$1.6 Million Worth of Stolen Ethereum from Upbit Hack Moved to Unknown Wallet
- Upbit hacker’s wallet still have 38,899 Ether worth about $5.7 million left in it
- The unknown wallet now has a balance of 11,001 Ether worth $1,624,407
- ETH price meanwhile in the red the same as the majority of crypto the market
Million of dollars worth of stolen Ether from the South Korean Exchange Upbit are being moved to an unknown wallet.
The Upbit hacker moved into action on Dec. 3 at 07:46:59 UTC when it started transferring the stolen funds.
Whale Alert, the live tracker of crypto transactions from and to exchanges flagged the latest transaction of 1,001 ETH worth about 147,016 USD that was transferred to an unknown wallet.
This was then followed by, after less than a minute, the transfer of 10,000 ETH, amounting to approximately $1.5 million. At the time of writing, a total of six transactions have been completed.
According to Etherscan, the wallet of the hacker from where he is moving the funds still have 38,899 Ether worth about $5.7 million left in it.
As for the unknown wallet, where these stolen funds have been moved, it now has a balance of 11,001 Ether worth $1,624,407.
The largest South Koren Exchange Upbit, which is run by Korean tech giant Kakao’s subsidiary was hacked last week on Nov. 27. The theft that resulted in the loss of 342,000 Ether (roughly $50 million) occurred when the exchange was moving digital assets between its hot and cold wallets. This led to some speculating that it was an inside job.
After the hack, exchanges like Binance and Huobi promised to work with Upbit that any hacked funds making their way to their crypto exchanges will be immediately frozen.
— Lorne Lantz (@Lornestar) November 29, 2019
Upbit, however, has pledged to protect its users’ assets and said that it will compensate for all the losses from their corporate funds.
Incidents like these, the seventh major hack of 2019 in crypto industry only reinforces “not your keys, not your coins” again and again.
At some point over the last few years, the narrative went from “centralized exchanges are bad” to “leave your money on exchanges, we offer staking, interest, ect”.
Now today Upbit gets hacked for 340k ETH. Same story, another day.
6 years on from Mtgox….
— Charlie Shrem (@CharlieShrem) November 27, 2019
ETH meanwhile, is trading at $147 with 24 hours loss of 0.77%, as per Coincodex. like the majority of the market.