December 2, 2022

Hackers stole almost $ 49 million from Ethereum cryptocurrency from Upbit account

Hackers stole almost $ 49 million from Ethereum cryptocurrency from Upbit account

Lee Suk-Wu, CEO of the Upbit cryptocurrency exchange, said that the trading platform was hacked. Financial damage amounted to $ 48.9 million.

According to Sok-Wu, on November 27, hackers receivedaccess to the company's hot wallet and stole 342,000 Ethereum coins (ETH) from the crypto store. Digital assets were sent to 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029. Upbit security officers transferred all virtual currency from a hot wallet to a cold one to eliminate the possibility of theft of financial assets in the future. The director of the enterprise promised the victims of the attackers to recover the stolen money from the reserves of the trading platform.

The Etherscan Block Explorer indicates thatcriminals paid 1000 Gwei for processing the transaction, which is 100 times the average fee. Thanks to this, the payment received priority status and was quickly confirmed by the blockchain nodes.

Upbit suspended its work until graduationinvestigation of the incident. Sok-Wu suggests that a full restoration of the service will require at least two weeks. The payment processing manager asked traders not to replenish the balance and send a request for the return of stolen virtual currency to the “User Support Center”. Now the exchange operates in a limited format: users can create orders, but they are not processed.