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South Korean Cryptocurrency Exchange lost $49 million dollars!  Upbit confirms theft of $49 million dollars worth of Ether earlier today.  Upbit confirms theft via a blog post.

The exchange will cover the loss through its own assets, however, they’ve turned off withdrawals and deposits.  The company expects that services will resume normal operations soon, but it will be at least two weeks.

According to Whale Alert, $49 million dollars worth of Ether was sent from Upbit’s wallet to an unknown ethereum address.

30 minutes later, Upbit announced an immediate suspension of withdrawals and deposits “due to sever maintenance.”  Upbit has seen more than $100 million dollars worth of multiple cryptocurrencies being sent out from their exchange – however, outside the Ether, the outflow was the exchange moving cryptos from hot wallets to cold wallets to prevent further loss.

Upbit was launched as a partnership between Bittrex and South Korean app maker Dunamu – they are backed by Kakao, one of the largest messaging apps in South Korea.

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