The South Korean exchange UPbit has suspended the movement of funds through its wallets, after it was withdrawn from them about 60 billion won ($ 50 million) in cryptocurrency, writes the local publication Naver.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