South Korean crypto exchange Upbit is going to reopen deposit wallets for digital assets.
Upbit exchange reopens deposit wallets
The exchange previously suffered a hack that resulted in the loss of over 300,000 ETH from its wallet. The platform was revealed that it would restart services for three assets on January 9. These assets are Litecoin, XRP, and EOS tokens while the access of other tokens such as Ethereum has been held back till January 9.
The team has apologized for the inconvenience caused by the hack and revealed that the platform held sufficient resources for resuming services. The exchange hosts a fair sum of fiat currency as well as its basket of digital assets to serve all potential withdrawal requests. The exchange has still closed its wallets for technical reasons.
The parent company of the exchange Dunamu has suffered the losses and has used its resources to pay for the damage. The firm might suffer financial setbacks due to this move. The company’s CEO Lee Sir-goo stated assured that the entirety of the damage caused by the hack was restored using their “own assets.”
Other than the immediate financial setback Dunamo is also suffering from bad results across 2019. The platform saw a decline in activity in late 2019 as investors seem to avoid taking risks. However, the blame cannot be placed on the hacking case alone as the altcoins saw a decline in activity even before it occurred. The altcoin market has entered a prolonged consolidation with more bears than bulls. This has disheartened investors.
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