Those who still believe in crypto currency should read this

South Korean cryptocurrency exchange Upbit has released an announcement to advise its customers that it has placed an “unscheduled suspension” on all deposit and withdrawals, due to the loss of 342,000 Ether (ETH) which equates to $52,479,900 (USD) at the time of writing.
In the statement, Lee Seok-woo, CEO of Dunamu (the exchange’s operator) claimed that the ETH were moved from the exchanges hot wallet to an unrecognised wallet “0xa09871AEadF4
994Ca12f5c0b6056BBd1d343c029” (Link  bellow), He has also claimed that their clients funds were not contained within the breached wallet.
To avoid anymore unauthorised transactions from occurring, Upbit has moved all of its cryptocurrencies into offline cold wallets so the funds are no longer accessible to a malicious actor, If they where to breach or have breached the security of the exchange.
Upbit have stopped all deposit and withdrawals, and will not recommence transactions for 2 weeks while an investigation is performed. Currently there are no confirmed details as to how the unauthorised transactions were able to take place and whether or not the malicious actor was internal or external to the company.
CEO of Binance Changpeng Zhao (CZ) has made a public statement in relation to this security breach on his twitter page stating “We will work with Upbit and other industry players to ensure any hacked funds that may make their way to Binance are immediately frozen.”
Upbit have also stated that they will cover all user assets with corporate funds, After making the claim that no user funds were effected, So there is clearly ‘fuckery afoot’.
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