South Korean cryptocurrency exchange UPbit has been hacked, losing nearly $51 million worth of ether (ETH) cryptocurrency.
As a result, UPbit has now transferred “all” cryptocurrencies from its hot wallet to a “cold” wallet and said it will cover the losses via its assets.
UPbit said 342,000 ETH (currently worth nearly $50 million) were transferred from its ethereum “hot” wallet to an unknown wallet, adding: “Unknown wallet address is 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029”
Before releasing the hack details, UPbit suspended cryptocurrency deposits and withdrawals due to service checks. In the updated announcement, the exchange said it will take “at least two weeks” for deposit and withdrawal services to resume.
UPbit’s hack marks this year’s eighth breach, and the total amount stolen from cryptocurrency exchanges to date now stands at around $1.44 billion UPbit hack.