Upbit exchange was hacked. 342,000 ETH lost

[Lanatsa]

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

Mind to link about this matter? I tried to search up their announcement news but i havent able to read that replenish amounts on the said hacked hot wallet.
It really sounds dumb on funding again a hacked wallet.I would like to clarify about this news. hope you would reply on where you do read up such information.

We dont know if this one is an inside job or a real hack yet any exchange can announce that theyve been recently hacked due to blah blah blah. Another bad news in cryptospace.

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[Bim abk]

I have yet to see any negative effect of this FUD news on ETH price. I don't know why Upbit store such a huge amount of money in hot wallet, then got hacked. Recently, there has been a continuous FUD on crypto, it seems that by the end of this year, the market has not been able to break out of the bear market.

This really makes investors/traders more scary as Upbit exchange is one of the good exchange too, first, Binance hacked, then now Upbit, it's really a large sum of money, good for those hackers, they do have a lot of money instantly, they are really attacking great exchange as they know it will be worth if for them to hack them, very vigilant for hackers, they are now instant millionaires, how I wish they can sleep at night very well.

security systems are sometimes still can be hacked if there are bugs in it, and what happens to Upbit including system errors are not pure from the people in it. most importantly they can be responsible, maybe they will lose trust for a while if they can build trust again they will be even better.

[mr_random]

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

Mind to link about this matter? I tried to search up their announcement news but i havent able to read that replenish amounts on the said hacked hot wallet.
It really sounds dumb on funding again a hacked wallet.I would like to clarify about this news. hope you would reply on where you do read up such information.

We dont know if this one is an inside job or a real hack yet any exchange can announce that theyve been recently hacked due to blah blah blah. Another bad news in cryptospace.

The more the hacks happen in the crypto sphere, the more investors are afraid of investing in the crypto ecosystem. Regarding the replenish of hacked ETH wallet, maybe the hackers send back the stolen ETH to the same address for whatever reason or some traders just funded the hacked account or fat finger. Who knows unless the Upbit team answers all questions on live AMA.

[tsaroz]

It's still not clear about the nature of hack. Exchanges have been exploited and hacked using different vulnerabilities and they are patching it everytime a loophole appears.
I hope more and more exchange would learn from it and work together to create a hack free environment on exchanges. And I also hope that this hack won't have much effect on the users.

[beerlover]

So far I could say that 342k is not an amount they could recover that quickly, upbit is a decent place but 50 million dollars is a lot of money, I am sure they do make a ton of money everyday but not 50 million dollars.

I have no way of calculating right now (someone probably already did a whole volume times trading fee calculation for their revenue) but I feel like maybe they will just say that they will recover it but basically let everyone withdraw as they can from the money they already have and hope that people withdraw less than what they have and try to sustain from the profits for a while until they are back out of red and into profit once again. As long as people don't rush and withdraw all together, they may literally just let it be and still not have problems.

[desticy]

It's still not clear about the nature of hack. Exchanges have been exploited and hacked using different vulnerabilities and they are patching it everytime a loophole appears.
I hope more and more exchange would learn from it and work together to create a hack free environment on exchanges. And I also hope that this hack won't have much effect on the users.

That's right, and this is perhaps the most interesting.
After all, the funds began to arrive recklessly, to a hacked wallet, which makes no sense if it was compromised.

However, there is a possibility that the hacking occurred through the administrative panels, which means that hackers gain full or partial control over the system.
Then the question arose of why such a quantity was stolen and not more.

[btcdie]

I was surprised, the exact exchange was in Korea, hacks often occur. there may be something special or weakness so hackers aim at the Korean crypto market, really bad news for the crypto market. if the amount is sold in an instant this will greatly affect the price of ethereum. for investors or holders don't panic. the hacker will not sell immediately, need to think twice, because the address can be traced. and for Upbit exchange users, please don't panic, the exchange has promised to return the assets you have.

[Ucy]

58 billion won is about $50,000,000 .that is huge. Centralized exchange or  platform is a deviation of the bitcoin ideal, so we can't blame this on crypto world. We have solid standards everyone is advised to follow. If you don't follow them, you are not really part of us.
The hacks will drastically reduce if we all abide by the "rules".

[Oyimeelijah]

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

when i first read about the Hack i was truly surprised because my korean friend has a lot of funds with upBit. but then again i read the news and saw that they where going use corporate funds to help cover for loss and i was relieved that my friwend wasnt going to loose his funds. Cryptocurrency exchanges are constantly faced with cases of hacks and this says a lot about the security they kept assuring users. truly sad that upBit that i felt was a decent exchange is undergoing such crisis.

[arimamib]

I was surprised, the exact exchange was in Korea, hacks often occur. there may be something special or weakness so hackers aim at the Korean crypto market, really bad news for the crypto market. if the amount is sold in an instant this will greatly affect the price of ethereum. for investors or holders don't panic. the hacker will not sell immediately, need to think twice, because the address can be traced. and for Upbit exchange users, please don't panic, the exchange has promised to return the assets you have.

hacking will indeed continue to exist because a system is not completely safe. this is really bad news for exchange users and also other crypto users especially eth users. as you said, and the possibility of panic sell can occur

[Fappanu]

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)

I think North Korean Hackers are responsible for this as there have been previous rumors of hacking here and these hackers from north korea base on coindesk.

And if it is inside job it should be investigated by Upbit exchange now because it is a huge amount of money, And it could be the downfall of their exchange. Currently 340k ethereum has no movement in the said wallet. Hopefully the upbit will recover this, so that the upbit can be restored thier reputation .

[suzanne5223]

I wonder, why Korean exchanges are often hacked?

That shows that their exchange site are not secure as some people think or someone from the team is the game player but i hope the authority intervene in this situation.

And this incident triggers the fall of all crypto prices on the market.

Don't mix up things buddy the crypto market is already experiencing dump in price before the hacking new broke out.

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.

They have already said their investors funds are not affected and it will them 2weeks before they are can start working.

[ice18]

Another unfortunate event from crypto exchanger, they must conduct a thorough investigation on how this kind of exchanges penetrated easily by hackers it must be secured enough because its a big exchange the possibility of an inside job must also investigated good thing that the stolen eth is not yet moved from the unknown wallet they must warned other crypto exchangers for possible dump in coming days and blocked any transaction from the wallet like what binance did.  

[Dalmar]

I was surprised, the exact exchange was in Korea, hacks often occur. there may be something special or weakness so hackers aim at the Korean crypto market, really bad news for the crypto market. if the amount is sold in an instant this will greatly affect the price of ethereum. for investors or holders don't panic. the hacker will not sell immediately, need to think twice, because the address can be traced. and for Upbit exchange users, please don't panic, the exchange has promised to return the assets you have.

hacking will indeed continue to exist because a system is not completely safe. this is really bad news for exchange users and also other crypto users especially eth users. as you said, and the possibility of panic sell can occur

OMG, I can't imagine a new pullback on the crypto charts after the bad news series. The chain of negative news strictly affect the bear market, I don't think the recovery attempts by Upbit will be the reason for price recovery.  The security of crypto assets has to be at the high level but the exchange didn't use the cold storage, it looks like.

[Pecunia non olet]

I believe that this was caused only to dump more the market because whales could no longer push the price down, so this news perfectly fits to their plans. Dump market and buy low before halving.

[pandanaran]

This is one very bad news, but my question is why all this often happens to the Korean market, is their security very vulnerable to interference?
No wonder I have all deposits and withdrawals suspended today but they will also promise to compensate for all these losses.

then with this news whether this will have an impact on market price movements?

[TastyChillySauce00]

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

Mind to link about this matter? I tried to search up their announcement news but i havent able to read that replenish amounts on the said hacked hot wallet.
It really sounds dumb on funding again a hacked wallet.I would like to clarify about this news. hope you would reply on where you do read up such information.

We dont know if this one is an inside job or a real hack yet any exchange can announce that theyve been recently hacked due to blah blah blah. Another bad news in cryptospace.

It seems that he only has the proof of the suspicion though no official announcement yet considering that such a thing would take a lot of consideration before announced by the exchanges that got hacked, quite depressing to hear such enormous amount of cryptos got stolen so easily. I wonder how all these exchange could get their crypto stolen easily despite having invested into the security. I know that no system is safe but atleast they can make it harder to stole the cryptos maybe by investing more into the security because it wont take that much compared to the aftermath caused by a weak security.

[mirtotanota]

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

Mind to link about this matter? I tried to search up their announcement news but i havent able to read that replenish amounts on the said hacked hot wallet.
It really sounds dumb on funding again a hacked wallet.I would like to clarify about this news. hope you would reply on where you do read up such information.

We dont know if this one is an inside job or a real hack yet any exchange can announce that theyve been recently hacked due to blah blah blah. Another bad news in cryptospace.

It seems that he only has the proof of the suspicion though no official announcement yet considering that such a thing would take a lot of consideration before announced by the exchanges that got hacked, quite depressing to hear such enormous amount of cryptos got stolen so easily. I wonder how all these exchange could get their crypto stolen easily despite having invested into the security. I know that no system is safe but atleast they can make it harder to stole the cryptos maybe by investing more into the security because it wont take that much compared to the aftermath caused by a weak security.

did you read OP post ?
here is ANN link:
https://upbit.com/service_center/notice?id=1085

they said that 342,000 ETH moved from their Hot Wallet and dont know who do that, yes they have weak security

[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.

This is really may affect the price to continues decline although eth is already not progressive in the market. Sad to hear there is another exchange was hacked, and it is not really safe to store huge of amount of crypto. Indeed this will added a less of interest in crypto that security is not that good but let's be more positive since upbit exchange will cover the lost eth.

Yes, I heard that upbit will compensate, I think it should.

But it does not rule out if hacking like this will happen again and the exchange is reluctant to compensate, as in the previous case not a few exchanges compensate for hacking on the platform.

[BigBos]

I was surprised, the exact exchange was in Korea, hacks often occur. there may be something special or weakness so hackers aim at the Korean crypto market, really bad news for the crypto market. if the amount is sold in an instant this will greatly affect the price of ethereum. for investors or holders don't panic. the hacker will not sell immediately, need to think twice, because the address can be traced. and for Upbit exchange users, please don't panic, the exchange has promised to return the assets you have.

hacking will indeed continue to exist because a system is not completely safe. this is really bad news for exchange users and also other crypto users especially eth users. as you said, and the possibility of panic sell can occur

OMG, I can't imagine a new pullback on the crypto charts after the bad news series. The chain of negative news strictly affect the bear market, I don't think the recovery attempts by Upbit will be the reason for price recovery.  The security of crypto assets has to be at the high level but the exchange didn't use the cold storage, it looks like.

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