South Korea's largest crypto exchange, UpBit, has closed withdrawals and deposits for two weeks following a suspicious transaction. The South Korean Crypto Exchange has <a href="https://upbit.com/service_center/notice?id=1085" target="_blank" rel="noopener">confirmed</a> Wednesday November 27 that it has had 342,000 ETH (worth approximately $49 million); was transferred from its hot Ether wallet to an anonymous address. The address of this wallet is 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029.

Moreover, a statement, shared by UpBit  read:
<blockquote> “At 1:06 pm on November 27, 2019, about 342,000 ETH from UPbit's Ethereum hot wallet was moved to an unrecognized wallet. To prevent any losses of UPbit users, the company will cover for the 342,000 ETH missing from the suspicious transaction. We have moved all funds to cold wallets. It will take two weeks for deposits and withdrawals to be opened.”</blockquote>
Additionally, observers had noticed other large transactions being withdrawn from the UpBit’s main wallet. They used tools such as the Whale Alert; which monitors such movements. However, the firm claimed that large withdrawals of cryptocurrencies such as TRON (TRX); were made to the firm’s cold wallet. Only its Ethereum holdings were affected, the company confirmed.

Furthermore, local reports suggest that the individual or group responsible for UPbit’s theft; might have targeted a moment when the firm was transferring its funds; in alternative cryptocurrencies to its cold wallet.
<h2>Is UpBit the latest Victim to an Inside Job?</h2>
In addition, UpBit becomes the latest <a href="https://www.cryptoknowmics.com/crypto/south-korea-legislators-passes-crypto-bill/" target="_blank" rel="noopener">South Korean</a> crypto exchange to lose a massive amount of money. Earlier this year, the second-biggest cryptocurrency exchange in South Korea, Github fell victim to an inside job. The firm lost approximately $13 million back in March 2019. 

In conclusion, it is interesting that Upbit's announcement does claim that the exchange was hacked. The statement reads that “only that some ETH was stolen”. This leaves the possibility it could have been an inside job.

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UpBit Crypto Exchange Losses $50 Million Worth of Ethereum

South Korea's largest crypto exchange, UpBit, has closed withdrawals and deposits for two weeks following a suspicious transaction... %

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UpBit Crypto Exchange Losses $50 Million Worth of Ethereum

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