Upbit has introduced restrictions on the withdrawal of cryptocurrencies

  • Users wishing to withdraw cryptocurrency will depend on the volume of fiat deposits

  • Restrictions do not apply to fiat funds

  • Withdrawal delay, Upbit claims, aims to strengthen protection against potential fraudulent attacks

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The cryptocurrency exchange claims that they have decided to restrict the withdrawal of cryptocurrencies to protect against possible attacks

Cryptocurrency exchange Upbit has introduced restrictions on the withdrawal of cryptocurrency funds.

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The Korean trading platform announced this on its official website. According to the announcement, the exchange is introducing a 24-hour system for deferring the withdrawal of cryptocurrencies starting from November 28 as part of strengthening the policy for protecting user assets.

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Now, the withdrawal of cryptocurrencies from Upbit is directly dependent on the amount of Korean won deposited 24 hours after the withdrawal request. Withdrawal deferral applies only to fiat deposits when exchanged for cryptocurrency.

There are no restrictions on fiat withdrawals, Upbit reports. Exchange representatives said the decision to impose restrictions was made to prevent cases of abuse of voice phishing.

Preventive measures

The restrictions on Upbit occur exactly one year after the exchange suffered a major attack. In November 2019, the exchange was forced to suspend accepting and withdrawing funds for two weeks after noticing a suspicious transaction, as a result of which a total of 340 thousand ETH was stolen from the exchange..

Upbit has introduced restrictions on the withdrawal of cryptocurrencies

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Since then, the cryptocurrency community has closely monitored the movement of stolen money, to no avail, transported through digital wallets..

It should be noted that attacks on cryptocurrency exchanges entered the top 3 in terms of payback over the entire existence of the industry. In total, attackers carried out 87 successful attacks on crypto-exchanges and raised $ 4.8 billion in total, which is $ 55.4 million per hack.

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