Upbit, South Korea’s largest cryptocurrency exchange, announced that it has removed all old deposit addresses from its system as part of wallet maintenance work.
The exchange emphasized that users should always create a new wallet address before depositing to avoid loss of funds. Upbit has announced that deposits and withdrawals will be gradually resumed after a comprehensive update.
According to a statement released by the stock exchange, deposit and withdrawal services will be resumed in stages from 5pm on December 5 on 21 different networks and a total of 33 assets. During this period, users are encouraged to check their accounts and update their new address information, especially those using automated forwarding systems.
Upbit’s latest move follows a security breach on November 27 that caused losses of approximately 44.5 billion won (approximately $33 million). In this incident, the attackers confirmed that the fraudulent transfers were made from the exchange’s hot wallet, and the company immediately activated its security protocols to halt all fund transfers.
Officials said the new wallet’s infrastructure is designed with stronger security standards and is intended to increase security for users by completely disabling old addresses. Upbit said its service would return to normal once the system is fully stable, but warned users to be careful during the update period.
*This is not investment advice.
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