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A Crypto Theft of 342,000 ETH Confirmed

Elaborating on the Upbit recent theft and some additional comments by the Upbit's operator Dunamu's CEO Lee Seok-woo. Read more now.

A major theft from a South Korean crypto exchange Upbit’s hot wallet has emerged in the form of 342,000 ETH. The exchange is run by a division of the Korean tech giant Kakao.

An official statement by the CEO of Dunamu, Upbit’s operator, Lee Seok-woo confirmed the theft on the 27th of November.

In the statement the CEO commented:

“At 1:06 PM on November 27, 2019, 342,000 ETH (approximately 58 billion won) were transferred from the Upbeat Ethereum Hot Wallet to an unknown wallet. Unknown wallet address is 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029.”

The CEO stated that measures are currently being undertaken in order to prevent any possible hacking like this in the future.

The exchange said that user digital assets will be protected and the stolen assets (estimated around 50 million dollars in worth) will be covered by the exchange’s assets. Any assets are currently moved to cold storage.

Users of Upbit will be informed as soon as withdrawals and deposits reopen but the process might take about two weeks to be complete.

The CEO stated that other large transfers were not out of the ordinary but still related due to the company moving digital assets to storage facilities.

In the beginning of 2019, Upbit and a cybersecurity firm East Security found a phishing scam that has been started by North Korean hackers and users of the exchange have been targeted.

Last year the biggest exchanges in South Korea launched a hotline for the first signs of suspicious activity such as transactions. If some transactions are detected as suspicious, they get frozen after disclosing.

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Coin Choose is a dynamic crypto-journalist known for his sharp insights and lively writing style. With a background in investigative journalism and a knack for demystifying the complex world of cryptocurrencies, CC brings a fresh, engaging perspective to the crypto news landscape. His personal motto, "Decrypting crypto, one story at a time," perfectly encapsulates his approach: tackling the complexities of cryptocurrency with clarity, enthusiasm, and a hint of playful curiosity.

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