Exchange Removes Old Deposit Addresses Following Security Measures
Upbit, South Korea's largest cryptocurrency exchange, has announced the removal of all old deposit addresses from its system as part of ongoing wallet maintenance work. This proactive measure is intended to bolster user security and ensure the integrity of fund transfers.
The exchange strongly advises users to always generate a new wallet address prior to making any deposit. Failure to do so could result in the loss of funds. Upbit has indicated that deposit and withdrawal services will be progressively reinstated following this comprehensive system update.
Gradual Resumption of Services and User Advisory
According to an official statement from Upbit, deposit and withdrawal services are set to gradually reactivate across 21 different networks, covering a total of 33 digital assets. This process is scheduled to commence at 5:00 PM on December 5th. During this transition period, users are urged to review their accounts. Special attention is recommended for those employing automatic transfer systems, who must update their stored address information to reflect the new addresses.
Context: Recent Security Incident and New Wallet Infrastructure
This recent wallet maintenance initiative by Upbit follows a significant security breach that occurred on November 27th. The incident resulted in losses estimated at approximately KRW 44.5 billion, which is roughly equivalent to $33 million USD. During the breach, attackers successfully executed unauthorized transfers from the exchange's hot wallets. In response, the company promptly activated its security protocols, halting all fund movements to prevent further compromise.
Officials have confirmed that the newly implemented wallet infrastructure has been designed with significantly enhanced security standards. The complete deactivation of old addresses is a key component of this strategy, aimed at elevating user security to a higher level. Upbit has stated that services will return to their normal operational status once the system is fully stabilized. However, the exchange continues to caution users to remain vigilant and exercise due diligence during this update period.