South Korea-based Upbit has restarted ether wallet services nearly two months after hackers made off with $49 million of the cryptocurrency.
The exchange recently announced that following an upgrade to its wallet security system, the platform is once more able to support ETH deposits and withdrawals.
A tweet indicated the services had become available soon after 09:00 UTC Monday.
Traders will need to create a new wallet address to which ETH held on the exchange will be automatically deposited, the firm said.
On Nov. 26, Upbit confirmed an "Abnormal transaction" had resulted in the exchange losing more than 342,000 ETH from its hot wallet, which at the time was worth approximately $49 million.
The exchange transferred all remaining digital assets into cold storage as a precaution.
Although user funds had not been affected, CEO Lee Seok-woo said in a statement following the attack that Upbit would suspend all trading functions temporarily.
Days later, hackers divided the stolen ETH among several wallet addresses.
One analyst suggested the group may be sending small test amounts through rival exchange Huobi in an attempt to launder the funds.
In its announcement, Upbit requested users delete their previous addresses, reiterating that wallets created before the hack could not be used: "The recovery of ETH sent to previous addresses from now could be long and costly process," the exchange warned.
Upbit Exchange Resumes Ether Services Months After $49M Hack
Published on Jan 14, 2020
by Coindesk | Published on Coinage
Mentioned in this article
Ethereum 1.x Devs Focusing on 'Stateless Clients' to Curb Chain Bloat
While Ethereum continues to develop the next stage of its evolution with the sharding-enabled Ethereum 2.0, a group of developers will focus on the existing chain to maintain its operability during the transition.
Oklahoma Senator Working on Bill for State-Backed Blockchain Institution
Oklahoma senator Nathan Dahm wrote a new bill for his state which looks to build a state-backed innovative financial institution around blockchain technology, establishing a new classification of institutions.
Mind the Gap: Identifying and Trading 4 Different Bitcoin Charts Gaps
There are four types of gaps and they are traded in different manners.
New EU AML Compliance Laws Could Disrupt the Crypto Industry
Aside from tracking dirty money to offshore paradises, the law brings about a series of restrictive demands on crypto companies in a way never seen before.