The post Upbit Freezes 2.6B Won: Launches 10% Recovery Bounty appeared on BitcoinEthereumNews.com. Upbit 2.6 Billion Won Asset Freeze follows a $38.5 million Solana withdrawal. OTS tracking and global exchange coordination secure hacked funds and blacklist wallets. A 10%bounty and full user reimbursement turn this into a recovery campaign. Upbit cryptocurrency exchange has frozen 2.6 billion won worth of assets that were victimized, according to reports. Related: Upbit Confirms $37M Hack: Exchange Says It Will Cover Every Lost Dollar How Upbit Responded To The Abnormal Solana Withdrawal Following the detection of abnormal withdrawal activity from a wallet affiliated with the Solana network, Upbit blocked deposits and withdrawals and upgraded its wallet system as a security measure.  In the meantime, the cryptocurrency exchange said that the 38.6 billion won in customer assets tied to the abnormal withdrawal has already been fully covered with the company’s own funds, while assuring users that it remains in control of the ongoing investigation and overall platform security. Upbit Deploys Proprietary OTS According to reports, Upbit has deployed its proprietary On-Chain Automatic Tracking Service (OTS) to trace the digital assets transferred out of its network. It is also collaborating with other virtual exchanges worldwide to block additional asset transfers. In the meantime, some of the steps taken by the crypto exchange so far include an initial 24-hour OTS-based precise monitoring conducted by the Upbit Asset Tracking Team. The team’s initial target is to secure the on-chain movement path and associated addresses of the withdrawn virtual assets. Upbit Offers 10% Recovery Bounty It is worth noting that Upbit has blacklisted the identified addresses and requested that virtual asset exchanges worldwide block transactions originating from these addresses. Subsequently, the move by Upbit resulted in the freezing of 2.3 billion won worth of victimized assets within five hours of the infamous withdrawal. Subsequent actions have led to a total of 2.6 billion… The post Upbit Freezes 2.6B Won: Launches 10% Recovery Bounty appeared on BitcoinEthereumNews.com. Upbit 2.6 Billion Won Asset Freeze follows a $38.5 million Solana withdrawal. OTS tracking and global exchange coordination secure hacked funds and blacklist wallets. A 10%bounty and full user reimbursement turn this into a recovery campaign. Upbit cryptocurrency exchange has frozen 2.6 billion won worth of assets that were victimized, according to reports. Related: Upbit Confirms $37M Hack: Exchange Says It Will Cover Every Lost Dollar How Upbit Responded To The Abnormal Solana Withdrawal Following the detection of abnormal withdrawal activity from a wallet affiliated with the Solana network, Upbit blocked deposits and withdrawals and upgraded its wallet system as a security measure.  In the meantime, the cryptocurrency exchange said that the 38.6 billion won in customer assets tied to the abnormal withdrawal has already been fully covered with the company’s own funds, while assuring users that it remains in control of the ongoing investigation and overall platform security. Upbit Deploys Proprietary OTS According to reports, Upbit has deployed its proprietary On-Chain Automatic Tracking Service (OTS) to trace the digital assets transferred out of its network. It is also collaborating with other virtual exchanges worldwide to block additional asset transfers. In the meantime, some of the steps taken by the crypto exchange so far include an initial 24-hour OTS-based precise monitoring conducted by the Upbit Asset Tracking Team. The team’s initial target is to secure the on-chain movement path and associated addresses of the withdrawn virtual assets. Upbit Offers 10% Recovery Bounty It is worth noting that Upbit has blacklisted the identified addresses and requested that virtual asset exchanges worldwide block transactions originating from these addresses. Subsequently, the move by Upbit resulted in the freezing of 2.3 billion won worth of victimized assets within five hours of the infamous withdrawal. Subsequent actions have led to a total of 2.6 billion…

                                                                               Office of the Comptroller of the Currency’s Jonathan Gould says crypto companies should have a path to supervision in the banking system, which can evolve to embrace blockchain.                     Crypto companies seeking a US federal bank charter should be treated no differently than other financial institutions, says Jonathan Gould, the head of the Office of the Comptroller of the Currency (OCC).Gould told a blockchain conference on Monday that some new charter applicants in the digital or fintech spaces could be seen as offering novel activities for a national trust bank, but noted “custody and safekeeping services have been happening electronically for decades.”“There is simply no justification for considering digital assets differently,” he added. “Additionally, it is important that we do not confine banks, including current national trust banks, to the technologies or businesses of the past.”Read more