Asia Blockchain Updates 2019.12.19 Upbit and Bitgo Break up? Coinone’s Suspicious Delisting Policy
Upbit has been Deleted from Bitgo Partnership list on Landing Page
According to the crypto news Media, JoinD on Dec 18th, Upbit has been disappeared from the service provider of the digital asset custody service company, Bitgo’s website.
This seems to follow up as 342,000 ETH was hacked by the anonymous hacker in Upbit on November 27. At the time, Upbit officially announced that the bulk of ETH has been moved to an anonymous wallet and been hacked. Upbit had also used BitGo’s multi-signal technology to manage hot wallets until the hacking incident.
Since the incident, Industry, and media have pointed out the problem of the Bitgo’s custody service for Upbit.
One of the reasons that exchanges could keep a certain amount of cryptocurrencies in their hot wallets is because they had security devices such as Multi-sig. It is an authentication method that makes it more difficult for hackers to break into wallets by setting other multiple private keys.
However, according to an interview that JoinD conducted on November 28, there was some experts’ opinion that the address withdrawal of 342,000 ETH didn’t happen in Upbit’s multi-sig wallet.
Park Kyung-Nam, CEO of GrowFi, said, “I am not currently sure what kind of service that Upbit is using from Bitgo but the current withdrawal address doesn’t happen a multi-sig wallet. In general, Bitgo’s multi-signals are in the form of contracts. In the case of Ethereum, Eth normally does not support multi-signals by default, so it is using a Smart contract to provide the service.
Coinone is Delisting Coins who close with Klaytn?
According to Coinone’s announcement on the Dec 18th, Cosmo Coin (COSM) and Content Protocol (CPT) were categorized by Coinone as “The risk of Delisting”. According to the principle of delisting of Coinone, the result of the closeout should have been on December 12, but it does not express its clear decision even after three weeks till now.
In October, Coinone announced that they will abolish the coin, project from the trading market if the project team is not willing to improve more than twice a week after two weeks since the team has been requested from Coinone after warning.
After the incident has happened, Experts of the industry said that Coinone has “Sniped” out those Klaytn’s partner coins.