Upbit hackers attempt to launder stolen funds via decentralized exchange.

The hackers of the South Korean exchange Upbit are trying to launder their stolen funds using a decentralized exchange. The hackers are trying to convert their holdings to an EOS-pegged token.

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.


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.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Leave a reply

Please enter your comment!
Please enter your name here