Upbit to Launch Exchanges in Thailand and Indonesia

The websites of new trading platforms have already been launched
13 November 2018   822

One of the leading South Korean cryptoexchanges, Upbit, has begun promoting new trading platforms in Indonesia and Thailand as part of a plan to expand the company's global reach. It is reported by Bitcoin.com, citing local sources.

The websites of new trading platforms have already been launched. According to the CEO of the parent company Dunamu Lee Seok Wu, since its inception, Upbit had planned to become a global-scale cryptotocompany that was not constrained by the domestic market.

The other day Upbit launched a trading platform in Singapore that supports local fiat currency.

As for the upcoming platform Upbit Thailand, it is still at the stage of closed beta testing and is available for a limited number of traders. This platform will support 131 coins in 241 trading pairs.

Upbit's Indonesian division will feature 156 coins in 276 currency pairs.

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The South Korean exchange UPbit has suspended the movement of funds through its wallets, after it was withdrawn from them about 60 billion won ($ 50 million) in cryptocurrency, writes the local publication Naver.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