Upbit exchange was hacked. 342,000 ETH lost

[X-ray]

this is indeed very bad news. The thought that there was 340k ETH stolen, made me think that the price of ethereum would decrease. but, since the news was spread, ethereum prices have not dropped. but, based on the news that I read in the cointelegraph, the stolen assets will be covered by the company's assets. Source

Really glad to hear the company willing to reimburse people with their own asset rather than just letting it be. I think the dump will not come anytime soon because the coin couldnt that easily cashed out you know every exchange nowadays always require KYC and I think these hackers will have a hard time dealing with exchange and probably the address is being watched by the interpol if upbit want to report it, 340K ETH is really huge man.

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[ronaldo40]

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

i think many customers still using after this hacked because upbit will replace the hacked fund with corporate funds, with this there is not customer harm.

[K4C]

Upbit is one of the top Korean exchanges and it doesn't surprise me at all that they would replenish the hacked funds, if we were talking about exchanges like Shitbtc, it would have triggered a massive panic attack and might even lead to the closure of the exchange, Binance has done it in the past and it's commendable that Upbit too wants to do the same thing, challenges like this would only make them stronger although it's an unfortunate event.

[cryptonewbie]

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.

What matters is effort being made to recover from these losses. I think anything online can be hacked and crypto exchanges are big targets for hackers. If they have confidence in insuring loss of funds will be recovered then I think investors should be satisfied and the Market should bounce back stronger

[red4slash]

Upbit is one of the top Korean exchanges and it doesn't surprise me at all that they would replenish the hacked funds, if we were talking about exchanges like Shitbtc, it would have triggered a massive panic attack and might even lead to the closure of the exchange, Binance has done it in the past and it's commendable that Upbit too wants to do the same thing, challenges like this would only make them stronger although it's an unfortunate event.

if they are responsible then they will not lose a lot of trust from users, there may be some people who fear that happens again. but the Upbit exchange has made this mistake and is responsible professionally. hope every market is able to have a good security system so that hacking does not happen again

[lizarder]

Quite surprising considering this exchange is quite popular in South Korea and other Asian countries, but because upbit will do the refund, I think it doesn't matter it's just that this might have a slight negative effect on trust of their peers and also users on this exchange, I hope this market does not will be attacked further.

[superstrength]

Yes that's very disturbing information. Upbit exchange has been hacked. Losing 34,000 ETH, this number is too large. The company is making large losses and can say that we are very risky when we are sure they can cover the losses.

[jets567]

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

i think many customers still using after this hacked because upbit will replace the hacked fund with corporate funds, with this there is no customer harm.

I agree with @kaneki007 that the upbit users might lost their trust with the exchange due to the recent hack news and even if they cover the fund loss it will take some time from now so what if one of the users who lost its funds badly needed the money right now, do you think there is no harm? The other sad part about this news is that upbit has to face a huge fund loss that may lead them to close their exchange.

[Pham_Kinh_Kong]

UpBit exchange is facing a lot of unsafe risks. so we need to be very careful. A large amount of money is being transferred into an unknown wallet for unknown reasons but the important thing is whether this project can survive or not.

[kro55]

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.

I think these hacks are an insider job or from a big hacking group, not an ordinary guy or two can hack such big exchanges. Irony is that these hacks are on rise rather then going down. Dont know whether Upbit is strong enough to cover these loses asap to maintain trust of there clients which is very important in continuing business.

[yohananaomi]

UpBit exchange is facing a lot of unsafe risks. so we need to be very careful. A large amount of money is being transferred into an unknown wallet for unknown reasons but the important thing is whether this project can survive or not.

It's okay to anticipate you can provide information that does not save or use UpBit exchange. but judging from the problems in all exchanges, we certainly do not avoid the risk of hacking like UpBit. all that remains is for the exchange to take responsibility or not to provide protection by returning its customers. as long as he wants to be responsible is something that we should appreciate and don't need to fear, though it might take time to cover up everything. but if he is not responsible this will be the problem.

[ololajulo]

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

What is more important is that the exchange user can recover his/her fund. I dont want the target of criticism to be Korea,exchanges like Binance, poloniex etc from different countries had hack at some time and they still have users till date. I learnt the Eth transfer is being monitored and we hope it could be locked up at a point in transaction. Some thought consider the hack to inside hack and they are giving enough resource to recover it.

[Darktongue]

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

By etherscan website I saw same information. We should hold our money for long term in the exchange. Although Binance exchange refund the money after hacked exchange. But upbit lose their trust from users even they do the same as Binance exchange. But I liked this exchange and used it.

[Jannyh]

This hack of an issue is becoming a trend now, sometimes I want to  believe that there are more to the hack than what we are made to believe. My advice is to make sure you secure your fund and also use 2fa for your crypto exchanges . Also we should use trusted exchanges to trade our coins.

[Tipstar]

With the market just recovering from a sharp fall, this news would act as a resistance to the correction. There are repeated hacks on the centralized exchanges but yet we are not being able to devise a hack proof system. Though currently most of the exchanges covers the loss from their own profit not affecting the normal users, still such incident would have a wrong impact on investors.

[GucciBoy]

And this is EXACTLY why you guys should STOP using centralized exchanges, and move on to DECENTRALIZED exchanges.

These exchange hacks will happen again and again, as long as people is too stupid to hold their coins on exchanges.

My favorite DEX on the market right now is Blocknet, which also does oracles like Chainlink, just way cheaper and more decentralized, making it an awesome long term hold, as once people realizes their true potential, it should sky rocket. 

[mindrust]

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.

What matters is effort being made to recover from these losses. I think anything online can be hacked and crypto exchanges are big targets for hackers. If they have confidence in insuring loss of funds will be recovered then I think investors should be satisfied and the Market should bounce back stronger

Bitfinex was hacked too, they still operate. Exchanges like Mt.Gox, cryptsy, cryptopia on the other hand just collapsed after the hack and let the lawyers take care of the rest which is not really a good thing because it take years... If the hack was too big, even the company assets wouldn't be enough to save the people's balances.

If UpBit is going to pay $48.6m from their own pockets, that's probably the best news ever for those who had money on that exchange.

[Tylev]

market sentiment will negative again although they recover customers fund. Investors will afraid if this eth dumped in market and жmake 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

In general, such a case clearly indicates that cryptocurrency is still too vulnerable. We cannot use cryptocurrency and do without exchanges, and we don’t want to lose significant amounts there. Now the exchange administration claims that the losses will be compensated, however, then they will look for any errors and the slightest violations from the one who lost such a significant amount in ethereum. And I'm not sure they won’t find it.
The hope is that everything related to cryptocurrency and its use is still developing and that in the future ways will be found to ensure complete security for exchange customers.

[sunsilk]

UpBit says it will cover losses worth $51.3 million with corporate funds.

This is what they all have to do. If they were hacked, they should take full responsibility of it, they should handle it just like Binance when a trouble came to them. Sure it's a big money but it's all their customers fund and they should return it no matter what the situation is. But hey, I've checked the wallet too and it's now containing the original amount.

Funds returned and coming in from 'Upbit Hacker 1'.

[taufik123]

bitcoin and altcoin prices began to fall when news of the upbit exchange was hacked.
Doesn't anyone think all of this is just speculation made to influence market prices and be used for certain interests?
This has also happened in the biggest exchange binance today.
Although around 340k ETH was withdrawn from upbit to an unknown wallet, the upbit will continue to replace it so that no user is harmed.