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60 bln won withdrawn to an unknown wallet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 However, he points out that around $50 mln in ETH (approx. 60 bln KRW) was withdrawn to an unknown wallet.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A Twitter user @chase__chang cites a more recent article, saying that the amount withdrawn from UpBit is not 60 bln KRW but 92 bln KRW (equal to around $78 mln) in crypto.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.
A confirmation emerges
An UpBit representative finally confirms the loss of funds.
Joseph Young believes it was an insider job.