One of the top <a href="https://bitcoinist.com/51-million-in-ethereum-removed-from-upbit/" target="_blank" rel="noopener">crypto exchanges in South Korea has reported</a> some irregular transactions. The transaction could well be a technical hitch or an attack on the system. While this remains unclear, one thing is. The report has added anxiety to the crypto market. Already, the market is coming out of one of its most shaky periods of 2019 that saw billions in investment wiped out. If further inquiry points to the case being one of a hack, this could send the market spiraling downwards again.

Upbit, one of South Korea's biggest crypto exchange has reported that there has been an irregular withdrawal of 342,000 Ethereum (ETH) from its wallet. This at the time of the press is worth around $50 million. The exchange has thus far not given details on whether the withdrawal was a hack or just an irregular withdrawal. However, it has confirmed the event on its website. It has further stated that while they investigate the nature of the withdrawal, it will cover the amount from its corporate funds.

The exchange has also taken further steps to protect its clients. All cryptos held by the crypto exchange have been moved from hot wallets to its cold wallet storage. All deposits and withdrawals of Ehereum have also been suspended.
<h3>Crypto Exchange Report A Huge Negative Trigger For The Market</h3>
This event has added anxiety to the market. If it turns out to be a hack, the market is likely to swing downwards with Ethereum being the worst affected. Fear of <a href="https://www.cryptoknowmics.com/news/new-report-says-ethereum-is-stronger-than-ever-more-usable-and-functional" target="_blank" rel="noopener">Ethereum</a> coins being flooded in the market and value dropping will trigger a sell-off. Other cryptocurrencies are likely to join in and in a short time, billions will be wiped out. Most including Ethereum are hanging by a thread and their support under intense tests. Bitcoin, for example, is clinging on the $7,000 support with a slip below this putting it at risk of falling to $6,800.

The <a href="https://www.cryptoknowmics.com/news/crypto-market-bloodbath-enters-new-week-btc-hits-lowest-position-since-may" target="_blank" rel="noopener">current volatility in the crypto market</a> is not suited for any negative event. Confirmation of a hack will trigger a further decline and kill off the recent reversal that promised the crypto market could still end the year on a high. Crypto watchers can only hope that this turns out to be a system clinch that is cleared out soon.

Irregular Transaction In A South Korean Crypto Exchange Adds Anxiety To An Already Crippled Market

Reports of a potential crypto exchange hack have added anxiety to the market. Now investors, particularly, Ethereum investors, are afraid of a further dump.

John is an exceptional writer with a liking on technology, finance and the intersection of the two. A firm believer in the transformative potential of cryptocurrencies and the blockchain. When he is not writing, he likes to listen to Nas, Eminem and The Beatles.

Irregular Transaction In A South Korean Crypto Exchange Adds Anxiety To An Already Crippled Market

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