Upbit exchange was hacked. 342,000 ETH lost - page 4.

jets567

hero member

Activity: 1008

Merit: 511

CryptoTalk.Org - Get Paid for every Post!

Quote from: ronaldo40 on November 27, 2019, 12:34:28 PM

Quote from: kaneki007 on November 27, 2019, 05:20:23 AM

Even though they will cover customer funds, but i think some customers will lose trust in the upbit exchanger for fear of the case of funds being hacked again. And i always keep my assets in my personal wallet and not in wallet exchangers.
Hopefully this problem is quickly resolved

i think many customers still using after this hacked because upbit will replace the hacked fund with corporate funds, with this there is no customer harm.

I agree with @kaneki007 that the upbit users might lost their trust with the exchange due to the recent hack news and even if they cover the fund loss it will take some time from now so what if one of the users who lost its funds badly needed the money right now, do you think there is no harm? The other sad part about this news is that upbit has to face a huge fund loss that may lead them to close their exchange.

superstrength

newbie

Activity: 64

Merit: 0

Yes that's very disturbing information. Upbit exchange has been hacked. Losing 34,000 ETH, this number is too large. The company is making large losses and can say that we are very risky when we are sure they can cover the losses.

lizarder

hero member

Activity: 1722

Merit: 895

Quite surprising considering this exchange is quite popular in South Korea and other Asian countries, but because upbit will do the refund, I think it doesn't matter it's just that this might have a slight negative effect on trust of their peers and also users on this exchange, I hope this market does not will be attacked further.

red4slash

hero member

Activity: 1470

Merit: 502

Quote from: K4C on November 27, 2019, 01:20:12 PM

Upbit is one of the top Korean exchanges and it doesn't surprise me at all that they would replenish the hacked funds, if we were talking about exchanges like Shitbtc, it would have triggered a massive panic attack and might even lead to the closure of the exchange, Binance has done it in the past and it's commendable that Upbit too wants to do the same thing, challenges like this would only make them stronger although it's an unfortunate event.

if they are responsible then they will not lose a lot of trust from users, there may be some people who fear that happens again. but the Upbit exchange has made this mistake and is responsible professionally. hope every market is able to have a good security system so that hacking does not happen again

cryptonewbie

full member

Activity: 434

Merit: 100

Quote from: knuckey on November 27, 2019, 05:10:21 AM

I wonder, why Korean exchanges are often hacked? And this incident triggers the fall of all crypto prices on the market. I hope the exchange can solve this problem immediately and not harming their users, because the 342k ETH that was stolen was worth 48.6 million dollars and this is a bad incident at the end of the year for the crypto industry.

What matters is effort being made to recover from these losses. I think anything online can be hacked and crypto exchanges are big targets for hackers. If they have confidence in insuring loss of funds will be recovered then I think investors should be satisfied and the Market should bounce back stronger

K4C

full member

Activity: 448

Merit: 103

$CYBERCASH METAVERSE

Upbit is one of the top Korean exchanges and it doesn't surprise me at all that they would replenish the hacked funds, if we were talking about exchanges like Shitbtc, it would have triggered a massive panic attack and might even lead to the closure of the exchange, Binance has done it in the past and it's commendable that Upbit too wants to do the same thing, challenges like this would only make them stronger although it's an unfortunate event.

ronaldo40

legendary

Activity: 1554

Merit: 1014

Quote from: kaneki007 on November 27, 2019, 05:20:23 AM

Even though they will cover customer funds, but i think some customers will lose trust in the upbit exchanger for fear of the case of funds being hacked again. And i always keep my assets in my personal wallet and not in wallet exchangers.
Hopefully this problem is quickly resolved

i think many customers still using after this hacked because upbit will replace the hacked fund with corporate funds, with this there is not customer harm.

X-ray

hero member

Activity: 3066

Merit: 536

Leading Crypto Sports Betting & Casino Platform

Quote from: BigBos on November 27, 2019, 11:14:34 AM

this is indeed very bad news. The thought that there was 340k ETH stolen, made me think that the price of ethereum would decrease. but, since the news was spread, ethereum prices have not dropped. but, based on the news that I read in the cointelegraph, the stolen assets will be covered by the company's assets. Source

Really glad to hear the company willing to reimburse people with their own asset rather than just letting it be. I think the dump will not come anytime soon because the coin couldnt that easily cashed out you know every exchange nowadays always require KYC and I think these hackers will have a hard time dealing with exchange and probably the address is being watched by the interpol if upbit want to report it, 340K ETH is really huge man.

BigBos

sr. member

Activity: 1974

Merit: 450

Quote from: Dalmar on November 27, 2019, 10:44:55 AM

Quote from: arimamib on November 27, 2019, 10:39:50 AM

Quote from: btcdie on November 27, 2019, 10:31:11 AM

I was surprised, the exact exchange was in Korea, hacks often occur. there may be something special or weakness so hackers aim at the Korean crypto market, really bad news for the crypto market. if the amount is sold in an instant this will greatly affect the price of ethereum. for investors or holders don't panic. the hacker will not sell immediately, need to think twice, because the address can be traced. and for Upbit exchange users, please don't panic, the exchange has promised to return the assets you have.

hacking will indeed continue to exist because a system is not completely safe. this is really bad news for exchange users and also other crypto users especially eth users. as you said, and the possibility of panic sell can occur

OMG, I can't imagine a new pullback on the crypto charts after the bad news series. The chain of negative news strictly affect the bear market, I don't think the recovery attempts by Upbit will be the reason for price recovery. The security of crypto assets has to be at the high level but the exchange didn't use the cold storage, it looks like.

this is indeed very bad news. The thought that there was 340k ETH stolen, made me think that the price of ethereum would decrease. but, since the news was spread, ethereum prices have not dropped. but, based on the news that I read in the cointelegraph, the stolen assets will be covered by the company's assets. Source

anog

sr. member

Activity: 1031

Merit: 251

bullsvsbears.io

Quote from: Inkdatar on November 27, 2019, 09:24:17 AM

Quote from: anog on November 27, 2019, 09:06:12 AM

This is really bad when the market is pushed down he added there was this incident.

I do not understand when the exchange is really safe for all parties concerned and there are no events like this anymore?

Indirectly this will reduce interest for new crypto actors when they hear news like this.

This is really may affect the price to continues decline although eth is already not progressive in the market. Sad to hear there is another exchange was hacked, and it is not really safe to store huge of amount of crypto. Indeed this will added a less of interest in crypto that security is not that good but let's be more positive since upbit exchange will cover the lost eth.

Yes, I heard that upbit will compensate, I think it should.

But it does not rule out if hacking like this will happen again and the exchange is reluctant to compensate, as in the previous case not a few exchanges compensate for hacking on the platform.

mirtotanota

copper member

Activity: 92

Merit: 79

Quote from: TastyChillySauce00 on November 27, 2019, 11:01:34 AM

Quote from: Lanatsa on November 27, 2019, 10:17:31 AM

Quote from: desticy on November 27, 2019, 04:22:03 AM

UPD2: Funds in the amount of 342,000 ETH were stolen from the Upbit wallet, funds began to be received again, in different amounts, it seems from the exchange team. A logical question arises. Why replenish an already compromised wallet? Hacked wallet balance already - 4.726 ETH

Mind to link about this matter? I tried to search up their announcement news but i havent able to read that replenish amounts on the said hacked hot wallet.
It really sounds dumb on funding again a hacked wallet.I would like to clarify about this news. hope you would reply on where you do read up such information.

We dont know if this one is an inside job or a real hack yet any exchange can announce that theyve been recently hacked due to blah blah blah. Another bad news in cryptospace.

It seems that he only has the proof of the suspicion though no official announcement yet considering that such a thing would take a lot of consideration before announced by the exchanges that got hacked, quite depressing to hear such enormous amount of cryptos got stolen so easily. I wonder how all these exchange could get their crypto stolen easily despite having invested into the security. I know that no system is safe but atleast they can make it harder to stole the cryptos maybe by investing more into the security because it wont take that much compared to the aftermath caused by a weak security.

did you read OP post ?
here is ANN link:
https://upbit.com/service_center/notice?id=1085

they said that 342,000 ETH moved from their Hot Wallet and dont know who do that, yes they have weak security

TastyChillySauce00

legendary

Activity: 3010

Merit: 1028

Leading Crypto Sports Betting & Casino Platform

Quote from: Lanatsa on November 27, 2019, 10:17:31 AM

Quote from: desticy on November 27, 2019, 04:22:03 AM

UPD2: Funds in the amount of 342,000 ETH were stolen from the Upbit wallet, funds began to be received again, in different amounts, it seems from the exchange team. A logical question arises. Why replenish an already compromised wallet? Hacked wallet balance already - 4.726 ETH

Mind to link about this matter? I tried to search up their announcement news but i havent able to read that replenish amounts on the said hacked hot wallet.
It really sounds dumb on funding again a hacked wallet.I would like to clarify about this news. hope you would reply on where you do read up such information.

We dont know if this one is an inside job or a real hack yet any exchange can announce that theyve been recently hacked due to blah blah blah. Another bad news in cryptospace.

It seems that he only has the proof of the suspicion though no official announcement yet considering that such a thing would take a lot of consideration before announced by the exchanges that got hacked, quite depressing to hear such enormous amount of cryptos got stolen so easily. I wonder how all these exchange could get their crypto stolen easily despite having invested into the security. I know that no system is safe but atleast they can make it harder to stole the cryptos maybe by investing more into the security because it wont take that much compared to the aftermath caused by a weak security.

pandanaran

full member

Activity: 1048

Merit: 101

This is one very bad news, but my question is why all this often happens to the Korean market, is their security very vulnerable to interference?
No wonder I have all deposits and withdrawals suspended today but they will also promise to compensate for all these losses.

then with this news whether this will have an impact on market price movements?

Pecunia non olet

full member

Activity: 882

Merit: 102

PayAccept - Worldwide payments accepted in seconds

I believe that this was caused only to dump more the market because whales could no longer push the price down, so this news perfectly fits to their plans. Dump market and buy low before halving.

Dalmar

hero member

Activity: 1106

Merit: 500

Life is short, practice empathy in your life

Quote from: arimamib on November 27, 2019, 10:39:50 AM

Quote from: btcdie on November 27, 2019, 10:31:11 AM

I was surprised, the exact exchange was in Korea, hacks often occur. there may be something special or weakness so hackers aim at the Korean crypto market, really bad news for the crypto market. if the amount is sold in an instant this will greatly affect the price of ethereum. for investors or holders don't panic. the hacker will not sell immediately, need to think twice, because the address can be traced. and for Upbit exchange users, please don't panic, the exchange has promised to return the assets you have.

hacking will indeed continue to exist because a system is not completely safe. this is really bad news for exchange users and also other crypto users especially eth users. as you said, and the possibility of panic sell can occur

OMG, I can't imagine a new pullback on the crypto charts after the bad news series. The chain of negative news strictly affect the bear market, I don't think the recovery attempts by Upbit will be the reason for price recovery. The security of crypto assets has to be at the high level but the exchange didn't use the cold storage, it looks like.

ice18

hero member

Activity: 2492

Merit: 542

Another unfortunate event from crypto exchanger, they must conduct a thorough investigation on how this kind of exchanges penetrated easily by hackers it must be secured enough because its a big exchange the possibility of an inside job must also investigated good thing that the stolen eth is not yet moved from the unknown wallet they must warned other crypto exchangers for possible dump in coming days and blocked any transaction from the wallet like what binance did.

suzanne5223

hero member

Activity: 2660

Merit: 651

Want top-notch marketing for your project, Hire me

Quote from: knuckey on November 27, 2019, 05:10:21 AM

I wonder, why Korean exchanges are often hacked?

That shows that their exchange site are not secure as some people think or someone from the team is the game player but i hope the authority intervene in this situation.

Quote from: knuckey on November 27, 2019, 05:10:21 AM

And this incident triggers the fall of all crypto prices on the market.

Don't mix up things buddy the crypto market is already experiencing dump in price before the hacking new broke out.

Quote from: knuckey on November 27, 2019, 05:10:21 AM

I hope the exchange can solve this problem immediately and not harming their users, because the 342k ETH that was stolen was worth 48.6 million dollars and this is a bad incident at the end of the year for the crypto industry.

They have already said their investors funds are not affected and it will them 2weeks before they are can start working.

Fappanu

sr. member

Activity: 1111

Merit: 255

Quote from: Landak on November 27, 2019, 07:53:31 AM

This upbit grrrrrrr Angry

, it sounds like a drama deliberately made to reduce the price of bitcoin to the lowest point so that they (don't know who is behind it) can buy as much bitcoin as possible at the lowest price, and to prepare for halving bitcoin. (first dump and then pump)

I think North Korean Hackers are responsible for this as there have been previous rumors of hacking here and these hackers from north korea base on coindesk.

And if it is inside job it should be investigated by Upbit exchange now because it is a huge amount of money, And it could be the downfall of their exchange. Currently 340k ethereum has no movement in the said wallet. Hopefully the upbit will recover this, so that the upbit can be restored thier reputation .

arimamib

hero member

Activity: 1862

Merit: 574

Leading Crypto Sports Betting & Casino Platform

Quote from: btcdie on November 27, 2019, 10:31:11 AM

I was surprised, the exact exchange was in Korea, hacks often occur. there may be something special or weakness so hackers aim at the Korean crypto market, really bad news for the crypto market. if the amount is sold in an instant this will greatly affect the price of ethereum. for investors or holders don't panic. the hacker will not sell immediately, need to think twice, because the address can be traced. and for Upbit exchange users, please don't panic, the exchange has promised to return the assets you have.

hacking will indeed continue to exist because a system is not completely safe. this is really bad news for exchange users and also other crypto users especially eth users. as you said, and the possibility of panic sell can occur

Oyimeelijah

jr. member

Activity: 155

Merit: 1

Quote from: desticy on November 27, 2019, 04:22:03 AM

At 13:06 on November 27, 2019, 342,000 ETH (approximately 58 billion won) were transferred from the Ethereum Hot Wallet to an unknown wallet.
UpBit says it will cover losses worth $51.3 million with corporate funds.

Unknown wallet address: 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029

https://upbit.com/service_center/notice?id=1085

UPD1: It is also rumored to have additionally stolen BTT worth more than $ 3.5 million and TRX worth more than $ 17 million. Perhaps this will be announced later. After the withdrawal of ETH to unknown wallets from the exchange, BTT with TRX moved to unknown wallets.

UPD2: Funds in the amount of 342,000 ETH were stolen from the Upbit wallet, funds began to be received again, in different amounts, it seems from the exchange team. A logical question arises. Why replenish an already compromised wallet? Hacked wallet balance already - 4.726 ETH

when i first read about the Hack i was truly surprised because my korean friend has a lot of funds with upBit. but then again i read the news and saw that they where going use corporate funds to help cover for loss and i was relieved that my friwend wasnt going to loose his funds. Cryptocurrency exchanges are constantly faced with cases of hacks and this says a lot about the security they kept assuring users. truly sad that upBit that i felt was a decent exchange is undergoing such crisis.

Topic: Upbit exchange was hacked. 342,000 ETH lost - page 4. (Read 933 times)