Upbit Hack Update: A Chunk of Hacked Funds Have Moved to Binance

Vinnie Singh Altcoin News published December 2, 2019 | modified December 2, 2019


Upbit Hack Update: A Chunk of Hacked Funds Have Moved to Binance

On November 27, major crypto exchange Upbit got attacked, and as a result, the exchange ended up losing 342,000 ETH worth over $50 MM to the hackers. As per a recent update by Coinness, a portion of the hacked funds has been moved to cryptocurrency exchange Binance. 

Hacked Funds Moving Again

On 28th November, the hacker had begun to move the stolen ETH to other addresses. As reported by CoinGape earlier, the hacker transferred 112,020 ETH worth over $17 million to two addresses. The two newly created addresses start with 0x9A207194cb and 0x3408EdCa2d respectively.

As per latest updates, the stolen ETH is moving again. Per CoinHolmes, the address starting with 0xe5fe63 has seen a transfer of 500 ETH to an address0xad00f59e4105b5cb3b849c286bc0399eeabf183a. The address starting with 0xad00f5 has transferred a big chunk of this ETH to Binance. Also, the hacker is still “on the move for further transfers”.

Will Binance Respond to This?

Soon after the news of the hack came out, Binance CEO Changpeng Zhao aka CZ has taken to Twitter to announce his support for Upbit. He assured Upbit that any hacked funds that made their way to Binance would be immediately frozen.

Many other exchanges including OKEx, Huobi Global, KuCoin and Changelly also extended their support to Upbit and shared that they will stop any hacked funds from coming to their exchange. Now that Binance has received a portion of the hacked funds, it remains to be seen if Binance will take notice of the transfer and freeze the funds.

CoinGape is also keeping a track of how the rest of the funds move, and it will keep sharing updates as they come. Stay tuned!

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Vinnie Singh 72 Articles
All things Blockchain & Crypto. 3 years for writing for Crypto Publications, ICOs and Blockchain cos. Book Junkie. Travel Freak. Food rules my mood. Enough said. Follow me on twitter @vinniesingh7 or mail me at vinnie[at]squadx.io
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