Crypto exchange Upbit confirms theft of $49 million in ether

Crypto exchange Upbit has confirmed that 342,000 ETH, worth around $49 million, was stolen from the exchange earlier today and transferred to a single wallet. Upbit has suspended deposits and withdrawals and plans to cover the losses with funds from its balance sheet.

Why it matters:

• At ~$49 million the theft is the largest of the year. Binance lost ~$40 million of BTC earlier this year when an attacker exploited the exchange's hot wallet.
• Crypto exchanges are vulnerable to attacks from outside sources as well as employees that have access to wallets. Already, there is speculation that the Upbit theft was executed by an insider.