Upbit exchange was hacked. 342,000 ETH lost

[Ifezanku]

This is getting out of hand and it is one of those things that always portray crypto as scam entity. For how long are we going to continue with crypto exchange hack. Exchanges need to do more to protect their platform and the name of the industry. How can we be sure that many of this hack cases are not done by insiders

[DarkDays]

And then the entire cryptocurrency market, including ethereum pumps? WTF.

This is exactly why I tend to stay away from altcoin markets, I don't see why more than $50 million in ETH about to be dumped onto the market is in anyway bullish.

Glad I dumped by ETH back at $280.

[huu78]

I really respect this Upbit in handling their wallets that are hacked by someone. They did not panic but promised to take care of the funds of the people who had funds in the Upbit.
Moreover, the nominal that is taken by the hacker is very large, worth 340k ETH is very fantastic once nominal. Hopefully, the Upbit party can be patient on this issue.

[Karto]

thats a disaster!!
every year few exchanges being hacked
industry leaders are working on it, and will block any funds that will come to Binance or other big exchanges
but there is a big black market and i think that it'll be sold anyway
there is a mixer for ethereum funds so if they do that, you can not track the coins
(or maybe the mixer is not ready yet but i saw something about it on twitter)

[VanDeinsberg12]

thats a disaster!!
every year few exchanges being hacked
industry leaders are working on it, and will block any funds that will come to Binance or other big exchanges
but there is a big black market and i think that it'll be sold anyway
there is a mixer for ethereum funds so if they do that, you can not track the coins
(or maybe the mixer is not ready yet but i saw something about it on twitter)

Not all of ethereum mixer can be trusted. I don't even believe mixer can deliver your ethereum if you will be mixing thousand of ethereum today. There is not place to send that amounts to the exchange site consider the exchange site will ask you to do a high tier of verification process. To sold that in the black market is not so easy. There was a lot of scammers these days.
it looks like if that was coming from the insider of the upbit itself who has been stealing that ethereum and sent it to the unknown wallet.
Upbit is not giving a clear answer about what makes that exchange site is getting stolen by scammer. What has already mentioned by upbit is about the detail about the amount that already stolen.

[bgaf]

That amount is not a joke anymore. I think SEC will probably be alarm on cases of hack. I hope Upbit can still managed to carry out their promise to refund all affected users. That's why Ive noticed that the market cap drop again so badly. I'm starting to lose hope that it can still be on a good position before the year 2019 end.

[o48o]

I wonder if they know how did this happen yet? I mean these are such an insane sum and the early days it would have caused insane dumps, today you would have to be really smart criminal to even unload this in anywhere. My guess is that people who steal this kind of sums now are bound to get caught in the future.

Why replenish an already compromised wallet? Hacked wallet balance already - 4.726 ETH

I think they have just some automation left in places.

[BeginToMine]

Really sad, reason why we really need to be extremely careful regarding security, security should be the watch word of every Exchange despite what before liquidity. This is really disheartening and I do feel for investors who are involved into this big issue and I do hope upbit gets it sorted out and also look for how to secure their Exchange more.

[rmhuntley]

That's a common thing to happen, many exchanges are hacked. But Upbit is very serious in this case to secure members ' assets.

[cutesgirl]

Really sad, reason why we really need to be extremely careful regarding security, security should be the watch word of every Exchange despite what before liquidity. This is really disheartening and I do feel for investors who are involved into this big issue and I do hope upbit gets it sorted out and also look for how to secure their Exchange more.

Very sad with Upbit exchange hacked 342k ETH, so far not problem with Upbit exchange and I like this market very much because have give profit by airdrop project and I hope this exchange market will back normal again and take secure for their exchange become more safety again and give safety for their member.

[samcrypto]

That's a common thing to happen, many exchanges are hacked. But Upbit is very serious in this case to secure members ' assets.

But they failed to do so and now people are losing money because of this not unless they'll shoulder the hacked amount. Many Korean Crypto Exchanges are failed to protect the users, and we might lose the trust of the public because of that. Its still good that ETH as a whole didn't move that much, maybe some irregularities are still on crypto exchanges and not just on ETH but in the whole cryptocurrency, so guys be aware to protect your wallet and always have a hard wallet or a wallet that you can control.

[Sithara007]

even if they track these hackers i think they could not find those hackers, its reminds me mt.gox
mt.gox promise their memebers that return member's money but they are still change deadline time

First of all, none of the money from the Mt Gox robbery have been recovered. The liquidators had around BTC200,000 in the beginning and this came from the Mt Gox wallets that were not hacked. Then the liquidators proceeded to sell some of this amount using various cryptocurrency exchanges. Now they are left with some amount of cryptocurrency (mostly BTC) and some fiat cash that came from the sale of these assets. Till now, none of this amount has been refunded to the victims, as the legal proceedings are taking a lot of time. You can blame it on the red tape and bureaucracy.

And there is more bad news for the victims. The submission deadline for claims have been extended for another six months, and the new date is March 31, 2020 (as per the statement by Nobuaki Kobayashi, who is the Rehabilitation Trustee for Mt Gox). Now submission of claims is the first step towards receiving any compensation and it has been going on for six years. You can imagine how much time it is going to take for the compensation to be distributed among the victims.

[sazonk]

this is a classic story, and seems to be an annual routine when crypto prices will start to rise, then a storyline like this is created, theft of assets in large markets, halving, platform changes, swaps etc. And of course this will have an impact on the ETH price turnaround especially. Sooner or later there will be a price decline, dump in each market.
According to news from Upbit I quoted their statement "UPbit suspends deposit and withdraw cryptocurrency and it will take" at least two weeks "to continue deposit and withdrawal services. We pay close attention to what will happen in the 2 weeks and what effect it will have on ETH at each exchanger, because the number of hacked is quite large.

[andriarto]

That's a common thing to happen, many exchanges are hacked. But Upbit is very serious in this case to secure members ' assets.

But they failed to do so and now people are losing money because of this not unless they'll shoulder the hacked amount. Many Korean Crypto Exchanges are failed to protect the users, and we might lose the trust of the public because of that. Its still good that ETH as a whole didn't move that much, maybe some irregularities are still on crypto exchanges and not just on ETH but in the whole cryptocurrency, so guys be aware to protect your wallet and always have a hard wallet or a wallet that you can control.

I think the potential for hacking occurs in every exchange, they are always attacked and must improve performance, even in the best exchange ever experienced it. what is needed is to act after it happens and increase its security again so that it can be trusted by consumers. and it's true we have to be careful of our wallet

[Exidous]

Really sad, reason why we really need to be extremely careful regarding security, security should be the watch word of every Exchange despite what before liquidity. This is really disheartening and I do feel for investors who are involved into this big issue and I do hope upbit gets it sorted out and also look for how to secure their Exchange more.

Very sad with Upbit exchange hacked 342k ETH, so far not problem with Upbit exchange and I like this market very much because have give profit by airdrop project and I hope this exchange market will back normal again and take secure for their exchange become more safety again and give safety for their member.

Investors here are starting to be more afraid because if they can not withdraw money at Upbit exchange, this will certainly be very bad news for this market. I hope that they will focus more on security issues and prevent further attacks in the near future. In my opinion, this is a huge loss for the crypto market but Upbit will soon grow again and don't worry too much.

[akopjpuge]

This is why I don't really trust exchange with my funds. Exchanges are more targeted by criminals and hackers than own wallet. I always withdraw my funds whenever I'm not trading.

[shinratensei_]

That's a common thing to happen, many exchanges are hacked. But Upbit is very serious in this case to secure members ' assets.

But they failed to do so and now people are losing money because of this not unless they'll shoulder the hacked amount. Many Korean Crypto Exchanges are failed to protect the users, and we might lose the trust of the public because of that. Its still good that ETH as a whole didn't move that much, maybe some irregularities are still on crypto exchanges and not just on ETH but in the whole cryptocurrency, so guys be aware to protect your wallet and always have a hard wallet or a wallet that you can control.

I think the potential for hacking occurs in every exchange, they are always attacked and must improve performance, even in the best exchange ever experienced it. what is needed is to act after it happens and increase its security again so that it can be trusted by consumers. and it's true we have to be careful of our wallet

As the major exchange site and that's a big shame for upbit to get the problem with its security to consider it has multi-millions reserved funds that already got from the profit by running its exchange site.
Upbit doesn't mention anything about what vulnerability has already discovered by scammer and use it to steal the funds from the hotwallet. Remember about there was a lot of possibility for scenarios that can happen behind the hacked case of upbit. As long as the exchange site can maintain its security and there will be no an internal problem and that case will not happen. We can see so many exchange sites never get any hacked case like kucoin.

[Landak]

This is why I don't really trust exchange with my funds. Exchanges are more targeted by criminals and hackers than own wallet. I always withdraw my funds whenever I'm not trading.

I am very suspicious, in my opinion this is a deliberate issue. I'm sure all market exchanges have a professional team and have anticipated hacking but why can this happen again. Well, the good news is the upbit give the compensate/return for the balance stolen by hackers.

Yep, it's better to keep crypto in your own wallet.

[Strongkored]

Many people are respect with what Upbit's attitude will recovery the lost funds, to be honest I don't really believe in all the hacking drama that happens to exchange, surely the exchange development team is not a fool, that's why don't ever entrust our cryptos stored in the exchange with large amounts .

[Pamadar]

Many people are respect with what Upbit's attitude will recovery the lost funds, to be honest I don't really believe in all the hacking drama that happens to exchange, surely the exchange development team is not a fool, that's why don't ever entrust our cryptos stored in the exchange with large amounts .

That's the problem, traders and investors don't have any clarity regarding to this incident. Even they do public information regarding to this hack
but we are not sure if this really being done by hackers because of their poor security or an inside job coming from the team itself and they are just
doing this to runaway without any blames.