Hack or FUD? Upbit Suspends Deposits & Withdrawals Post 60 Billion Won in Crypto Withdrawal

By Supriya Saxena
Published November 27, 2019 Updated November 27, 2019
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Hack or FUD? Upbit Suspends Deposits & Withdrawals Post 60 Billion Won in Crypto Withdrawal

By Supriya Saxena
Published November 27, 2019 Updated November 27, 2019

As per recent reports, the South Korean cryptocurrency exchange Upbit has stopped trading after the withdrawal of 60 Billion Won. Furthermore,  the exchange released a notice at 04:30 UTC today suspending crypto deposits and withdrawals due to server check. 

KISA Investigates

Crypto community suspects that the exchange has been hacked and the Korea Internet & Security Agency (KISA) is investigating whether it has been hacked. 

Abnormal transactions were confirmed at 1 pm on the 27th. A large transaction of 342,000 ETH (equivalent to $ 49,848,273 = equivalent to ¥ 5.458 billion) was confirmed. Furthermore,  “Whale Alert”, which tracks large-scale transactions has also confirmed the same.  

Source- Twitter

Crypto analyst Joseph Young says that while the temporary suspension of deposits/ withdrawals is not irregular, no prior announcement by the exchange makes it suspicious. His tweet further mentions that around $50m worth of crypto has been withdrawn. 

Source- Twitter

He further pointed out that

 “If you were hacked, you should stop everything, but Korean Won deposits and withdrawals are still in progress at this time.” He further commented that it is still early to point out if the exchange has been hacked or not. 

No other announcements except temporary suspensions have been made. Whale Alert has further reported 17 other transactions with BitTorrent (BTT), TRON (TRX), Stellar (XLM), OmiseGo (OMG), EOS (EOS), Pundi X (NPXS) and Status (SNT). Reportedly, all the money has been sent from Upbit. 

UpBit Responds

Upbit exchange has responded and said that among the multiple whale transfers, a transfer involving ETH is abnormal. Furthermore, other transactions were done only for wallet management.

Source: Upbit

Also, to protect the user’s asset security, the exchange will cover for losses incurred and support the relevant proceedings being carried out. The exchange also announced that cryptocurrencies stored in the hot wallet have been moved to cold wallets. Also, it will take almost two weeks to resume deposits and withdrawal services.

In September this year, Upbit canceled its partnership with Bittrex. While such large amounts of transactions often cause confusion in the market, they often give insights into the movements of crypto assets between exchanges. 

Will users continue to maintain the same trust in Upbit?  Let us know, what you think in the comments below!


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Supriya Saxena
216 Articles
Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.

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