Upbit froze 2.6 billion won in stolen assets, launches 10% refund

Cryptocurrency exchange Upbit has taken decisive action following a recent hack that resulted in the theft of 2.6 billion won (approximately $2 million) in assets. This decision followed an abnormal withdrawal of $38.5 million from a wallet linked to the Solana network.

Upbit's Response to the Hack

After detecting abnormal withdrawal activity, Upbit blocked all deposits and withdrawals and updated its wallet system to enhance security. The exchange confirmed that the 38.6 billion won in customer assets associated with the abnormal withdrawal have already been fully covered by the company's own funds. This decision is aimed at ensuring user confidence and confirming control over the ongoing investigation.

On-Chain Automatic Tracking Service (OTS) Implementation

Upbit has deployed its own tracking system, the On-Chain Automatic Tracking Service (OTS), which enables tracking of digital assets transferred from the exchange network. This system works in collaboration with other virtual exchanges worldwide to block additional transfers of stolen assets.

Upbit's asset tracking team conducts 24-hour OTS-based monitoring, ensuring access to the on-chain path and associated addresses of withdrawn virtual assets. This is an important step in preventing further losses and recovering stolen funds.

Refund Program

As part of its recovery campaign, Upbit is offering a 10% reward for information leading to the recovery of stolen assets. This move aims to raise community awareness and catalyze fund recovery efforts, which could be an important step in the fight against cryptocurrency cybercrime.

In Conclusion

Upbit's actions demonstrate a serious approach to user security and the recovery of stolen assets. The implementation of the OTS system and the offer of a reward for assistance in recovering funds underscore the exchange's commitment to transparency and accountability. Amid growing threats in the cryptocurrency space, such measures are essential to protect customer interests and maintain trust in the platform.