Upbit to restrict withdrawals to protect users

South Korean cryptocurrency exchange Upbit announced new measures to protect user accounts from potential attacks. From November 28, withdrawal limits will take effect, the company said.

Users will be able to withdraw digital assets up to an amount equal to the value of their fiat deposits within 24 hours after submitting a request. The restrictions do not apply to withdrawals of Korean won for fiat deposits.

The company explained that these measures are aimed at combating financial fraud on the platform.

Back in November 2019, following a hack of Upbit, attackers stole 342,000 ETH ($48.2 million at the time).

In December of that year, hackers moved 55,000 ETH, and in May 2020 a further 16,152 ETH were moved.

A few days later, unknown individuals transferred funds from addresses linked to the platform’s hack to the little-known exchange BYEX.

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