#Privacy: South Korean cryptocurrency confirms theft of $49m in Ether

The CEO of Upbit has confirmed that a cyberattack has resulted in the theft of $48.5m in cryptocurrency.

In a statement, Upbit’s CEO Lee Seok-woo confirmed that on 1:06pm KMT, November 27, 342,000 Ethereum (ETH) had been transferred to an unknown wallet from the Upbeat Ethereum Hot Wallet. 

Soon after the theft, Upbit announced that it had temporarily suspended withdrawals and deposits due to “server maintenance.”

To ensure that user assets are not harmed, Upbit will replace the stolen Ethereum. Upbit has also transferred all remaining cryptocurrencies in Hot Wallet have been transferred to Cold Wallet. 

It is estimated that it will take at least two weeks for the deposit and withdrawal to resume back to normal. 

In January 2018, Bithump, Upbit, Coinone and Korbit created a hotline for crypto exchanges, to ensure that suspicious transactions could be detected and frozen immediately.

There is a clear prevalence of attacks against cryptocurrency exchanges, only just earlier this year Upbit and local cybersecurity firm East Security claimed that a phishing scam had targeted its users.

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