South Korean Crypto Exchange Upbit Confirms Theft of Ether Worth $49M

South Korean cryptocurrency exchange Upbit has confirmed it has lost digital currency worth $49 million.

Upbit’s CEO stated in a blog entry at 9:00 UTC on November 27 that an abnormal transaction from its wallets had brought an outflow of 342,000 ether (ETH) yesterday.

The exchange stated that its own assets would cover the loss. In the meantime, withdrawals and deposits have already been suspended as a precautionary measure. The company assessed that it would take “at least two weeks” to return to normal operations.

As indicated by transaction tracking site Whale Alert, the lost ether—worth $49 million at the time of writing—was sent from Upbit’s wallet to an obscure ethereum address beginning with 0xa09871 about 04:00 UTC on November 27.

Around 30 minutes after that, Upbit declared that it had temporarily suspended withdrawals and deposits because of server maintenance.

Truth be told, over $100 million worth of various digital currencies have been sent out from Upbit today. Nonetheless, the exchange stated all other transactions, aside from the strange ethereum outflow, were the exchange moving digital currencies from hot wallets to cold wallets to avoid further losses.

Beginning from around 5:00 UTC, ten transactions, each of $1.51 million-worth of tron (TRX), along with $3.5 million in BitTorrent (BTT), were additionally sent to obscure blockchain addresses, as indicated by Whale Alert.

From that point forward, transactions of $8.7 million-worth of stellar (XLM), $22 million in EOS, $3.4 million in status (SNT), and $1.08 million in OmiseGo (OMG) were additionally transacted from Upbit’s wallets to those of the Bittrex cryptocurrency exchange.

Upbit was initially introduced as a collaboration among Bittrex and South Korean app producer Dunamu, which is backed by messaging tycoon Kakao.