Crypto exchange Upbit confirms theft of $50 million in ether – bitcoin price drops

The major South Korean crypto exchange Upbit has suffered a theft of 342,000 ether, which corresponds to around $50 million.

This is now confirmed in a statement by the crypto exchange’s CEO Lee Seok-woo.

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Will cover the losses

The crypto assets are reported to have been sent from the exchange’s so-called “hot wallet” to an unknown crypto wallet.

According to Upbit, the losses will be covered by the exchange itself, Coindesk writes.

Following the news of the theft, the bitcoin price fell from $7,093 to $6,847 in under two hours, according to numbers from Bitstamp.

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