Crypto Exchange Upbit Resumes ETH Deposits, Withdrawals

South Korea’s crypto exchange Upbit has upgraded its software suite after suffering a significant Ethereum hack in late 2019.

In November, the company faced a hack of 342,000 Ethereum (ETH) worth nearly $50 million. After such incident, thousands of Ethereum were shifted to another wallet.

“It is part of our effort to increase Upbit’s overall security since the Ethereum theft incident last November. Immediately following the incident, we suspended deposit/withdrawal services and transferred all crypto-assets to cold wallets,” said an Upbit representative.

Upbit’s President Patrick Kim believes that hackers may continue to steal funds from exchanges without facing any sanctions.

According to a recent report, $3.2 million of the stolen funds was transferred to other platforms.

“As of today, new wallet services for Bitcoin, Ethereum, Litecoin, Ripple, and EOS are open,” the representative said.

The company said on its website that Ethereum deposits and withdrawals resumed on January 13.

Upbit urges its customers to delete older ETH wallet addresses, and create new ones.

“With the security upgrade, we are implementing a completely new wallet system for all crypto-assets,” the representative said. “As such, addresses under the previous system will be non-functional and new addresses need to be generated.”

Share this page
Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.