November 25, 2020

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The stolen Ethereum from Upbit is moving again

2 min read
The stolen Ethereum from Upbit is moving again

The stolen $ 51.7 million in Ethereum (ETH) from Upbit is on the move again. The hacker attack on the stock exchange took place in November 2019 and since then hackers have moved these funds to various wallets. Last night, $ 1 million ETH was transferred to an unknown wallet.

Whale Alert

Hack of the South Korean Upbit Stock Exchange took place at the end of November 2019 and the perpetrators of the crime have not yet been detected. At that time, Ethereum worth $ 51.7 million was stolen from the hot wallet. Since then, the movement of these funds has been carefully monitored, and now it seems that another part of these coins is in motion.

The stolen Ethereum from Upbit is moving again


As reported by Whale Alert (@ whale alert) yesterday, the stolen 7,707 ETH worth approximately $ 1.1 million was transferred to an unknown wallet. The funds were then transferred to another address, which now contains 9,224 ETH worth approximately USD 1.3 million.

The stolen Ethereum from Upbit is moving again
source: etherscan.io
The stolen Ethereum from Upbit is moving again
source: etherscan.io

As ETH movements are tracked, all exchanges have committed to freeze funds when they appear on their platform. In December 2019, hackers attempted to launder these funds through EOS tokens. The event took place on the decentralized exchange Tokenlon. Whale Alert, however, quickly captured and reported this transmission.

Summary


It seems unlikely that stolen funds will ever be captured unless hackers make a mistake, such as stock trading. Meanwhile, it’s a cat game with a mouse.

Hackers have stolen a total of 342,000 ETH on Upbit and have since spread their loot among many different wallets. We can expect these movements to continue throughout 2020.


Hackers seem to be hoping that the cryptocurrency community will eventually stop paying attention to these resources. Given how carefully all movements of the alienated Etherea, and indeed the whole case around the Upbit hack, are being tracked, this seems very unlikely.

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