turmoil, Livio Weng, CEO of Huobi, has assured they will keep an eye on the assets hacked from UPbit. And if any such asset enters Huobi exchange, they will report it immediately.
Meanwhile, Ethereum unhanded close to 3.5% in the last 4 hours of the UPbit fud. And even Bitcoin plunged below $7K after its price u-turn that we covered earlier.
Previously, we wrote about UPbit delisting privacy coins.