Upbit Loses $49 Million Worth Digital Coins in a Robbery

Upbit Loses $49 Million Worth Digital Coins in a Robbery

SOUTH KOREA – The CEO of Upbit, named Lee Seok-woo, shares in a blog post how the company lost $49 million cryptocurrencies Wednesday morning, November 27.

Seok-woo posted the news in his blog as a report concerning an unusual transaction, which happened from a wallet. The CEO carefully inspected the issue, and he discovered that after the activity, Upbit lost an estimate of 342,000 Ethereum or ETHs, which is equivalent to $49 million. Moreover, he stated in his blog post that it was a robbery of cryptocurrency.

The CEO of Upbit, one of the leading cryptocurrency interchange firm, confirmed that the issue took place on November 27, at around nine in the morning. Before losing the stated ETHs, the management observed the incident when the 300,000 ETHs were missing in the wallets.

This cryptocurrency firm also mentioned that they are going to utilize its assets to cope up with the losses. Meanwhile, withdrawal, and deposits, which are also included in cryptocurrency trading, are postponed as a precautionary extent. Furthermore, this cryptocurrency firm stated that bringing the service back would take around a few weeks.

A prominent site for tracking transactions called Whale Alert mentioned that Ether lost $49 million. Also, the stolen digital coins were from Upbit’s wallet. The cryptocurrency was sent to an anonymous Ethereum address, specifically 0xa09871.


Afterward, it was reported that $100 million worth of coins were coming out from Upbit yesterday as well. These digital tokens were taken from various cryptocurrencies. However, this cryptocurrency company confirmed that these takeaways were not the stolen ones. Moreover, it also explained that transfer was a safety move.

As per sources, the cryptocurrency moved a significant amount of digital coins coming from hot wallets to cold ones. Moreover, this move will aid the company to avoid possible losses that might occur in the prospect.

Upbit assured their clients that it would keep their assets safe. Seok-woo apologized to the company’s users for the problem, and he also explained that the incident was a straight hack. Nonetheless, he assured that the company would repay for the losses.

The compensation for the users will come from the corporate assets of Upbit. The CEO promised the clients that he would notify them when the cryptocurrency firm reopens. Also, he explained that most transfers from the firm were not abnormal. Although, he added that these transactions were exchanges between storing space and hot wallets.



Give a Comment