Upbit exchange was hacked. 342,000 ETH lost

[iram3130]

An explanation on how it happened would have been better. Still, its a good thing that they are ready to cover it up with funds but the stolen ETH will be used for market manipulation and looks like the latest BTC drop is because of this hack.

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[Bezobraznike]

An explanation on how it happened would have been better. Still, its a good thing that they are ready to cover it up with funds but the stolen ETH will be used for market manipulation and looks like the latest BTC drop is because of this hack.

   When exchange get hacked crypto-market reacts, that is temporary, after some time things will get back in normal. Explanation
from exchange how hack happened comes after some time, they will have investigation before they make any announcements.
This is just one more exchange hacked, I don't hold my coins on exchange.

[confreslamp]

Heard about it today, damn. Did not hold money on that exchange, but it happens almost every single day. Exchanges, projects, personal wallets, everything is getting hacked every single day without any solution to solve this.

[mirtotanota]

An explanation on how it happened would have been better. Still, its a good thing that they are ready to cover it up with funds but the stolen ETH will be used for market manipulation and looks like the latest BTC drop is because of this hack.

they dont talk about their weakness
i dont think btc drop because of this hack, but as i know its best time to buy btc or eth , i think people who buy crypto right know will earn good profit from it

[minairia3]

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.

That's because they are not focusing on the security of the exchange. Most exchange often got hacked due to lack of security see Binance before right? It is not korean exchange but often got hacked too. Sometimes I think that these exchanges only make it like they got hacked but the truth is they are covering up some loss fund.

[ragavancoin]

Really bad day for upbit exchange because they are lose 342, 000 ethereum coins due to hackers. Why upbit not update the security system for exchange, because I know that in may 2019 some hackers attempt to hack upbit exchange but this they are successful done and stolen worth of 48.7 million eth coins.

Good news that upbit going to cover the lose. But I want to know can upbit recover the funds from hackers?

[bgaf]

An explanation on how it happened would have been better. Still, its a good thing that they are ready to cover it up with funds but the stolen ETH will be used for market manipulation and looks like the latest BTC drop is because of this hack.

I think there is something about eth. Recently eth announces that their upgrade will come to town, maybe someone knows that there is a possible reversal on its price and hacking an exchange for eth will probably one of the best way to hord it. The exchange will probably not disclose the reason but Im sure its connected on eth development. Too bad Upbit a big exchange could be part of this hording.

[Serco]

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

its very urgent to do, too many case happen every years. This not good for cryptocurrency ecosystem if this case regularly happen every few months. We know this is really important to developted ,but decentralized concept that make it impossible to do. Only core development that maybe could , but its still not sure. Learn from previous case , exchanges must create new security system in their cabinet ..

[DaMut]

they are suspending their withdrawal and deposit for two weeks, it seems like they have a feeling it was an insider.
this incident reminds us again that holding your asset on the exchange is unwise, always keep it inside your wallet.
if you have assets on the exchange right now, withdraw it to prevent you from getting hacked.

[nicster551]

Bad moment we are in, after all this dumps we have faced then we will see one of the top exchanges get hacked. This isnt good for the whole market for sure,we can still expect a few more dumps on ETH specifically. But good to hear that upbit wants to cover for that stollen funds.

[Landak]

This upbit grrrrrrr , it sounds like a drama deliberately made to reduce the price of bitcoin to the lowest point so that they (don't know who is behind it) can buy as much bitcoin as possible at the lowest price, and to prepare for halving bitcoin. (first dump and then pump)

[MUG1WARA]

was very surprised when I heard this bad news. Will they really be able to cover losses due to hackers? of course this will also have bad impact on exchange

[bassbity]

Really bad day for upbit exchange because they are lose 342, 000 ethereum coins due to hackers. Why upbit not update the security system for exchange, because I know that in may 2019 some hackers attempt to hack upbit exchange but this they are successful done and stolen worth of 48.7 million eth coins.

Good news that upbit going to cover the lose. But I want to know can upbit recover the funds from hackers?

Yes this is sad news for Upbit users throughout it, with a large number of hacked ETHs (342,000 Ether) and hackers currently still not selling ETH and prices are still quite stable at the start there is indeed a decline maybe people panic so sell in a hurry .
Upbit Exchange has a large responsibility for the incidents of this problem so that user funds remain intact.

[Bananington]

When I saw the news about UPBIT hack, I was highly astonished since that exchange is cool, I thought probably there will be very advanced security protocols to overcome hacks. Well, hackers keep coming up with more sophisticated techniques to bypass existing security protocols. I hope this won't cause more downtrend for the market, since bad news quickly spread. 

[distr@yopmail.com]

was very surprised when I heard this bad news. Will they really be able to cover losses due to hackers? of course this will also have bad impact on exchange

more sustainable adverse effects occur on the crypto market as a whole. because investor confidence can decline with events like this. now we must learn from this incident because we must be able to choose the best exchange to store our crypto assets or we can store it in a personal wallet to be more secure.
Can or not upbit overcome the disadvantages of this problem, of course, they must be responsible if there are losses relating to their community. if they can be dealt with quickly they can regain market confidence.

[samuraijin]

I have read this news everywhere, but what influences the price of ETH and BTC, I hope that hackers throw ETH far cheaper now of course I will take it, but if it is not thrown away I suspect it is not the work of hackers but the people in it who make the situation market to be more bloody, I am not interested in following their airdrop and also not interested in putting my money there, I still doubt the Korean site since Bithumb was hacked

[dataispower]

This is the more reason why keeping funds for a long time on centralised exchanges is a very big risk. Who would have thought UPBIT of all exchanges will be hacked in this manner. When I saw the announcement, I wasn't so surprised because it can happen to any exchange. Let's forget about the tight security claims, there are some hackers always ahead of the game. But why are all these bad news coming up now, ( IDAX scam, UPBIT hack) in this dwindling market 🤔 ?

[desticy]

I have read this news everywhere, but what influences the price of ETH and BTC, I hope that hackers throw ETH far cheaper now of course I will take it, but if it is not thrown away I suspect it is not the work of hackers but the people in it who make the situation market to be more bloody, I am not interested in following their airdrop and also not interested in putting my money there, I still doubt the Korean site since Bithumb was hacked

The fact is that, according to KZ Binance, he and other exchange market players are going to monitor and prevent deposits of funds stolen from Apbit, this was said in the official twitter of Binance.
This is already pretty good news that will help protect the market to some extent from the drain of stolen funds. However, hackers are not stupid and can sell stolen goods outside the exchanges.

[anog]

This is really bad when the market is pushed down he added there was this incident.

I do not understand when the exchange is really safe for all parties concerned and there are no events like this anymore?

Indirectly this will reduce interest for new crypto actors when they hear news like this.

[VanDeinsberg12]

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

Maybe the internal of upbit was doing a fault that was opening the vulnerability for the upbit hackers to take all of the ethereum. but from what i can see the hacker is still sending more and more small amounts of ethereum from the various wallet. I hope all of exchange sites can create a cooperation to track the hackers.