Upbit strengthens its internal security

January 18, 2020 by Clementine

The loss of 342 000 ETH, or a value of approximately $ 50 million, following a hack important occurred in the month of November last year, has completely shaken the security system of Upbit, the platform of crypto-exchange south-korea. She then decides to proceed with an update of its security to reassure its customers.

Services in Upbit resume

There it is, the services of deposit/ withdrawal and transfer of Upbit have been restored after a brief interruption that lasted two months.
According to the announcement of the company, she had to resign himself to this uncomfortable situation, until the security updates for the portfolios on its platform of exchange have been completed.
In fact, just after the attack, Upbit undertook a redesign of the portfolio system for all crypto-assets that are traded on its platform. And it’s just recently that the crypto-stock exchange announced the successful completion of this process, resulting in the reactivation of the services of deposits and withdrawals of the ETH.
At the same time, the platform is also open to new wallet services for Bitcoin, Ethereum, Litecoin, Ripple as well as EOS.

Details on the upgrade

In an effort to enhance global security, Upbit adopts a new strategy on the system storage of digital assets, focusing on devolution in greater depth, with the strengthening of the security of the access to the infrastructure of the employees.
The platform of crypto-exchange has in this connection advised its users not to transfer ETH to the old addresses, wallet, and delete all the old addresses in order to create new (address), including the portfolios ETH, by the following.
A representative of Upbit accurate :

“With the security upgrade, we are implementing a new portfolio system for all crypto-assets. Thus, the addresses under the previous system will not be functional and the new addresses should be generated “.

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Passionate about the universe geek, Clementine finds the news more interesting and involved in their drafting.

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