Asia Blockchain Updates 2019.11.28 Endless Hacking incidents in Crypto, Crypto greets Traditionals

Kyeongrim Amy kang
3 min readNov 28, 2019


Upbit got HACKED, 50mill USD just gone with the wind,
Klaytn greets NEW Retail and Investment Giants in Korea

Asia Blockchain Updates 2019 by Amy Kang
Asia Blockchain Updates 2019 by Amy Kang

Upbit got Hacked, 342,000 ETH was Transferred to Anonymous wallets.

Lee Seok Woo, CEO of Upbit, Korea crypto exchange
Lee Seok Woo, CEO of Upbit, Korea crypto exchange,

Upbit announced that 342,000 ETH (52Mill USD) were transferred from the Upbit’s Ethereum Hot Wallet to the unknown anonymous wallet on Nov 27th.

According to Upbit officials' announcement, they confirmed internally that the bulk transfer of ETH was not intended withdrawal by Upbit.

After Upbit identified the abnormal bulk withdrawal, they have temporarily suspended the cryptocurrency withdrawal and conducted a server check. In addition, to prevent any further damage, the team has transferred all the cryptocurrencies stored in Hot Wallet to Cold Wallet.

Upbit plans to cover up the lost Ethereum with Upbit assets for now. It will take about two weeks for the deposit and withdrawal to be resumed. During this period, they will dig more and investigate the cause of the accident and follow-up with legal departments.

Regarding the detection of large withdrawals from coins such as BitTorrent, Tron, Stella Lumen, Ios, Omisego, Pundi X, they have confirmed that transaction was made by them.

According to the experts in the industry, it is estimated that this incident is a hacking incident due to the leakage of Hot Wallet Private Key.

Major Finance and Retail Companies newly Join in Klaytn Governance Council

SK, GS and Hanwha join in Klaytn
SK, GS, and Hanwha join in Klaytn

Kakao Blockchain Technology affiliate GroundX announced on Nov 28 that SK Networks, GS Home Shopping and Hanwha Systems have joined the governance council of its own blockchain platform Klaytn.

The Klaytn Governance Council is responsible for making key decisions about Klaytn’s technology, business, and operations of the Klaytn Consensus Node. Beyond platform operations, the Council will discuss ways to develop new Klaytn-based services or integrate blockchain technology into existing current businesses.

The newly added SK Networks, GS Home Shopping, and Hanwha Systems will also focus on the stable operations of Klaytn and the vitalization of the blockchain industry.

GroundX unveiled the Klaytn Mainnet in June and unveiled a governance council that will run Klaytn at the same time. The Klaytn Governance Council is comprised of 27 Asian-based companies, including Korea, China, and Japan, representing industries such as IT, finance, and games.

At present, major domestic companies such as LG Electronics, Netmarble, Celltrion, and Kakao, the world’s largest cryptocurrency exchange Binance, Philippine Union Bank (Philippines Union Bank), and a partner of Wanxiang Blockchain Labs in China, Hashkey are joining in the council.



Kyeongrim Amy kang

Reimagining solutions for Enterprise SaaS models for work, and Pretty good at it!