The first thing I thought was that this might not really be a hack, but a Cryptsy or Mt. Gox-type exit scam, but I have no idea what the real truth is. As I said in another thread, I noticed that Upbit was the object of some sort of fraud investigation in 2018 so who knows what's going on with them. But at this point nothing would surprise me as far as the claim of "we've been hacked!" goes. Seems like we've heard that so many times before that the first feeling you get upon hearing it again is one of total cynicism.
Regardless of whether the hack was a real one or not, it looks like they lost a lot of money and I don't think this is going to be like Binance's 700BTC hack that they easily recovered from. My guess is that this is going to put them under for good.
But some say that lost user funds will be compensated and that says safe means Upbit is still responsible for this hacking problem.
Yes, the $ 50 million fund is not small and this could be a drama from Upbit that exudes many people who panic.