2019 Upbit Exchange Hackers Move Funds to Binance
Summary
- In November 2019, hackers made away with 342,000 ETH from Upbit’s exchange wallet.
- In a series of transactions, the hackers moved 2,100 ETH Tuesday morning
Update: (1:26 AM 5/6/20) Over 8,000 additional Ethereum has been moved by the various Upbit hacker wallets over the last 24 hours.
Update (11:35 AM PST): Part of the funds from the transfer are currently being deposited to Binance.
On Wednesday morning, 2,100 ETH left the Upbit hacker’s wallet. This is not the first time the hackers moved funds. Back in January, the same wallet transferred out 3,000 ETH (~$600,000,000).
Funds left the wallet via two transactions. The hacker began by sending 100 ETH to an unknown wallet. Following the confirmation, the hacker sent another 2,000 ETH (~$400,000) to the same wallet. This transaction was later confirmed by Whale Alert.
Despite an increase in transfers over the last few months, the wallet “Upbit Hacker 4.19” still holds over 5,900 ETH (~$1,200,000). Furthermore, the funds were split into several wallets making them difficult to track.
Following the transfer of the 2,100 ETH transfer in, the destination wallet immediately sent the Ethereum to another unknown wallet. This chain of transaction obfuscation continued several more times until the hacker split the 2,000 ETH into several microtransactions.
Upbit Hacked for $70M
On November 27th, 2019 popular South Korean cryptocurrency exchange Upbit suffered a significant hack. The hackers emptied out the exchange’s Ethereum hot wallet making off with 342,000 ETH (worth $49 million at the time).
However, the cryptocurrency exchange bounced back following the hack. After suspending deposits and withdrawals for two weeks, the exchange resumed normal operation. Upbit continues to be one of the primary exchanges in the country with over $140,000,000 in 24 hour volume.
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