Upbit, a major exchange in South Korea, which is a subsidiary of Kakao technology giant, has confirmed that about 300 thousand Ether (ETH) were illegally withdrawn from their wallet.
Measures to resolve the incident
The latest cryptocurrency news announced that Ether, worth more than $50 million, was fraudulently transferred from a hot wallet to an unknown address. The head of the exchange, Lee Seok-woo, confirmed the incident, apologized “for the inconvenience”, and notified that the stolen funds would be “covered by corporate assets." He also said that all cryptocurrency has already been moved to cold storage. And he notified that it takes two weeks to renew deposits and withdraw funds, and all subsequent relevant information for users will be replenished.
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