Upbit Loses $49 Million in Cyberattack

Summary # On November 27, 2019, Upbit, one of South Korea’s largest cryptocurrency exchanges, fell victim to a major cyberattack, resulting in the theft of approximately $49 million worth of Ethereum (342,000 ETH). The attack specifically targeted Upbit’s hot wallet, from which the funds were transferred to an unknown wallet address. To safeguard the remaining assets, Upbit promptly moved them to cold storage as a safety measure. The exchange took immediate action, replenishing the stolen funds with its own assets and ensuring no impact on its customers. ...