Upbit Korean cryptocurrency trading platform reported massive theft of 342 1,000 Ethereum cryptocurrencies with an estimated value of 49 million dollars. The coins were transferred from the platform to an anonymous virtual wallet, and the criminals have not yet been identified.
Due to the situation, Upbit immediately suspended all its operations, whether deposits or withdrawals, from protect your users’ accounts. However, all virtual wallets have been taken offline so that they cannot be further attacked.
Upbit has already commented on the loss and claims that it will restore stolen values from its own pocket. However, it will take about two weeks for the platform to be able to resume normal operations. Korean users who are dependent on their virtual wallets, however, will be distressed.
Cryptocurrency theft is a common occurrence
Cyber crime, stealing cryptocurrencies is a fairly common occurrence, unfortunately. The largest cryptocurrency theft to date occurred on 2018, with the Tokyo-based Coincheck trading platform. Criminals stole NEM coins, a less popular cryptocurrency.
In total, criminals stole 400 to 500 Millions of dollars in cryptocurrencies, and values vary with market fluctuations. Either way, this was the biggest cryptocurrency theft ever. Like Upbit, Coincheck made a point of reimbursing all its injured customers.
In addition to theft, there are several other schemes aimed at stealing cryptocurrencies. Several apps have been reported in the Google Play Store that pretend to be virtual wallets, just to steal coins from users who fall into the trap.
Originally Posted On NaijaTechGuy
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