South Korean crypto exchange loses $50 million in cyberattack

Crypto exchange - Featured image

UPbit, the leading South Korean cryptocurrency exchange, experienced a cyberattack causing it to lose nearly $50 million worth of Ether. 

The exchange promised to cover the losses with its own assets. However, UPbit announced that it will take “at least two weeks” for services to get back to normal, suggesting the hack caused substantial damage. 

The November 27 attack saw 342,000 ETH transferred from an Ethereum wallet to one of unknown origin. Immediately after the incident, UPbit froze all transactions and carried out an extensive service check.  

The hack is the largest in a series of cyberattacks that targeted the Asian cryptocurrency market throughout 2019. 

Vietnamese crypto exchange VinDAX lost about $500,000 in early November.