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Hackers steal $48.7M in Ethereum from South Korean cryptocurrency exchange Upbit

South Korean cryptocurrency exchange Upbit has reported that hackers have ransacked its Ethereum ETH “sizzling pockets,” stealing 342,000 ETH — a cryptocurrency stash value $48.7 million.

The assault was confirmed in a press release posted to the cryptocurrency exchange’s web site by Upbit’s CEO Lee Seok-woo earlier at present.

At 1:06 PM on November 27, 2019, 342,000 ETH (roughly 58 billion received) have been transferred from the Upbeat Ethereum Scorching Pockets to an unknown pockets,” the assertion reads, earlier than offering the obvious hacker‘s pockets handle.

At pixel time, the hacker‘s pockets nonetheless accommodates all the stolen Ethereum.

Upbit says it would fund the substitute of the stolen Ethereum in order to not depart any customers out of pocket. It additionally famous it has transferred all cryptocurrencies stored in its “sizzling wallets” to “chilly wallets,” that are safer.

Scorching wallets are software-based storage options for cryptocurrency, sometimes functions on telephones or computer systems. Chilly wallets are hardware-based  sometimes standalone gadgets stored offline whereas not in use to make sure they’re out of attain of web baddies.

Within the meantime, Upbit deposits and withdrawals at the moment are reportedly suspended, and the exchange estimates that it’ll take not less than two weeks for them to renew, so customers are urged to keep away from sending any cryptocurrency to the platform earlier than they’re suggested to.

Printed November 27, 2019 — 09:51 UTC

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