Crypto exchange Upbit resumes ETH deposits and withdrawals months after the security breach.

South Korea-based cryptocurrency exchange Upbit has announced to resume deposits and withdrawals of ETH on its platform months after the security breach in which hackers managed to get away with 34,000 ETH worth $50 million at the time.

The South Korean crypto exchange Upbit suffered a major hack back in November 2019 in which a hacker or a group of hackers managed to steal 34,000 ETH worth $50 million at that time. The exchange since had suspending trading of ETH on the platform until now.

 

Upbit upgrades wallet system security.

In an official announcement, Upbit revealed that they have upgraded wallet system security, and deposits & withdrawals for ETH services are resumed. The exchange noted that users need to issue a new wallet address for ETH, and users must not send ETH to the previous wallet address and asked users to delete the previous address from other exchanges or personal wallets.

 

Exchange will compensate for the loss with its own funds.

Earlier, the crypto exchange had announced that it would compensate for all the loss with its own funds. The hackers since the loot have been making small test transactions with different exchanges to see if their funds are being frozen. Binance and other exchanges have come in support of Upbit and said that they would freeze all the funds from the hackers’ address if they land on their platforms.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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