Bitcoin exchange Upbit resumes Ethereum trading

The show must go on: After a devastating hacker attack in November 2019, the South Korean Bitcoin exchange Upbit has reactivated deposit and withdrawal in the crypto currency Ether. The 342,000 ETH, which fell victim to the November hack, will be completely replaced. 

All-clear for Upbit customers: The Bitcoin exchange is reopening its doors for Ethereum deposits and withdrawals. After a momentous hack in November 2019, the South Korean exchange had temporarily suspended trading in crypto-currencies. As a result of the attack on 27 November, Upbit lost 342,000 units of the crypto currency Ether (ETH) at one blow. The material damage amounted to the equivalent of about 50 million US dollars – the loss of customer confidence is more difficult to quantify.

After all, Upbit had already announced shortly after the attack became known that it would compensate all losses out of its own pocket. At the same time, Upbit promised to make improvements to the security architecture. According to a report by the South Korean news portal Business Korea, Upbit has now tightened its security measures.

“A new wallet system has been introduced for depositing and withdrawing crypto-currencies,” Business Korea quotes an insider as saying. 

Since January 13, customers of the Bitcoin exchange can again make deposits and withdrawals in Ether. A look at Upbit’s website confirms this – but also reveals that trading in a large part of the crypto currencies traded on Upbit is still on hold.

Since January 13, customers of the Bitcoin exchange can again make deposits and withdrawals in Ether. A look at Upbit’s website confirms this – but also reveals that trading in a large part of the crypto currencies traded on Upbit is still on hold.

 

Upbit, Bitcoin exchange Upbit resumes Ethereum trading

Only since last week Upbit enables its customers again deposits and withdrawals of Ripple (XRP), Litecoin (LTC) and EOS. It is still unclear when trading will resume for the remaining of the 169 crypto assets listed.

“It is difficult to say whether the items will be opened or withdrawn individually or all at once,” the inside man goes on.

Experts recommend South Korea opening for Bitcoin derivatives

Although hacks from centralized Bitcoin exchanges are by no means an exception in the crypto sector, South Korea is also realizing that crypto currencies have come to stay. It was only at the beginning of January that a committee of experts commissioned by the government spoke out in favour of opening up the South Korean market for crypto-derivatives. 

“The Korean government must gradually allow institutional investors to trade in crypto securities and promote over-the-counter (OTC) desks for trading with institutional investors,” demanded the experts of the “4th Industrial Revolution Commission” on January 6.