The Korean crypto exchange, Upbit, suffered a major hack last week as a hacker managed to steal over 342,000 ETH worth $50 million. Just a day after the loot, hacker dispersed $38 million worth of ETH into different unknown wallets.
Exchange will reimburse lost funds with its assets
Upbit suffered a major hack on 27th November as hacker stole worth $50 million ETH from its hot wallet. However, the exchange announced that the hack would not impact the users as the exchange from its own assets would compensate the lost funds.
In less than 2 hours, over 31,000 ETH worth $4.65 million were moved to unknown accounts on 4th December. According to Whale Alerts, there were three transactions of 10,000 ETH ($1.15 million) that took place in the space of 2 hours yesterday.
Binance comes in support of Upbit.
Binance CEO Changpeng Zhao tweeted that they will work with Upbit and other industry players to ensure any hacked funds that may make their way to Binance will be immediately frozen. Etherscan has also flagged the addresses that are associated with the Upbit hack to prevent ETH wallets from transacting with the hackers. After the hack the South Korean-based exchange Upbit suspended deposits and withdrawals for few weeks as they continue to investigate the theft.