Stolen ETH From Upbit Is Moving To Unknown Wallets

Yesterday, the ETH news show that there has bee na new breach by hackers – this time on the Upbit exchange where there were millions of dollars worth of stolen ETH which amount is now apparently moving to an unknown wallet.

The cryptocurrency Twitter profile Whale Alert today featured a service dedicated to tracking major cryptocurrency transactions. It flagged today, December 3, as a day when 10,000 ETH (equivalent of $1.5 million) in transactions occurred at 7:52am (UTC).

As the cryptocurrency news show, the transaction was preceded by a smaller transfer of 1,001 ETH which is worth around $10,000 five minutes earlier – sent from the same address. At the time of writing, the transactions continue and there is another 10,000 ETH transfer which was just confirmed.

In total, six transactions  were completed with stolen ETH which is now moving in different directions. Upbit, which is run by a subsidiary of the Korean tech giant Kakao, last week revealed that the 342,000 Ether had been stolen from its hot wallets on November 27.

This theft occurred at a time when the exchange was moving assets between hot and cold storage facilities, leading many to speculate that this incident may have been an inside job instead of an external breach.

However, industry members said that the stolen ETH would not be transacted via their platforms. These included the Binance CEO Changpeng Zhao who confirmed this, too. Meanwhile, today’s transfers have been flagged as associated with the “Upbit Hack” but they were successfully confirmed on the network as direct wallet-to-wallet transfers.

Ever since the theft, Upbit and its operator has promised to compensate all of the stolen funds from their corporate funds.
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For those of you who don’t know, the exchange is one of the four largest platforms in South Korea and is competing with Korbit, Bithumb and Coinone. It was also the only major domestic platform which posted a profit last year.

Ever since the theft, Upbit’s operator promised to compensate all of the stolen funds from their corporate funds. Upbit is a member of the Korean Blockchain Association, a domestic alliance which is comprised of 14 crypto trading platforms and as such is a respected authority in the country.