Bitcoin exchange Upbit will limit withdrawals to protect users

South Korean cryptocurrency exchange Upbit has announced new measures to protect user accounts from potential attacks. Restrictions on withdrawals will begin to apply from November 28, the company said in a statement.

Users will be able to withdraw digital assets for the amount corresponding to their Fiat deposits volume 24 hours after submitting the request. The restrictions do not apply to withdrawals of Korean won for deposits made in Fiat.

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

Recall that in November 2019, as a result of hacking Upbit, hackers stole 342,000 ETH ($48.2 million at the exchange rate at that time).

In December of the same year, hackers moved 55,000 ETH. In May 2020, another 16,152 ETH was moved.

A few days later, unknown people transferred funds from addresses associated with the platform’s hacking to the little-known BYEX exchange.

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