Upbit Exchange Suffers a loss of $50 Million in Ethereum After Theft

November 28, 2019 By: Lorenzo Stroe

According to an official announcement made by Upbit, the exchange lost around 342,000 ETH on November 27. According to the CEO, all the assets that were stolen will be covered by other Upbit assets.

Upbit has disabled deposits and withdrawals and hasn’t informed customers when they will resume these services. According to the announcement, the team of Upbit took the necessary actions to protect the user’s assets and transferred all crypto assets to cold wallets.

Upbit has moved more than $100 million worth of cryptocurrencies. The exchange has faced a lot of criticism from users saying that it was an inside job.

A Reminder not to Hold your Crypto in Exchanges

Every time an exchange gets hacked, investors get a quick reminder that storing cryptocurrencies in exchanges is not safe. ‘Not your keys, not your crypto’ is something that crypto users say whenever a hack occurs.

The constant attacks on centralized exchanges will probably push the development of decentralized ones. We already have a good amount of DEX’s, however, they still lack the features a centralized exchange offers currently.

This can change very soon, in fact, according to McAfee, his own DEX will be able to compete with centralized exchanges in around 6 months.

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