Upbit exchange was hacked. 342,000 ETH lost

[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 

[Mammothcoin]

Security within the blockchain space is something that shouldn't be taken likely.  Upbit is a top volume exchange. Recently,  breaches on these perceived secure exchanges are becoming a real cause for concern, even Binance wasn't exempt. Sadly,  it can only get worse as more people enter into the space and the values of these crypts increase.

[kolonel_x]

Security within the blockchain space is something that shouldn't be taken likely.  Upbit is a top volume exchange. Recently,  breaches on these perceived secure exchanges are becoming a real cause for concern, even Binance wasn't exempt. Sadly,  it can only get worse as more people enter into the space and the values of these crypts increase.

Hackers can not be prevented so this happens in small and large exchanges of course in any security there must be a weakness there we must realize and do not believe it fully, although Upbit exchange for it will still be vulnerable too.

[mich]

Upbit's Operator Launches Custody Service with Ledger

DXM, a financial services subsidiary of South Korean fintech firm Dunamu, has worked with crypto cybersecurity firm Ledger to launch an institutional crypto asset custody service.

https://cointelegraph.com/news/crypto-exchange-upbits-operator-launches-custody-service-with-ledger

[metalglowd]

Security within the blockchain space is something that shouldn't be taken likely.  Upbit is a top volume exchange. Recently,  breaches on these perceived secure exchanges are becoming a real cause for concern, even Binance wasn't exempt. Sadly,  it can only get worse as more people enter into the space and the values of these crypts increase.

Hackers can not be prevented so this happens in small and large exchanges of course in any security there must be a weakness there we must realize and do not believe it fully, although Upbit exchange for it will still be vulnerable too.

If indeed this situation can certainly happen maybe there should be a blockchain system that can make the stolen assets back to where they should be, not just locked and then stored for a long time in the wallet. Because if this continues, crypto assets can collapse. In the future i hope Blockchain should be really flexible to certain situations

[rudin123]

If indeed this situation can certainly happen maybe there should be a blockchain system that can make the stolen assets back to where they should be, not just locked and then stored for a long time in the wallet. Because if this continues, crypto assets can collapse. In the future i hope Blockchain should be really flexible to certain situations

maybe in the future there will be technology like that but for now it seems like there hasn't been anyone developing it, if there is such technology I think digital assets will be safe

[Bossfidelity]

It's quite unfortunate reading through this post. I'm indeed pained in my heart that an exchange lost such a huge sum in one day. I still believe that something is wrong somewhere and the assistance of an insider was utilized to move such an outrageous sum out of the exchange.

[Anonylz]

Security within the blockchain space is something that shouldn't be taken likely.  Upbit is a top volume exchange. Recently,  breaches on these perceived secure exchanges are becoming a real cause for concern, even Binance wasn't exempt. Sadly,  it can only get worse as more people enter into the space and the values of these crypts increase.

Hackers can not be prevented so this happens in small and large exchanges of course in any security there must be a weakness there we must realize and do not believe it fully, although Upbit exchange for it will still be vulnerable too.

Are you saying there is nothing exchanges can do to prevent hackers from having access to hack their exchange? and so users and investors have to deal with this constant hacking a possible loss of their funds? i don't want to believe there is nothing they can do, there should be a solution to protect this exchange from this kind of attack otherwise users will not feel secure to live money in exchange no matter how little it may seem, even though it is advisable not to keep money in exchange still one should be able to trade without fear.