Crypto exchange Upbit suspends trading after a hacker steals $50 million in ETH, is ETH crash on horizon?

South Korean crypto exchange Upbit confirmed that it lost $50 million worth of ethereum in a hack. Before releasing the hack details, the exchange suspended trading on the platform.

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Korean crypto exchange Upbit lost nearly $50 million after it got hacked today. The crypto exchange has promised to recover lost funds via its assets. The deposits and withdrawal services will resume after two weeks.

 

342,000 ETH transferred from its Hot wallet to an unknown wallet.

Upbit revealed in a post that, 342,000 ETH were transferred from its ethereum “hot” wallet to an unknown wallet. Currently, 342,000 ETH are worth nearly $50 million. Now Upbit has moved all cryptocurrencies from its hot wallet to “cold” water. Upbit promised to recover the loses using its own assets.

The CEO of Upbit, Lee Seok-woo, wrote that at 1:06 PM on November 17, 2019, 342,000 were transferred from the Upbeat Ethereum Hot Wallet to an unknown wallet with the address 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029.

 

How would this affect Ethereum’s price?

Since the hack, the price of bitcoin has gone below $7,000 mark. The hack could create a selling pressure as ETH’s price is expected to dive down. At the time of writing, Ethereum is changing hands at $142. Whale alert on Twitter had also reported that 342,000 ETH were transferred from Upbit to an unknown wallet. The total cryptocurrencies hacked this year amounts to more than $1.4 billion.

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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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