$50 Million ETH stolen from Upbit

in #cryptolast year

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All transactions on Upbit exchange have been stopped due to a $50 Million hack. Around 340,000 Ethereum was withdrawn from the exchange.

“To ensure that your assets are unharmed, 342,000 ETH transferred to unknown wallets will be covered by UPbit assets. We’re working on it, and I’ll tell you as soon as I’m done”
- Dunamu’s CEO Lee

The CEO claims all loses will be reimbursed with Upbit funds.

It is estimated it will take at least two weeks for the exchange to come online again.

Do not send funds to Upbit at this time.

You can read the official Upbit announcement here

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Inside job? This is likely to happen more and more. The weak link is always people.

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I don't like eth

I like steem

They don't need to be mutually exclusive but I am not a huge fan of ETH either.

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it was a news!

You might be right.

Hahahaha..😁 😁

Posted using Partiko Android

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The only korean exchange I use these days is korbit. The 2 biggest, Upbit and bithumb have both had bad hacks in the past year now. Korbit is older and more secure, but it is less volume , less pairs and difficult to use.

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Keep your stuff off the exchange! The tech is far from flawless, but these exchanges may need to start thinking about insurance... If they don't already have it

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Your post is very good. And it will benefit us a lot. I'm on your side. I hope you will be by the side

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I saw this yesterday, it appeared to have little effect on the community unlike what we have seen in the past. No massive selloffs etc...

The CEO claims all loses will be reimbursed with Upbit funds.

I guess this makes all the difference.

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The risks of custodial setups. Maybe one day non-custodial means of exchange will be efficient enough to use and become ubiquitous.

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Ops! This is another terrible news for cryptos, I saw this same news when I was surfing a crypto news app yesterday. Good that the exchange mentioned they will cover the hacked funds with their assets. Though no machine is 99% efficient but I think crypto exchange websites should do better in security and also try to move to DEX just like Binance.

Thanks for sharing!

Flagged for over rewarded posts!!

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 last year Reveal Comment

You got me. Retarded twat bag.

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