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Stolen ETH From Upbit Is Moving To Unknown Wallets

Stefan by Stefan
03/12/2019
in Ethereum News
Reading Time: 2 mins read
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Korea’s Biggest Exchange , upbit, dunami, regulations
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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.

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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.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: eth hacketh stolenethereum hackethereum upbitstealing ethereumstolen ethereumUPBITupbit exchangeupbit hackupbit news nowupbit south korea
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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