- Access to ETH will be held back till January 13.
- Dunamu, Upbit’s parent firm, has absorbed the losses and might face major financial setbacks.
On Jan 9, Upbit reopened its facilities for Litecoin (LTC), XRP, and EOS. The exchange, which saw 342,000 ETH siphoned from its wallets, is saving ETH trading for later (access will be held back till January 13). In early December, it reopened its Bitcoin (BTC) wallets, leaving other assets locked for the time being.
The exchange apologized for the inconvenience that was caused and stated that it was solvent and held the required resources to serve traders. In addition to holding sufficient crypto assets, Upbit holds prominent fiat reserves to honour all potential withdrawal claims and has closed its wallets for technical reasons. Dunamu, Upbit’s parent firm, has absorbed the losses and might face major financial setbacks.
Dunamu CEO Lee Sir-goo said:
Following the incident, we took immediate measures to protect the assets of our members. 100% of the stolen Ethereum has been replaced using our own assets.
The ETH belonging to the exchange has been viewed on the blockchain as the coins are divided into a series of smaller transactions. The exchange had warned earlier of Telegram offers to purchase some of the stolen ETH.
Upbit hacker using the telegram bot is selling ETHs. The ETHs being offered are stolen item, so please do not make trades with it.
Additionally, when trading ETHs, be sure to verifiy by using @UpbitSaviors for it relevancy with Upbit hacking.
ETH trading has been made complicated by the theft as a few users may find themselves linked to the hack wallet. The exchange’s hack was part of a series of attacks against exchanges in 2019 that mostly took off altcoins.
The exchange hacker’s activity has shown renewed tranches for relatively small amounts of ETH this time. So far, the Upbit hack, which took $50 million worth of ETH, has not managed to tank prices.