UpBit Hacker Transfers ETH Token to Anonymous Wallets

The hacker who recently stole slightly over 300,000 ETH from Upbit is moving it in small portions. This suggests that it could be a test transaction.

3 December 2019 | AtoZMarkets – About a week ago, the South Korean branch of the Upbit exchange had $50 million in Ethereum (342.000 ETH) stolen from it without any security breach. Some experts, however, believe it was an inside job.

Thereafter, the Whale Alert Twitter account started publishing data that shows – the hackers are transferring the Upbit stolen Ethereum in a small amount – from 1,000 ETH to 10,000 ETH. On December 3, another 20,000 ETH was moved.

The stolen Ethereum moving away from Upbit

Whale Alert records all transactions on blockchain and posts them on their Twitter page. Since Upbit suffered the theft five days ago, the analytics account reported that around 253,000 ETH has been moved.

In the first portion, the hacker transferred about 200,000 ETH.

Upbit Stolen Ethereum

And over the last twenty-four hours, they moved another 53,000 ETH.

Upbit Stolen Ethereum

Upbit Stolen Ethereum

So far, those behind the hack have transferred small amounts of Ether to several trading platforms, including Binance and Huobi, trying to test whether or not the funds will be frozen.

Binance CEO Changpeng Zhao had pledged to ensure that the stolen funds would not be transacted via their platforms.

Upbit hack and Ethereum price

The Upbit hack, for now, does not affect markets heavily. The ETH market price remains stagnant at $148.12, as most prices remain unchanged in the new week. ETH now sees slightly diminished liquidity at $6.4 billion’s equivalent in 24 hours, down from levels above $9 billion during more active days.

In the days leading up to the hack, Upbit had announced several wallet maintenance periods. The transfer of 342,000 ETH happened at a time when the exchange was moving other coins. So far, there are no official reports on other assets lost except for the ETH. The coincidence of wallet maintenance with the hack has suggested a potential insider attack.

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