58 billion won is about $50,000,000 .that is huge. Centralized exchange or platform is a deviation of the bitcoin ideal, so we can't blame this on crypto world. We have solid standards everyone is advised to follow. If you don't follow them, you are not really part of us.
The hacks will drastically reduce if we all abide by the "rules".
Topic: Upbit exchange was hacked. 342,000 ETH lost - page 5. (Read 933 times)
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.
It's still not clear about the nature of hack. Exchanges have been exploited and hacked using different vulnerabilities and they are patching it everytime a loophole appears.
I hope more and more exchange would learn from it and work together to create a hack free environment on exchanges. And I also hope that this hack won't have much effect on the users.
I hope more and more exchange would learn from it and work together to create a hack free environment on exchanges. And I also hope that this hack won't have much effect on the users.
That's right, and this is perhaps the most interesting.
After all, the funds began to arrive recklessly, to a hacked wallet, which makes no sense if it was compromised.
However, there is a possibility that the hacking occurred through the administrative panels, which means that hackers gain full or partial control over the system.
Then the question arose of why such a quantity was stolen and not more.
So far I could say that 342k is not an amount they could recover that quickly, upbit is a decent place but 50 million dollars is a lot of money, I am sure they do make a ton of money everyday but not 50 million dollars.
I have no way of calculating right now (someone probably already did a whole volume times trading fee calculation for their revenue) but I feel like maybe they will just say that they will recover it but basically let everyone withdraw as they can from the money they already have and hope that people withdraw less than what they have and try to sustain from the profits for a while until they are back out of red and into profit once again. As long as people don't rush and withdraw all together, they may literally just let it be and still not have problems.
I have no way of calculating right now (someone probably already did a whole volume times trading fee calculation for their revenue) but I feel like maybe they will just say that they will recover it but basically let everyone withdraw as they can from the money they already have and hope that people withdraw less than what they have and try to sustain from the profits for a while until they are back out of red and into profit once again. As long as people don't rush and withdraw all together, they may literally just let it be and still not have problems.
It's still not clear about the nature of hack. Exchanges have been exploited and hacked using different vulnerabilities and they are patching it everytime a loophole appears.
I hope more and more exchange would learn from it and work together to create a hack free environment on exchanges. And I also hope that this hack won't have much effect on the users.
I hope more and more exchange would learn from it and work together to create a hack free environment on exchanges. And I also hope that this hack won't have much effect on the users.
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
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.
I have yet to see any negative effect of this FUD news on ETH price. I don't know why Upbit store such a huge amount of money in hot wallet, then got hacked. Recently, there has been a continuous FUD on crypto, it seems that by the end of this year, the market has not been able to break out of the bear market.
This really makes investors/traders more scary as Upbit exchange is one of the good exchange too, first, Binance hacked, then now Upbit, it's really a large sum of money, good for those hackers, they do have a lot of money instantly, they are really attacking great exchange as they know it will be worth if for them to hack them, very vigilant for hackers, they are now instant millionaires, how I wish they can sleep at night very well.
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
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.
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
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
So the hacker are still doing their job to bypass the security of big exchanges. At first, it was binance and now Upbit.
This kind of happenings are kinda bad to crypto society especially to the investors as they don't know when their money will be stolen because even the big exchanges with high level of securities have been bypass by the hackers. It will be good if there will be counters that can be put against them aside from tight security.
I have yet to see any negative effect of this FUD news on ETH price. I don't know why Upbit store such a huge amount of money in hot wallet, then got hacked. Recently, there has been a continuous FUD on crypto, it seems that by the end of this year, the market has not been able to break out of the bear market.
This really makes investors/traders more scary as Upbit exchange is one of the good exchange too, first, Binance hacked, then now Upbit, it's really a large sum of money, good for those hackers, they do have a lot of money instantly, they are really attacking great exchange as they know it will be worth if for them to hack them, very vigilant for hackers, they are now instant millionaires, how I wish they can sleep at night very well.
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.
That's because they are not focusing on the security of the exchange. Most exchange often got hacked due to lack of security see Binance before right? It is not korean exchange but often got hacked too. Sometimes I think that these exchanges only make it like they got hacked but the truth is they are covering up some loss fund.
Honestly, the number of hacked exchanges is increasing by the day, and i expect all exchanges to have tighten up security following all the previous hacks that has taken place, and some times, most of this hacks are questionable, i don't know how an exchange will let themselves to be so vulnerable to hackers knowing fully well that security should be at the top their list, bad news like this often affect the market, i hope this won't have any major impact on the already fragile market.
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.
It is not just the Korean exchanges. Those based in East Asia (including Japan, China and Hong Kong) seems to be very vulnerable to hacking. The recent hacks involved exchanges from this region, including Bitrue (Singapore), Binance (China), Bithumb (South Korea), Coinmama and Bithumb. There are rumors that hackers employed by the North Korean regime are involved... but there is no concrete proof for this.
Looks like an inside job, in my opinion. The cold storage of exchanges are not accessible by the online software AFAIK, how the hackers hijacked offline wallet with the online tools? I am sure Upbit management is not going to leave the deceived investors alone, they will pay the lost funds of the investors. Is there any update regarding the affected user data?
This is the Bad News for Upbit.
342k ETH is huge amount.
I hope this is not give more negative effect to cryptocurrency and i hope this not give big drop price in ETH and other cryptocurrency.
Usually only 2 condition will come, closed services or maybe if they can make sure their user's funds is safe, maybe will be have big reputation like Binance gain after they get hacked, although Binance reputation about big exchange wouldn't replaced. Beside that very big ETH amount, if like what OP said about rumour other coins stolen too, that is very will make it worse. 342k ETH is huge amount.
I hope this is not give more negative effect to cryptocurrency and i hope this not give big drop price in ETH and other cryptocurrency.
I have yet to see any negative effect of this FUD news on ETH price. I don't know why Upbit store such a huge amount of money in hot wallet, then got hacked. Recently, there has been a continuous FUD on crypto, it seems that by the end of this year, the market has not been able to break out of the bear market.
Just saw the news. It is really unfortunate for Upbit to experienced this. And it's a very big amount of money that was stolen. It's a freaking 342,000 ether (ETH). After all Upbit is one of a good exchange out there. Here we go again, another exchange got hacked, Another exchange to add to the hacked list. I'm afraid if the hacker sell all his stolen assets at once it will dump the price of ethereum. At least now we're good with the price, but who knows.
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.
Yeah, it is, it's been quite some time that we have not read about exchange hacking incident, and I just thought something like this will be avoided, security has been the utmost concern of every traders and exchange, it should be addressed once and for all, I read on one my Facebook friend's feeds that it could be an inside job, I hope it's not, bad way to end the year for the Korean traders and exchange.
This is the Bad News for Upbit.
342k ETH is huge amount.
I hope this is not give more negative effect to cryptocurrency and i hope this not give big drop price in ETH and other cryptocurrency.
342k ETH is huge amount.
I hope this is not give more negative effect to cryptocurrency and i hope this not give big drop price in ETH and other cryptocurrency.
Some questions about these consistent hacks has to be answered. If funds were transferred from a cold wallet, how was a cold wallet storage system compromised ? Cold wallets has an additional level of security which on exchange wallet doesn't have. When Binance was hacked it was funds on exchange that got taken not funds off chain or am I missing the full gist here?
Its a bad news again! I hope it will not cause another dump? I was wondering why korean base exchange was always suffer from these unfortunate hacking incidents. I think its a high time to upgrade all of the current security protocols to avoid another incident like this. Why not using cold wallets instead of Hot wallet? Cold wallet is much safer so its a good choice to store most of exchange cryptocurrency holdings.
At the moment the price is not yet dumped but do not know tomorrow or a week later whether the hacker will sell all the assets that they have broken.
I am worried about storing assets in exchange because that is not something like this, Upbit and Bithumb become many targets to be hacked whether their security is less secure or what?
I think the price is no longer affected by this kind of news. If it were a bigger and more effective stock market, we could have expected a price decrease, but anyone who was afraid of such issues left the market a long time ago.
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