Upbit exchange hacked!

[dimonstration]

Exchanges were prone to hacking may it be a popular exchange or not so better not put all in one exchange or wallet. I always transfer my trading capital when I already have some earnings back to my hardware wallet and didn't leave any amount if I know I will not trade the next day or a week. Lesson learned dont6ever leave huge amount in an exchange as much as possible. Sorry to all who got victimised by hackers, hope Upbit will find a way to determine who or info of the hacker or they should add more security option soon.

[alisonwonder]

will history really repeat itself? this is the same as in previous years, there will be news about hackers ahead of halving, then prices fall and after halving prices increase.
like the analysis in this thread https://bitcointalk.org/index.php?topic=5043315.msg46478559#msg46478559

[Greed Dev]

Just saw the news.

https://whale-alert.io/transaction/ethereum/ca4e0aa223e3190ab477efb25617eff3a42af7bdb29cdb7dc9e7935ea88626b4

This is really sad news that hackers are coming back and targeting big exchanges to steal many traders' money. This is also a sign that there is a slight disregard for exchange coin security.
Upbit is one of the major exchanges and so this can happen at many similar exchanges. We should take care of our own property, don't put all your money on exchanges. It will be risky.

[target]

similar to this thread : https://bitcointalk.org/index.php?topic=5204950.0

transaction: https://etherscan.io/address/0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029

I don't understand how their hot wallet could be hacked easily if it wasn't for insider involvement? I am reminded of the Zaif exchange case which finally only ended in the investigation.

However, Upbit has claimed to cover losses for this case.

Its a big exchange so how come their security is just this easily got compromised so an inside job could be something to look at. Had they already said anything about it like are they going to refund like how binance did?

This could be the end of their exchange if not handled properly. This is why a decentralized exchange might just win this game soon and the ones I bet could be one that is truely decentralized like blocknet.

[Shasha80]

To be honest, I was shocked to hear the news that Upbit exchanges have been hacked. Yet as we know Upbit is one of the
best exchanges from South Korea's, should have a good security system. With this news will make the market conditions
worse. But I learned from my mistakes in the past, not keeping all my coins in one exchange. But I save in several exchanges,
to avoid hackers. Which is indeed currently targeting many large exchanges. Before Upbit, cryptopia has been hacked. Even as
large as Binance has been hacked, so be more careful in guarding the coins we have.

[cryptothreads]

To be honest, I was shocked to hear the news that Upbit exchanges have been hacked. Yet as we know Upbit is one of the
best exchanges from South Korea's, should have a good security system. With this news will make the market conditions
worse. But I learned from my mistakes in the past, not keeping all my coins in one exchange. But I save in several exchanges,
to avoid hackers. Which is indeed currently targeting many large exchanges. Before Upbit, cryptopia has been hacked. Even as
large as Binance has been hacked, so be more careful in guarding the coins we have.

Upbit is one of big exchanges in Korea and really this is very bad news for the whole market. I think there is currently no safe exchange and investors will face a lot of great risks if not careful. This year has been a bad year for the big exchanges and hope that they will raise the highest level of protection to protect investors because many people are feeling very scared during this time.

In 2020, there will be other attacks at big exchanges and Okex, Huobi will be the two exchanges need to be careful before this issue.

[adjed]

Coming at a time when the Cryptocurrency market was down, it would have further devastated the market but thanks to Upbit that announced that the funds are SAFU, the news actually boosted the whole market, this is a shinning example of how an exchange should be and Binance also did the same thing in the past when they were hacked of about $42m worth of Bitcoin, this should serve as a lesson why you shouldn't leave your funds in an exchange because if it had happened in another exchange, the story might have ended differently.

[mich]

Upbit has finished a security upgrade in response to an ETH hack the exchange suffered in late 2019

“It is part of our effort to increase Upbit’s overall security since the Ethereum theft incident last November. Immediately following the incident, we suspended deposit/withdrawal services and transferred all crypto-assets to cold wallets. Since then, we’ve been revamping the wallet system for all crypto-assets traded on Upbit. As of today, new wallet services for Bitcoin, Ethereum, Litecoin, Ripple, and EOS are open.”

https://cointelegraph.com/news/crypto-exchange-upbit-finishes-security-update-in-response-to-2019-hack

[mich]

This is shame and I really hope they can figure out this horrible attack. This does not look very good for Korea.

Upbit Continues to Freeze Crypto Withdrawals For Foreign Users

South Korean crypto exchange, Upbit, started to block withdrawals for its foreign users back in December 2019. Initially it was thought to be in response to the hack that took place, but now it seems it may have something to do with the company’s outstanding tax fine.

https://bitcoinist.com/foreign-traders-cannot-withdraw-crypto-funds-from-upbit/