The ETH is off to Huobi according to that. How many instances of stolen crypto being frozen and returned by exchanges have there been? You rarely seem to hear much about it.
I'd assume in many cases that the money is never returned. A lot probably depends on how quickly the attacker moves, since exchanges don't have the right to indefinitely freeze customer assets. That's why
Binance says they'll only freeze funds for up to 24 hours -- by which time there must be a filed police report and law enforcement officials working with the exchange. After that, they release the funds.
I always wonder is this situation if this ain't a double-edged sword.
Of course, it's all nice that the funds are frozen and returned to the exchange but I can't shake the feeling we're toying around a Pandora's box that will ultimately lead to abuse, frozen assets and addresses and users tagged just because of a suspicion that funds from a hack might be in their possession. This is a world where everything can happen and is not beyond the realm of possibilities that small exchanges might claim hacks just so they could screw up some customers which they've lost anyhow.
As for binance, it's just the usual theater play where they try to pose as the good guys knowing all too well they are full of hacked and stolen funds and the only reason a lot of people stick with them is the no KYC below 2 BTC limit.
I believe Upbit has said they are going to cover the losses out of their own money. Based on the high ratio of the value of the stolen coin to the estimated daily earnings of the exchange, I am suspicious of their ability to do this.
Upbit might not be able to reimburse, but the ones running it are.
Their parent company is Kakao, and it was evaluated ar 10 billion before the merger, adding on top the new financial project and others, they would probably be close to 15b.
50 million is peanuts considering they are also running a bank, how would not be able to pay back deposits for them?
