General interest in cryptocurrencies has subsided along with their rate, but there are still impressive amounts circulating in this area. For example, hackers managed to steal Ethereum worth almost 50 million US dollars from the popular South Korean cryptocurrency exchange UPbit.
UPbit CEO Lee Seok-Woo has officially confirmed the hack. Its report says that cybercriminals managed to steal 342,000 units of "ether", which at the current rate is approximately 48.7 million dollars. In this regard, the company was forced to suspend all transactions to prevent further leakage of funds.
As soon as UPbit employees recorded the theft, they immediately transferred all funds from hot wallets to cold ones that do not require an Internet connection. Often it can be a USB drive or memory card. So they managed to protect the remaining reserve. However, the work of the exchange was stopped for about two weeks. The head of UPbit said that they intend to compensate for all the damage to the affected customers.
By the way, UPbit became the eighth cryptocurrency exchange this year, which was attacked by hackers.