Upbit “All of the hacked Ethereum were fully recovered. Deposit and withdrawal soon to be opened”

Upbit, a local cryptocurrency exchange, said that it has made good on the 50 billion won worth of Ethereum that went missing and is set to resume the operation of crypto wallets starting Jan. 9. It had halted all deposits and withdrawals after the incident in November, 2019. Upbit claimed that due diligence determined that the exchange has more cash and cryptocurrency than client deposits. “100% fully recovered by Upbit funds” Upbit issued a schedule for the release of the due diligence report and resumption of the service on its website Tuesday. “We apologize for causing inconvenience due to the theft in November. Upbit immediately took action to address the issue and fully recovered the stolen tokens,” it said. The move came after 342,000 Ethereum were sent from Upbit’s Ethereum hot wallet to an anonymous wallet address in November. The transferred crypto was worth 58 billion won. In the wake of the theft, the operator transferred all of its virtual assets from hot wallets to cold wallets. At the time, it said that the suspension would last only two weeks, but the reopening has been delayed. In the latest notice, the exchange said that it will strengthen security and gradually lift the suspension. The deposit and withdrawal of Litecoin, Ripple and Eos will be resumed on Thursday, while that for Ethereum will be available on Jan. 13. Resumption for other tokens will be announced later. Upbit revealed due diligence The notice revealed the result of due diligence conducted by Jian Accounting, a local accounting firm. The financial probe was carried out between Dec. 31 and Jan. 5 and checked capital reserves at Dunamu, the company that controls Upbit. It was found that Upbit holds cryptocurrency which worth 100.83 percent all deposits. Separate cash reserves are 144.45 percent of deposits. “The amount of the cash and cyrptocurrency held by us is sufficient,” Upbit said, “We are providing them to our users, when needed.”

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