South Korean cryptocurrency exchange Upbit has confirmed hackers stole about USD 49 million worth of cryptocurrency.

Upbit CEO Lee Seok-woo revealed in an official blog post that 342,000 ETH (approximately 58 billion won) were transferred from the Upbeat Ethereum Hot Wallet to an unknown wallet.

The company will cover the loss of its customers with its own assets. Upbit estimates it to take at least two weeks for the deposit and withdrawal to resume.