EXPERT COMMENT: Crypto Exchange Upbit Suffers $50 Million Hack

It has just been revealed that South Korea’s largest Cryptocurrency Exchange, Upbit, has  been hacked. Approximately $50 million equivalent of ETH was stolen from the exchange.

Experts Comments

November 27, 2019
Peter Wood
CEO
CoinBurp
This hack should act as a warning to all investors about the importance of operating on a secure trading platform which has a track record for consistent, safe transactions. This is particularly important when it comes to cryptocurrency, as it is virtually untraceable and there is often no governing body to insure or refund any losses. “However, potential investors should not be deterred by this catastrophic error, as UpBit, and other Korean crypto exchanges have been the target of hackers .....Read More
This hack should act as a warning to all investors about the importance of operating on a secure trading platform which has a track record for consistent, safe transactions. This is particularly important when it comes to cryptocurrency, as it is virtually untraceable and there is often no governing body to insure or refund any losses. “However, potential investors should not be deterred by this catastrophic error, as UpBit, and other Korean crypto exchanges have been the target of hackers before – therefore, it is important that all individuals properly research the security protocols and measures before operating on any crypto trading platform.  Read Less
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