Ethereum Deposit and Withdrawal Services Now Available on Upbit

News / 14.01.2020

Upbit recently announced the reopening of deposits and withdrawals for Ethereum on their platform. The South Korean based crypto exchange stopped the services for a long time after a hack. The hack led to the loss of $50 million worth of cryptocurrency funds.

Upbit said that it is adopting another wallet system for the services. Additionally, the exchange reassured its users in full using its corporate assets because crypto funds got hacked. Upbit also noted the Ethereum wallet security system update and the old addresses’ obsoleteness that held the stolen funds. This cryptocurrency exchange also said that users must request a new address from their wallets to allow deposits and withdrawals.

Upbit told users to remove the old wallet addresses from other exchanges or personal wallets and not to send them Ethereum. The exchange also pointed out that recovering Ethereum sent to the old address is lengthy and costly.

About the Upbit Hack

The exchange got hacked two months ago and lost 342 000 Ethereum; however, the firm traced the stolen crypto to some unknown wallets, and the stolen crypto gets moved intermittently since then. Afterward, transactions of 1337 Ethereum to wallets on the Huobi exchange got traced.

Following the incident, Upbit transferred its holdings from hot wallets to more secure cold wallet storage. Last week, Upbit enabled withdrawal and deposit support for BTC, EOS, LTC, and XRP. Nevertheless, when users check the ‘wallet status’ tab on the exchange, they see more cryptocurrencies, which could soon have withdrawals and deposits re-enabled.

Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.