Upbit Re-enables Support for Ethereum Deposit and Withdrawal

News / 14.01.2020

In recent times, the crypto exchange based in South Korea, Upbit, announced that it has reopened deposits and withdrawals for Ethereum on the platform. The exchange stopped the services for a long time after a hack that led to the loss of cryptocurrency funds worth about $50 million.

The exchange firm announced the adoption of another wallet system for the services. Despite the loss of the said sum of money in the hack, the exchange gave assurances of refunding its users in full using its corporate assets.

The exchange’s official announcement noted the Ethereum wallet security system update and the obsoleteness of the old addresses that held the stolen funds. It also noted that users must request a new address from their wallets to allow deposits and withdrawals.

However, Upbit told users to remove the old wallet addresses from other exchanges or personal wallets and not send ETH to them. The exchange warned that the process of recovering ETH sent to the old address for now may be long and costly.

The exchange was hacked about two months ago with the loss of 342,000 ETH. The firm was able to trace the stolen crypto to some unknown wallets and the stolen crypto has been moved intermittently since. Later, they were able to trace transactions of 1337 ETH to wallets on the Huobi exchange.

Upbit had to transfer its holdings from hot wallets to more secure cold wallet storage, following the incident. In the previous week, the exchange was able to restore withdrawal and deposit support for BTC, EOS, LTC, and XRP. However, when users check the ‘Wallet Status’ tab on the exchange, they see TUSD, PAX, MEETONE, HORUS, EOSDAC, CHL, BLACK and ADD listed as ‘Preparing.’ They could be the cryptos to have withdrawals and deposits re-enabled.


Featured image courtesy of Shutterstock. Source: Cryptopress.

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.