Upbit Cancels HEMI Trading After $255k Exploit
Upbit, a major South Korean cryptocurrency exchange, has cancelled trading for HEMI (CRYPTO:HEMI) after a September 7 exploit stole about 124.5 million tokens.
The attacker exploited a reentrancy vulnerability in Hemi's legacy Genesis Drop contract and repeatedly triggered the claim process before its accounting updated.
Upbit had planned to list HEMI alongside Cluster Protocol (CRYPTO:CP) and Useless Coin (CRYPTO:USELESS), but cancelled it just 18 minutes before its scheduled launch.
The stolen tokens were converted into about US$255,000 in stablecoins before the proceeds were moved across several blockchain networks and converted largely into Ether.
Upbit has stated that it will strengthen pre-listing reviews after this incident. Hemi is tracing the stolen funds and exploring recovery options with law enforcement and security firms.