Upbit exchange was hacked. 342,000 ETH lost

[desticy]

At 13:06 on November 27, 2019, 342,000 ETH (approximately 58 billion won) were transferred from the Ethereum Hot Wallet to an unknown wallet.
UpBit says it will cover losses worth $51.3 million with corporate funds.

Unknown wallet address: 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029

https://upbit.com/service_center/notice?id=1085


UPD1: It is also rumored to have additionally stolen BTT worth more than $ 3.5 million and TRX worth more than $ 17 million. Perhaps this will be announced later. After the withdrawal of ETH to unknown wallets from the exchange, BTT with TRX moved to unknown wallets.

UPD2: Funds in the amount of 342,000 ETH were stolen from the Upbit wallet, funds began to be received again, in different amounts, it seems from the exchange team. A logical question arises. Why replenish an already compromised wallet? Hacked wallet balance already - 4.726 ETH

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[masterzino]

At least Upbit claims they will cover the loss from their own assets and the client's funds will remain unharmed.

Korean exchanges are good for arbitraging and Upbit are serious until now.

[ici_lemmy]

At 13:06 on November 27, 2019, 342,000 ETH (approximately 58 billion won) were transferred from the Ethereum Hot Wallet to an unknown wallet.
UpBit says it will cover losses worth $51.3 million with corporate funds.

Unknown wallet address: 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029

https://upbit.com/service_center/notice?id=1085

UPD1: It is also rumored to have additionally stolen BTT worth more than $ 3.5 million and TRX worth more than $ 17 million. Perhaps this will be announced later. After the withdrawal of ETH to unknown wallets from the exchange, BTT with TRX moved to unknown wallets.

This is bad day for crypto market because upbit exchange is one of the largest exchanges in Korea and this may be the main reason why the market continues to collapse today. At present, the best solution is to withdraw all assets to another exchange and wait for the news. I don't have any assets here but this is really a huge loss for the crypto market.

[knuckey]

I wonder, why Korean exchanges are often hacked? And this incident triggers the fall of all crypto prices on the market. I hope the exchange can solve this problem immediately and not harming their users, because the 342k ETH that was stolen was worth 48.6 million dollars and this is a bad incident at the end of the year for the crypto industry.

[OptimusPrime_3]

According do the report I read, only ethereum was withdrew to the unknown wallet and other assets moved to a cold wallet. I don't where you got other datas from. But the good news is the part where upbit will cover all the looses. That's a welcome development though 

[kaneki007]

At least Upbit claims they will cover the loss from their own assets and the client's funds will remain unharmed.

Korean exchanges are good for arbitraging and Upbit are serious until now.

Even though they will cover customer funds, but i think some customers will lose trust in the upbit exchanger for fear of the case of funds being hacked again. And i always keep my assets in my personal wallet and not in wallet exchangers.
Hopefully this problem is quickly resolved

[comchien]

It is scary that an upbit exchange has corrupted this problem and caused hackers to steal it, but they also provided the right solution for compensation for this reason. Why can't they improve the security of floors and investors more secure?

[mirtotanota]

It is scary that an upbit exchange has corrupted this problem and caused hackers to steal it, but they also provided the right solution for compensation for this reason. Why can't they improve the security of floors and investors more secure?

This is why you should not invest or hold your money on trading websites and online wallets

[Rodeo02]

According do the report I read, only ethereum was withdrew to the unknown wallet and other assets moved to a cold wallet. I don't where you got other datas from. But the good news is the part where upbit will cover all the looses. That's a welcome development though 

Even they will cover the lost fund  this will also give bad feedback to that exchange that it was not secured to hacking, and this can also happen again.
Also i want to know if there is a way to freeze hacking fund in eth Or only tagging the address ?

[Kupid002]

It is scary that an upbit exchange has corrupted this problem and caused hackers to steal it, but they also provided the right solution for compensation for this reason. Why can't they improve the security of floors and investors more secure?

This is why you should not invest or hold your money on trading websites and online wallets

Yes always remember that storing your funds in exchange is like you give your trust to a company and you will not know how secured your funds in them, but in case of lost only the exchange can be decide if they want to cover the lost or leave like what happen  topia. Users of upbit is still lucky thay the owner decided to cover it, but thats not small amount so it takes time to give it back to all users.

[VDraci]

In terms of seriousness i think upbit exchange is on par with binance so this is not a bad news for those who have funds on the exchange, they will be able to refund users but i am sure that centralized exchanges days will be over soon

[desticy]

It is scary that an upbit exchange has corrupted this problem and caused hackers to steal it, but they also provided the right solution for compensation for this reason. Why can't they improve the security of floors and investors more secure?

This is why you should not invest or hold your money on trading websites and online wallets

I would say that funds can only be held on those trading floors that are able to compensate you for damage. But who will give you such guarantees?
After all, if not 50 million but 500 were stolen, the big question would be whether the exchange would be able to recover losses of this kind.
In addition, it is not yet clear whether this was actually hacked or manipulated by the exchange.

[Serco]

According do the report I read, only ethereum was withdrew to the unknown wallet and other assets moved to a cold wallet. I don't where you got other datas from. But the good news is the part where upbit will cover all the looses. That's a welcome development though 

Even they will cover the lost fund  this will also give bad feedback to that exchange that it was not secured to hacking, and this can also happen again.
Also i want to know if there is a way to freeze hacking fund in eth Or only tagging the address ?

market sentiment will negative again although they recover customers fund. Investors will afraid if this eth dumped in market and make market crashing again. They only could tagging address , there is no way to freeze this wallet so far. And maybe by this case blockchain developers will developt this feature in order to prevent same case happen again in future.

[Rodeo02]

According do the report I read, only ethereum was withdrew to the unknown wallet and other assets moved to a cold wallet. I don't where you got other datas from. But the good news is the part where upbit will cover all the looses. That's a welcome development though 

Even they will cover the lost fund  this will also give bad feedback to that exchange that it was not secured to hacking, and this can also happen again.
Also i want to know if there is a way to freeze hacking fund in eth Or only tagging the address ?

market sentiment will negative again although they recover customers fund. Investors will afraid if this eth dumped in market and make market crashing again. They only could tagging address , there is no way to freeze this wallet so far. And maybe by this case blockchain developers will developt this feature in order to prevent same case happen again in future.

I see so expect that the price of ETH will go lower for this week for that negative news.
Its better to add this feature before releasing  ETH 2.0 so it will be more secure from hackers attempt, that all of thier effort will be wasted if they do that next time.

[Ken_terrance]

Yea right, here we go again, can someone just offload all volumes on centralized exchanges to dex exchanges? not possible right? lol well i hope by next year people will start getting used to decentralized exchanges, they are lucky its upbit, would have been a lose to traders if this happened on a weak exchange

[mayukus4life]

This is a serious threat to cryptocurrency ecosystem as a whole, it’s a bad day. The good part is the compensation plan as announced by upbit but investors’ confidence wouldn’t be the same again on the platform. They need tighter security infrastructure to stay in the game.

[alyssa85]

At least Upbit claims they will cover the loss from their own assets and the client's funds will remain unharmed.

Korean exchanges are good for arbitraging and Upbit are serious until now.

The Korean exchanges are all regulated and I think if they didn't compensate their customers the regulator would investigate.

The real question is "how did they let this happen"? What kind of breach of security was this, and is there anything other exchanges can learn from this?

[mirtotanota]

Only, Ethereum was stolen? So bad this hacking always happen, also on big exchanges like Binance happen, but if they say will cover then will cover the loss. Maybe the price of ETH will go lower but i think they will not sell so fast all coins.

Yes only eth stolen, I don't know how hackers can hack wallets and exchanges they are protected but some people can easily hack these exchanges

[shodik007]

market sentiment will negative again although they recover customers fund. Investors will afraid if this eth dumped in market and make market crashing again. They only could tagging address , there is no way to freeze this wallet so far. And maybe by this case blockchain developers will developt this feature in order to prevent same case happen again in future.

of course this affects the market even though the hacked ethereum is still stored in its address. it is not easy to implement security like that, we can see the bank if there are cases of fraud or things that are detrimental to other customers the bank cannot immediately block the offender's card, I think ethereum developers will also think of that

[star7dust]

This is really awful, I've never used Upbit but this can happen to any exchange...