ETH From UpBit’s 2019 Hack on the Move As Scammers Dump it on Different Exchanges


UpBit, a popular Korean exchange fell victim to one of the largest Ethereum hacks back in 2019 when hackers managed to steal $50 million worth of ETH from its hot wallet. There have been several attempts to reclaim the stolen amount but nothing worthwhile was achieved and a significant portion of the stolen amount is still being dumped in the market.

There have been emerging reports lately that the hackers behind the crime are now trying to exchange the stolen ETH for Fiat or other cryptocurrencies via different exchanges. Whale Alert, a popular Twitter account known for tracking significant crypto transactions has managed to trace the stolen UpBit ETH being dumped on an exchange called BYEX.

While the exact amount of the dumped ETH was not traced, Whale Alert found that the account associated with the dump managed to cash out in batches of $25,000. The suspected account made several transactions of $25k to various accounts within a week.

Whale Alert found that a majority of the stolen ETH was dumped on BYEX, however, a closer look at the blockchain data suggests there are at least three other accounts with 3,000 ETH each associated with the hacker's account waiting to dump the remaining Etherum. While cryptocurrencies are known to offer the privacy of transactions, however, modern-day analytical tools manage to trace hacked funds despite scammers taking precautionary measures.

Similar to the ongoing ETH dump from the UpBit hack, last year Binance lost a significant portion of Bitcoin to a hacking attack, and with the help of analytical tools, researchers managed to identify and trace a majority of those lost Bitcoin.

At the time of UpBit hack, many exchanges including Binance pledged to work with UpBit and freeze any accounts that suggested suspicious activities associated with the hacked ETH coins.

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