The South-Korean based crypto exchange has confirmed the loss of cryptocurrency valued at $49 million.
In a blog post at 9:00 UTC on Wednesday, Upbit’s CEO said that earlier today, an unusual transaction from its wallets had caused a discharge of 342,000 ether.
Upbit said the firm’s assets will be used to mitigate the loss. As of now, deposits and withdrawals have already been put off as a safeguarding measure. According to the firm’s approximation, it will take “at least two weeks” for services to resume normalcy.
According to Whales Alert-a transaction tracking site-, a sum of 342,000 ether having a worth $49 million as of writing was sent from Upbit’s wallet to an unknown ethereum address beginning with 0xa09871 about 4:00 UTC on Wednesday.
Upbit’s announcement came in approximately 30 minutes later on putting off of deposits and withdrawals “due to server maintenance.”
As of today, an excess of $100 million worth of several cryptocurrencies has been circulated from Upbit. Even so, the exchange said all other transactions, aside from the irregular ethereum deluge, were the exchange moving cryptos from hot wallets to cold wallets to avert their theft.
On the report of Whales Alert, beginning from around 5:00 UTC, 10 transactions, each of $1.51 million worth of TRX as well as $3.5 million worth in BTT were additionally channeled to unidentified blockchain addresses.
The follow up was transactions of $8.7 million worth of XLM, $1.08 million in OMG, $22 million in EOS, and $3.4 million in SNT launched from Upbit’s wallets to Bittrex crypto exchange wallets.
Upbit originally began as a partnership between Bittrex and South Korean app maker Dunamu, which obtains support from messaging giant Kakao.