South Korean crypto exchange Upbit has lost cryptocurrency worth $49 million, the exchange has confirmed.
Upbit’s CEO said in a blog post at 9:00 UTC on Wednesday that an abnormal transaction from its wallets had resulted in the outflow of 342,000 ether (ETH) earlier today.
The exchange said the loss will be covered by its own assets.
Meanwhile, withdrawals and deposits have already been suspended as a precaution. The firm estimated that it will take “at least two weeks" for services to be back to normal.
According to transaction tracking site Whale Alert, the lost ether – worth $49 million at press time – was sent from Upbit’s wallet to an unknown ethereum address starting with 0xa09871 about 04:00 UTC on Wednesday.