Whale Alert on twitter reported that 109,870 ETH worth $16,518,370 of the stolen funds from the Korean exchange Upbit were transferred to an unknown wallet. Earlier, the crypto exchange Upbit had confirmed that $50 million in ETH were stolen from the hot wallet of the exchange, and the company announced that no user would be affected by this hack as they will compensate the loss with their assets.
⚠️ 109,270 #ETH (16,518,370 USD) of stolen funds transferred from Upbit Hack Nov 2019 to unknown wallet
— Whale Alert (@whale_alert) November 28, 2019
Hackers try to cash out the loot.
According to blockchain security company Pecksheild, out of the 342,000 ETH stolen, around 340,000 ETH have been split between four new Ethereum addresses. Some of the stolen funds have been sent to crypto exchanges Binance and Huobi. Binance CEO, Changpeng Zhao has already made a statement that if any of the stolen funds land in Binance, they will be frozen immediately.
We will work with Upbit and other industry players to ensure any hacked funds that may make their way to Binance are immediately frozen.
— CZ Binance (@cz_binance) November 27, 2019
Hackers are trying to disperse the stolen funds into smaller amounts in order to cash out. However, no other exchange except Binance has come forward to assert support for Upbit and help retrieve stolen funds.
Upbit suspends deposits and withdrawals after the hack.
Upbit is South Korea’s biggest crypto exchange. The exchange suffered a major hack on 27th November as $50 million worth of ETH were stolen from its hot wallet. However, the exchange promised that loss will be recovered by the company’s own assets. Upbit CEO Lee Seok-woo informed that the exchange had suspended deposits and withdrawals temporarily, and it will take at least two weeks for services to get back to normal.