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Upbit Resumes Ethereum Deposit and Withdrawal Services Using a New Wallet System
Operations Normalized after Theft
Upbit Resumes Ethereum Deposit and Withdrawal Services Using a New Wallet System
  • By Yoon Young-sil
  • January 14, 2020, 09:52
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Upbit has resumed its Ethereum deposit and withdrawal services.

Upbit, a South Korean cryptocurrency exchange that suffered a theft of 58 billion won (about US$50 million) in Ethereum at the end of November 2019, has resumed its Ethereum deposit and withdrawal services.

Upbit resumed its deposit and withdrawal services on Ethereum on Jan. 13, following the normalization of the deposit and withdrawal services on three other cryptocurrencies -- Litecoin, Ripple and EOS -- on Jan. 9.

The cryptocurrency exchange explained that the previous Ethereum deposit address was removed due to a change in its wallet system, and asked users to receive new Ethereum deposit addresses.

Upbit recently released a due diligence report on its cryptocurrencies and deposits, and said that it covered the stolen Ethereum (342,000 Ethereum) with its assets. In addition, it also announced that new deposit and withdrawal services based on a more secured wallet system will begin.

"A new wallet system has been adopted for deposit and withdrawal cryptocurrencies," Upbit said. “It is difficult to specify whether to open or withdraw items one by one or all at once in the future.”