The South Korean cryptocurrency exchange Upbit has reported that it was hit by hackers who made off with 342,000 Ethereum, approximately $48.7 million. The hackers targeted Upbit’s Ethereum “hot wallet.” Hot wallets are software-based storage solutions for crypto-currency, which are typically applications on phones or computers. Upbit has since moved all of their crypto-currencies to cold wallets, using hardware-based storage for safekeeping. All transactions through Upbit are currently suspended and are expected to remain so for the next two weeks.
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