Another major hacking event hit the crypto world Wednesday as 342,000 Ethereum (ETH) — worth around $49 million at the time — was stolen from Korean crypto exchange Upbit.
According to Upbit’s support page, at approximately 13:06 (KST) on November 27, 342,000 ETH was sent from Upbit Korea’s Ethereum hot wallet to an anonymous wallet address – 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029.
In response to the liquidation, Upbit suspended all crypto asset deposits and withdrawals and transferred all of its assets to cold wallets. The exchange has also promised to refund all assets lost by users in the hack.
Additionally, other major crypto exchanges have said that they will be blocking any transactions from the illicit wallet.
Binance CEO Changpeng “CZ” Zhao stated in a recent tweet, “We will work with Upbit and other industry players to ensure any hacked funds that may make their way to Binance are immediately frozen.”
Despite the theft and an initial drop, the crypto market ended up rallying Wednesday with Bitcoin (BTC) leading charge. Notably, ETH is also up 5.2% on the day to $152.49, a show of strength for the largest altcoin after the negative news.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.