UpBit exchange hacked for 50 million dollars

Hackers normally violate small exchanges with poor security measures, although in this case the feat was perpetrated to UpBit, one of the most popular exchanges in South Korea – belonging to the Korean technology giant Kakao – for an amount of 50 million of dollars equivalent to 342000 ETH.

Faced with this crime, the company responded to its users immediately and on November 27 they announced the event to their clients and the cryptocurrency community, offering as a solution to transfer the funds from a hot wallet to a cold wallet to avoid worse ills .

UpBit will cover the assets

The quick response from UpBit has reassured its customers because, as specified on Twitter Dover (@DoveyWan), “there is a good and a bad news. The bad one is the hack suffered by UpBit and the good one is the amount stolen will be returned to its users.”

The apologies were offered by the company immediately through a statement, ensuring the guarantee on the return of the stolen money through the company’s assets. They also announced that the exchange activity will be interrupted for two to three weeks. According to this measure, users will not be able to deposit or withdraw money from the exchange, under the promise of the refund to be effective.

Although the origin of the hack is unknown, it could have come from North Korean since in March of this year they received alerts of a phishing scam from that country.

K.Villarroel

Source: beincrypto