UpBit Hack: Stolen ETH Is On The Move & Binance offers Support; New Theory Of Inside Job Emerges
A couple of days ago, we reported that UpBit South Korean crypto exchange has just hit users with the worst possible news: a theft of 342k ETH worth of about $50 million from its hot wallet, according to the latest reports coming from Cointelegraph.
This incident has been confirmed by an official statement released by Lee Seok-woo, the CEO of UpBit’s operator Dunamu on November 27.
This theft definitely marks a huge hit to the crypto space, but the company’s management said that it would be covering the losses with an estimated $52 million.
The official announcement stated the following:
“At approximately 13:06 on November 27th, 2019 (KST), 342,000 ETH was sent from Upbit Korea’s Ethereum hot wallet to an anonymous wallet address – 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029. We took immediate actions to protect your assets, and no investors’ assets were lost.”
It’s been revealed that trading on the exchange is allowed at the moment but deposits are withdrawals are frozen for about two weeks.
— Chiachih Wu (@chiachih_wu) November 28, 2019
The stolen ETH is on the move and Binance offers support
The Daily Hodl just reported that the stolen ETH is now split among four new addresses said Peckshield researcher Chiachih Wu.
It seems that the hacker is trying to cash out on an exchange, according to the latest reports.
Binance CEO Changpeng Zhao said that he’s working really hard in roder to make it impossible to cash out via his exchange.
We will work with Upbit and other industry players to ensure any hacked funds that may make their way to Binance are immediately frozen.
Someone commented: “Don't store funds on centralized exchanges, use non-custodial wallets, where you control private keys! Stay safe! Exchanges are for trading. Not for holding! ”
The online publication mentioned above notes that there’s a theory saying that the hack was an inside job with the goal to thwart Upbit’s tax obligations and this sparked controversy.
We suggest that you head over to the Daily Hodl's original article in order to find out more details about the theory.
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