The Upbit crypto exchange has plans to reopen deposit wallets for its most profitable cryptocurrencies, like XRP, EOS, and Litecoin (LTC) so let’s find out more about their decision in the following blockchain news.
Upbit, that experienced a 342,000 Ethereum leakage from its wallets, will begin with the reemploying of its capacities for Litecoin (LTC), XRP and EOS on the 9th of January. Ethereum is scheduled for later and access for the crypto will be held back until the 13th of January. Upbit also reopened its wallets in December of 2019 for Bitcoin (BTC) while the other cryptocurrencies remained locked.
The UpBit crypto exchange made their apologies for the troubles and noted that the exchange was fully solvent, holding the needed funds to serve traders. The firm also holds enough fiat reserves besides holding enough cryptocurrency to fulfill its obligations towards customers’ withdrawal claims and has locked its wallets because of technical purposes. Dunamu, the parent company of Upbit, has taken the losses and could experience meaningful financial consequences. The CEO of Dunamu, Lee Sir-Goo said about the situation, cited by the Korean Times:
“Following the incident, we took immediate measures to protect the assets of our members,” the company wrote on its official website. “100% of the stolen Ethereum has been replaced using our own assets.”
The ETH that is Upbit property is seen on the blockchain, as the sum is divided into a group of smaller transactions. Whilst the coins are already known, the hacker has no scruples and still tries to sell them. Upbit also warned earlier of telegram offers to purchase some of the illegally possessed Ethereum (ETH) coins.
The Ethereum (ETH) trading is made much more difficult and complicated because of this theft, the reason is that there are some users that could find themselves in some connection to the hacked wallet. The hack of Upbit was part of a bigger offensive of attacks directed against crypto exchanges in 2019, which stole mainly cryptocurrencies. By now the aforementioned hack of Upbit that stole Ethereum (ETH) worth of $50 million did not succeed to cause price falling. Ethereum (ETH) fluctuated around $142-$144. However, the turnover of tainted coins throughout the cryptocurrencies ecosystems can be problematic.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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