The Korean Crypto Exchange, Upbit, confirmed it has been hacked! The value of the apparent hack of ether (ETH) is worth 49 million. UPbit loses US$49 million worth of ether from an apparent Hack.

Lee Seok-woo, CEO of Doo-myeon, who operates Upbit, said that approximately 58 billion won were transferred from the Upbit Ethereum Hot Wallet to an unknown wallet shortly after 1 p.m. local time on Wednesday.

The incident was also confirmed on Twitter by Whale Alert, a service that monitors significant cryptocurrency transactions.

To ensure safety, the company transferred all cryptocurrencies from its Hot Wallet to its Cold Wallet. 

The company also announced that all deposits and withdrawals were stopped immediately as a safety measure. To resume the process of deposit and withdrawal, it may take at least two weeks, the company said.

Upbit was established two years ago and became one of the largest cryptocurrency exchanges in South Korea.

According to Whale Alert, ten transactions, each of $1.51 million worth of Tron (TRX) and $3.5 million in BitTorrent (BTT), were sent to unknown blockchain addresses from around 5:00 UTC.

Earlier, Upbit was introduced as a collaboration between Bittrex and South Korean app creator Dunamu, backed by Kakao messaging giant.

The exchange said that it will replace the loss with the company’s assets.

In an earlier attack, Bithumb lost up to US$20 million worth of digital money in a suspected inside job.

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