Upbit exchange suffered a major hack recently when hackers managed to steal $50 million worth of ETH from the exchange’s hot wallet. Since then, hackers have dispersed the stolen funds into different wallets.
Stolen ETH exchanged for EOS-pegged token VEOS.
According to the Whale Alert report, the Upbit hacker sent a small portion of the stolen ethereum to a decentralized exchange Tokenlon and exchanged it for EOS-pegged token VEOS. The hacker only sent 1.95 ETH. Several centralized exchanges like Binance have announced that they would freeze the funds if they land in their exchanges. Hackers are trying to launder their loots via the decentralized exchange, as they are not monitored properly.
These 1.95 #ETH that were stolen in the Upbit hack were send to #Tokenlon (a decentralized exchange) and exchanged for #VEOS, a token pegged to #EOS.https://t.co/on2YaZJYTo
— Whale Alert (@whale_alert) December 13, 2019
Hackers stole $50 million in ETH last month
This hack was among the largest hack of the year as cybercriminals managed to get away with 342,000 worth $50 million at the time. However, the users of the exchange would not be affected by the hack as Upbit announced to reimburse the loss by its own assets. It might be difficult for hackers to get away with all the stolen funds as the exchange is keeping an on every movement they make.
