Upbit exchange was hacked. 342,000 ETH lost

[DonFacundo]

Another bad news again in the crypto market, I wonder how the hacker hacked ETH? sometimes I'm thinking this is inside job, knows how to unlock it easily. Upbit exchange should maximize their security.

[ajiz138]

This is bad news that makes the price of bitcoin and ETH fall back. Large exchanges of upbit class can be hacked by hackers. Upbit is a global exchange based in Korea.

is it possible that the security of the upbit is weak so it can be broken into?

[jcarlo]

This is bad news that makes the price of bitcoin and ETH fall back. Large exchanges of upbit class can be hacked by hackers. Upbit is a global exchange based in Korea.

is it possible that the security of the upbit is weak so it can be broken into?

In my opinion, almost all exchangers have security problems because exchangers as large as Binance have also had an event like this. The difference is that large exchangers guarantee their customers' funds and compensate for losses

[ntsdm1]

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Although around 340k ETH was withdrawn from upbit to an unknown wallet, the upbit will continue to replace it so that no user is harmed.

It amazes me that there are still opportunities for hacking exchanges. It may seem to us that it’s simply not possible to come up with better security. It turns out that security problems exist now.

[ashmodeus]

ok, the hacker has get what they want. and what now ?
did they can cashed that ETH ?
since their action has been tracked 24/7 .
--
btw , this year,is really worst year for crypto exchange industry.
started with cryptopia hacked on january ,continue dragonex, bithumb, binance, bitrue , bitpoint, and now upbit wich the biggest lost from that incident.

[shoreno]

ok, the hacker has get what they want. and what now ?

money is not the only the thing that they wanted to get but i think they also want the info or the kyc of users and as well as thier login credentials  .

did they can cashed that ETH ?
since their action has been tracked 24/7 .

thats easy . they can always use mixer's and boom they cant be traced now  .

btw , this year,is really worst year for crypto exchange industry.
started with cryptopia hacked on january ,continue dragonex, bithumb, binance, bitrue , bitpoint, and now upbit wich the biggest lost from that incident.

not just this year but on the past years there were also bad incidents happen on crypto . i think the biggest was binance because we know how popular binance was compare to to other exchanges

[Strongkored]

-snip-

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.

That's my points, they are like hiding what actually happened and finally just using the classic reason that is being hacked.

With company funds that will be used to recovery the lost funds whether their service and also their security systems will have no effect?

[bobelr]

Time to port to non-custodian wallet. I recommend atomicwallet if you need one. Download from https://atomicwallet.io
Also, do your own research to confirm how secure the wallet is. I use atomic wallet for swapping and to store virtually all of my cryptos.

[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

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.

the wallet address has been marked but I think they can sell it through a decentralized DEX exchange, because their transactions may not be seen or use a newly released market, some don't believe that upbit is really hacked

[The Cryptovator]

Seems somedays traders would avoid use centralized exchanges for trading their assets. There is a raised question, some exchange getting hacked when they have to pay tax. Not sure if exchange themselves making drama but traders losing their hopes and also exchange losing their trust. But it's good thing that Upbit will recover fund and traders will not effected. This year is exchange hacked year, so many hack happened. Exchanges should build more strong security to save users assets.

[ronaldo40]

This is bad news that makes the price of bitcoin and ETH fall back. Large exchanges of upbit class can be hacked by hackers. Upbit is a global exchange based in Korea.

is it possible that the security of the upbit is weak so it can be broken into?

i don't think the price of ethereum will down after this attack because of upbit loss around 342k ETH which is around 0.31% from total ETH
which is not enough for the hacker to make the price of ethereum down

[julerz12]

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.

This was my suspicion as well.
How many times did such centralized exchanges got hacked and then exited because they no longer have the means to run their business or just wanted to run with all the user's funds?
We saw this happen in Cryptopia and many other exchanges. There's no telling if what the Upbit team has said is ever true or just a smokescreen to hide their true intentions.
Well, I guess only time will tell. What's certain is, if a trader/user do hold their funds on these centralized exchanges, they're bound to lose them.

[sunsilk]

Update: The current address has now 0 balance while there are new transfers made few hours ago to different addresses. The 1st address has the 61,004 ETH, the 2nd address has 59,176 ETH, 3rd address has 61,001 ETH, 4th address has 49,900 and the last address I've seen has 9 ETH.

1st address: 0xEeD2BB3aA8eDbB357756432dA0223B8f3226887F

2nd address: 0xB3A9B79F4D5Dc2cdcdc00dA22869502CBF65A0a5

3rd address: 0xf52bAEB41abf6a9001F42246D5a3a9e2677Bc8f5

4th address: 0x3408EdCa2d47DDaa783A3563D991b8ddebCD973b

That's a total of 231,000 + ETH, I don't know where the other balance now.

[ololajulo]

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.  

How many decentralized exchanges had enough token that cut across all blockchain platform like stellar, erc20, BEP, NEO and have bitcoin on it. I wonder if there is any exchange that does that at all. So your advice may not be acceptable ATM. The denial of KYC was an advantage also for DEX but the government is reacting to it and DEX are getting unpopular. Forkdelta had its challenge if you can check

[ashmodeus]

ok, the hacker has get what they want. and what now ?

money is not the only the thing that they wanted to get but i think they also want the info or the kyc of users and as well as thier login credentials  .

i dont think so, of course its just for money , since we know exactly they just hack the hot wallet.

btw , this year,is really worst year for crypto exchange industry.
started with cryptopia hacked on january ,continue dragonex, bithumb, binance, bitrue , bitpoint, and now upbit wich the biggest lost from that incident.

not just this year but on the past years there were also bad incidents happen on crypto . i think the biggest was binance because we know how popular binance was compare to to other exchanges

i am talking about value actually 

did they can cashed that ETH ?
since their action has been tracked 24/7 .

thats easy . they can always use mixer's and boom they cant be traced now  .

did mixer service will ignoring a client problem like that ?
i mean , if the hacker address has been tracked and they want using a mixer service , are the service will pretend to didn't know about it ?

[ajiz138]

This is bad news that makes the price of bitcoin and ETH fall back. Large exchanges of upbit class can be hacked by hackers. Upbit is a global exchange based in Korea.

is it possible that the security of the upbit is weak so it can be broken into?

In my opinion, almost all exchangers have security problems because exchangers as large as Binance have also had an event like this. The difference is that large exchangers guarantee their customers' funds and compensate for losses

Upbit will completely replace all upbit user losses. Large upbit-class Exchange only 320k ETh may still be very small, but there are positive things that will get the upbit security will be updated again and close the bugs that are attacked by hackers. Hopefully this isn't just a drama made for the benefit of a handful of people.

[iamsange]

This is bad news that makes the price of bitcoin and ETH fall back. Large exchanges of upbit class can be hacked by hackers. Upbit is a global exchange based in Korea.

is it possible that the security of the upbit is weak so it can be broken into?

In my opinion, almost all exchangers have security problems because exchangers as large as Binance have also had an event like this. The difference is that large exchangers guarantee their customers' funds and compensate for losses

Upbit will completely replace all upbit user losses. Large upbit-class Exchange only 320k ETh may still be very small, but there are positive things that will get the upbit security will be updated again and close the bugs that are attacked by hackers. Hopefully this isn't just a drama made for the benefit of a handful of people.

If that is what happen, and Upbit can guarantee if user's money wouldn't affected with it, Upbit maybe already change big exchange for now. Usually new market closed down after get hacked like this. But if keep survived, they must be very good exchange.

[arwin100]

This is bad news that makes the price of bitcoin and ETH fall back. Large exchanges of upbit class can be hacked by hackers. Upbit is a global exchange based in Korea.

is it possible that the security of the upbit is weak so it can be broken into?

In my opinion, almost all exchangers have security problems because exchangers as large as Binance have also had an event like this. The difference is that large exchangers guarantee their customers' funds and compensate for losses

Upbit will completely replace all upbit user losses. Large upbit-class Exchange only 320k ETh may still be very small, but there are positive things that will get the upbit security will be updated again and close the bugs that are attacked by hackers. Hopefully this isn't just a drama made for the benefit of a handful of people.

It's not small amount and I don't know on how upbit will counteract with that loss if they really cover up the loses of their users but if they will repay the users then maybe it's a good sign that they are good exchange and hopefully they will strengthen up there security so that they will not  encounter this hacking issue again. And one thing I am worried right now if this event can create an impact for this current market condition.

[Questat]

Upbit can get over it, I can see sometimes they have a huge volume so for sure they have some contingency funds for business continuity.
It's really hard to trust your money in exchange, this hacking incident is not know to crypto, even Binance was hack, so business owners should see this kind of big risk.

[suzanne5223]

This is bad news that makes the price of bitcoin and ETH fall back. Large exchanges of upbit class can be hacked by hackers. Upbit is a global exchange based in Korea.

is it possible that the security of the upbit is weak so it can be broken into?

In my opinion, almost all exchangers have security problems because exchangers as large as Binance have also had an event like this. The difference is that large exchangers guarantee their customers' funds and compensate for losses

Upbit will completely replace all upbit user losses. Large upbit-class Exchange only 320k ETh may still be very small, but there are positive things that will get the upbit security will be updated again and close the bugs that are attacked by hackers. Hopefully this isn't just a drama made for the benefit of a handful of people.

It's not small amount and I don't know on how upbit will counteract with that loss if they really cover up the loses of their users but if they will repay the users then maybe it's a good sign that they are good exchange and hopefully they will strengthen up there security so that they will not  encounter this hacking issue again. And one thing I am worried right now if this event can create an impact for this current market condition.

A lot of people might be think about that too. Because with that amount of money, and maybe bad news happen can cause people to be panic and worst thing in my mind is price can be dumped. My hope maybe that thing is not happen because we need more people to believe cryptocurrency is a good investment.

People around the world where internet is made available have already heard about cryptocurrency but what they are mostly scared of is the volatility in nature of crypto and security level.
With that been said, Upbit have promised that their users funds is saved and the market is not affected despite is already weekend.
This is a good one and I guess others crypto exchange learned the saving of users fund from binance