Largest Korean Exchange to Open Singapore Office

The decision of Dunamu (Upbit's operator) to enter the Singapore market was influenced by the positive approach of the Monetary Authority of Singapore
20 September 2018   865

The operator of the leading South Korean cryptocurrency exchange Upbit, Dunamu, announced its intention to open another trading platform in Singapore in October. This is reported by CCN.

In a statement, Alex Kim, CEO of Upbit Singapore, said that users from Singapore will be able to trade all the cryptocurrencies, an integrated by partner exchange. The new platform will have a 24-hour security monitoring system.

He also noted that the decision of Dunamu to enter the Singapore market was influenced by the positive approach of the Monetary Authority of Singapore (MAS) to regulation, as well as the desire of the country's government to create a powerful crypto and blockbuster industry.

Upbit is supporting the trading pairs with the Korean won since mid-2017 and intends to support the Singapore dollar after the opening of the new exchange. This suggests that the exchange has strong banking partners in the country that can support demand and interest in cryptocurrencies.

We felt the timing was right to expand globally despite various uncertainties surrounding the Korean market. One of the key functions of a crypto-asset exchange is to connect the real economy to cryptocurrencies, and we believe we can provide this bridge between Korea and the global market. We hope the blockchain regulatory guidelines will be established soon in Korea so that companies here can continue to grow their competitiveness.

Sigroo Lee

CEO, Dunamo

Upbit is a division of the South Korean technological giant Kakao. The launch of this trading platform took place in October 2017, and in this short time the exchange managed to become the 11th largest trading company in the world. Currently, the daily turnover of Upbit is about $ 160 million

Ubit Hacked; $50M Worth Crypto Stolen

Some are sure that this was an inside job because the attack was carried out at the moment when the exchange was moving funds
27 November 2019   479

The South Korean exchange UPbit has suspended the movement of funds through its wallets, after it was withdrawn from them about 60 billion won ($ 50 million) in cryptocurrency, writes the local publication Naver.

UPbit has confirmed that it limits the input / output of assets due to the need for a “server check”. The media report noted that the exchange did not notify users in advance of plans to transfer funds and carry out technical work.

In few hours, official confirmation of the hack came out.

My name is Lee Seok-Woo, CEO of Doo-Tum.

First of all, I apologize for any inconvenience this may cause to you.

At 1:06 PM on November 27, 2019, 342,000 ETH (approximately 58 billion won) were transferred from the Upbeat Ethereum Hot Wallet to an unknown wallet.
Unknown wallet address is 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029

Message at UpBit (translated via Google Translate)

This morning, the Whale Alert service registered a transfer of 342,000 ETH from UPbit to an unknown wallet. It was followed by several more translations of BTT and TRX. Thus, the total amount of assets transferred exceeded $ 70 million.

Whale Alert Twitter
Whale Alert Twitter

Some are sure that an insider worked among the exchange employees, since the attack was carried out at the moment when the exchange was moving funds.

The "hacker" timed when UPbit was making crypto transfers to its cold wallet (other alts like TRON, etc.) Hence, I think the probability of it being an inside job is higher than external breach.

Joseph Young @iamjosephyoung

"Analyst, focusing on finance, cryptocurrency, fintech"

According to Naver, the Korean Internet and Security Agency (KISA) is checking this.