Upbit Hack Update – ETH Stolen From Upbit Exchange is Moving

By Vinnie Singh
Published November 28, 2019 Updated November 28, 2019
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Upbit Hack Update – ETH Stolen From Upbit Exchange is Moving

By Vinnie Singh
Published November 28, 2019 Updated November 28, 2019

On 27th November 2019, the news of Upbit exchange getting hacked shook the crypto world. In the hack, hackers ended up taking away 342,000 ETH (equivalent to $ 49,848,273). Now, the stolen ETH is being moved to other addresses.


Stolen ETH Moving to 2 Addresses

In an update shared by Coinness, the Upbit hacker has started moving the stolen ETH to other addresses. The movement, which began today, has seen 112,020 ETH worth over $17 million in all being transferred to two addresses. The two newly created addresses start with 0x9A207194cb and 0x3408EdCa2d respectively. The transfers are still going on at the time of writing this article. Any details which may help identify the hackers have not been found. However, the update mentions that the stolen ETH has not been moved to any exchanges.

Source: Coinness

Exchanges Coming in Support of Upbit

The crypto community has come together to support Upbit in this unfortunate situation. Major exchanges have offered to help Upbit in dealing with the situation.

Binance CEO, Changpeng Zhao aka CZ announced that Binance will ensure that any crypto from the hack making its way to the exchange will immediately be frozen. OKEx COO, Andy Cheung  tweeted that OKEx is working to assist Upbit.

Livio Weng, CEO of Huobi Global has also assured that they will “watch & secure any funds from the security incident at Upbit”. Weng also said that they they will work with Upbit if any funds from the hack enter their exchange.

KuCoin CEO, Michael Gan has also extended his support to Upbit and assured them that they will try their best to freeze any stolen funds that come to KuCoin.

Eric Benz, CEO of Changelly, has iterated the same stance about helping Upbit and stopping any hacked funds from passing through their platform.

Given the support that major exchanges have offered Upbit in the wake of the hack, it will be very difficult for the hacker to liquidate the stolen ETH on these exchanges. Also, with so many eyes on the case, any movement of the stolen funds will be noticed immediately, and this may lead to the hacker risking their identification. What the hacker will do next with the stolen funds remains to be seen.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
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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