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UpBit Crypto Exchange Suffers Hack with 60 Bln KRW Lost in Crypto

News
Wed, 11/27/2019 - 09:25
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Yuri Molchan
Dovey Wan from Primitive Ventures states that UpBit is likely to be hacked, citing a Korean source, while UpBit shuts down for maintenance and withdraws 60 bln KRW
UpBit Crypto Exchange Suffers Hack with 60 Bln KRW Lost in Crypto
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Earlier today, a Korean news outlet Naver reported that the local UpBit crypto exchange had been hacked and lost around 60 bln won in cryptocurrency.

60 bln won withdrawn to an unknown wallet

Dovey Wan from Primitive Ventures who often posts crypto news from Korea and China, reported that on her Twitter page, providing a link to the Naver article.

A crypto expert and blockchain writer Joseph Young checked the source. He confirms that UpBit has temporarily frozen deposits and withdrawals, which is a normal thing to happen. However, he points out that around $50 mln in ETH (approx. 60 bln KRW) was withdrawn to an unknown wallet.

This was done without a preliminary public notification and this is suspicious, he states.

After attempting to check the information about a possible hack, Dovey Wan further writes that she has received mixed responses.

A Twitter user @chase__chang cites a more recent article, saying that the amount withdrawn from UpBit is not 60 bln KRW but 92 bln KRW (equal to around $78 mln) in crypto.

Another indirect confirmation emerges in the comment thread.

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A confirmation emerges

An UpBit representative finally confirms the loss of funds.

Joseph Young believes it was an insider job.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.