$1.6 Million Worth of Stolen Ethereum from Upbit Hack Moved to Unknown Wallet

The seventh major hack of 2019 reinforces “Not your keys, not your coins.”

  • 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.

Upbit hacker moving stolen Ether funds, Source: Etherscan

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.

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.

ETH meanwhile, is trading at $147 with 24 hours loss of 0.77%, as per Coincodex. like the majority of the market.

Ethereum (ETH) Live Price

1 ETH/USD =$396.3778 change ~ -0.07%

Coin Market Cap

$44.43 Billion

24 Hour Volume

$2.49 Billion

24 Hour VWAP

$396

24 Hour Change

$-0.2770

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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