$16M in Stolen Ethereum from Upbit Were Just Transferred

[cheezcarls]

Yesterday, the South Korean exchange Upbit was compromised and $50M of Ethereum (ETH) was reported stolen. $16.5M of that stolen ETH is on the move and has just been sent to another unknown wallet.

The hackers responsible for stealing from Upbit appear to finally be dispersing their plundered ETH. Whale Alert (@whale_alert) is reporting that around 109,270 ETH ($16.5M) has just been transferred to another unknown wallet.

Check the full news here

Well, well, well.....here goes another exchange hack news again. It’s a whooping $16M worth of Ethereum! My freakin’ goodness!

Not even the most popular exchange, Binance, is safe from these hackers. No matter if these exchanges have installed high security measures, the hackers are always coming back in a new and innovative way to counter those security measures even up to the highest level.

For me, these hackers are using their superb intelligence and have a “whatever it takes” attitude to take risks in hacking those exchanges and stealing Bitcoin, Ethereum and other forms of cryptocurrencies.

As of now, I honestly think that if this one continues, hackers would become whales and become one of those who can control the cryptocurrency market.

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[nxnqauff]

This is a crazy story. This morning I also heard that IDAX owner ran away with cold wallet keys. Not very sure where the whole crypto is moving. By seeing all these bad things, crypto market will not survive for long.

[Rodeo02]

Thats why in terms of storing your crypto currency you should the one who will secure it, do not trust it to exchange that we all know that immune to hackers . There are many stories of hacked exchange before and we are all aware of it. This is only the beggining and there might be more exchange will follow because we dont know how they secure our funds.

[Taskford]

Thats why in terms of storing your crypto currency you should the one who will secure it, do not trust it to exchange that we all know that immune to hackers . There are many stories of hacked exchange before and we are all aware of it. This is only the beggining and there might be more exchange will follow because we dont know how they secure our funds.

Agree with that but actually I don't think they stored their balances there since for sure those funds they put on upbit is for their tradings and actually it's surprising event to see this scenario and hopefully the owner of upbit will give an counter action for the balance lose by their user due to this hacking issue unto them.

And also this should serve as a warning that we shouldn't put huge amount on any exchanger.

[shinratensei_]

This is a crazy story. This morning I also heard that IDAX owner ran away with cold wallet keys. Not very sure where the whole crypto is moving. By seeing all these bad things, crypto market will not survive for long.

I would not be surprised to see that consider about even SEC has already warned the traders about the possibility of idax exchange to be the next scam exchange and it has already reported in the past. But this is a different story and i believe that was an insider job.
OP. that hacker will not be the next whale caused by any movement from the wallet will be monitored and when it comes to the centralized exchange and that amounts can be frozen.
I believe that hackers were feeling confusing to withdraw it. He was creating more and more address to split the funds.

[Gotumoot]

This is sad news because this is the why many people are afraid to invest in crypto currency. I know that like fiat it also has the potential to recover but in the internet world, we do not know people here so when they hack your crypto money don't not expect that your crypto will recover again. Because it's hard to find who these people are and where exactly this hacker is located.   

[crazy-pilot]

Hackers can cause the destruction of the crypto market. This is a terrible truth that we must admit. However, I want to believe that the crypto community will be able to cope with this problem. Unfortunately, hacks are still happening. When will it stop?

[aTriz]

Not even the most popular exchange, Binance, is safe from these hackers. No matter if these exchanges have installed high security measures, the hackers are always coming back in a new and innovative way to counter those security measures even up to the highest level.

how can you say that Binance is safe from the hackers? no man. binance is not safe at all. hackers can hack binance too. and  binance has been attacked before (in May 2019 and $40.7 Millions were stolen). so saying that binance is safe from hackers is not a right statement. you should never vouch for any exchanges.  

As of now, I honestly think that if this one continues, hackers would become whales and become one of those who can control the cryptocurrency market.

this can only happen if hackers keep these stolen coins. but they mostly try to sell them as fast as possible to be able to escape easily.

[Tipstar]

Upbit was one of the top tier exchange with a good volume. It's really sad the exchanges are still not able to secure funds and hackers are being able to get their hand on money one way or other. All of crypto exchanges should come together to develop security measures and work in cooperation to counter hackers.

[Ucy]

Most of the hacks happen on centralized platforms. It probably goes to show that centralized platforms are the main targets to crypto criminals. Blockchains and real decentralized platforms are pretty safe. The real ones have remained free from serious hacking so far.

[desticy]

It will be extremely interesting to observe the movement of these funds, because for sure attackers will not be able to completely hide the movement of Ethereum even when using mixers.
It seems to me that the option is that these funds will be frozen until the moment when the hackers find a way to launder this stolen money.

[drlukacs]

Yesterday, the South Korean exchange Upbit was compromised and $50M of Ethereum (ETH) was reported stolen. $16.5M of that stolen ETH is on the move and has just been sent to another unknown wallet.

The hackers responsible for stealing from Upbit appear to finally be dispersing their plundered ETH. Whale Alert (@whale_alert) is reporting that around 109,270 ETH ($16.5M) has just been transferred to another unknown wallet.


Not even the most popular exchange, Binance, is safe from these hackers. No matter if these exchanges have installed high security measures, the hackers are always coming back in a new and innovative way to counter those security measures even up to the highest level.



As of now, I honestly think that if this one continues, hackers would become whales and become one of those who can control the cryptocurrency market.

they have been whales themselves for a long time but they want to earn more coins to manipulate it. You know, every time it hacked, the market dropped slightly. This is really worrying. But one thing that makes me even more angry is that exchanges have very bad layers of security and can't make their exchanges last long and secure. now it steals less, but after it will get better and can rob more. Hopefully large exchanges now buy more cold wallets to store coins there, which will cause less harm.

[amazigh15]

Another hard time for the cryptos the exchange in front of found solutions quickly this type of problem and yet there must be an advanced KYC for the withdrawn of more than 100k $

[brightemo]

Looks like it will be really hard story for hackers to sell out all these stolen funds

[LouVandetta]

Such a bad news for Upbit. Not even the top exchanges out there could avoid being hacked. There's always a new ways for hackers to do their job.
I mean like, it's a freaking $50M that have been stolen. Bad things keeps happening. I hope this will be the last of them victim, even though there's always hackers everywhere. Imagine if they sell all of their assets at once. It could affect the market even if it's only a little.

Not even the most popular exchange, Binance, is safe from these hackers. No matter if these exchanges have installed high security measures, the hackers are always coming back in a new and innovative way to counter those security measures even up to the highest level.

how can you say that Binance is safe from the hackers? no man. binance is not safe at all. hackers can hack binance too. and  binance has been attacked before (in May 2019 and $40.7 Millions were stolen). so saying that binance is safe from hackers is not a right statement. you should never vouch for any exchanges.  

I think you don't quite get the meaning of OP's words by that. OP is saying that not even Binance, which is the most popular exchange is safe from hackers. So even Binance is not safe at all.

[mr_random]

It is a horror for the investors who hold the digital assets on the various crypto exchange, whatever it takes mentality doesn't guarantee that their account will not be affected. The Upbit hacking news is turned to be a lesson for the Bitstamp and they added few rules to their ToS, the other exchanges will also take their piece of cake sooner or later.

[TastyChillySauce00]

Hackers can cause the destruction of the crypto market. This is a terrible truth that we must admit. However, I want to believe that the crypto community will be able to cope with this problem. Unfortunately, hacks are still happening. When will it stop?

Quite amusing, the market is not being dumped or having a panic sell but instead it's climbing up little by little. It seems that the market could cope with the news or even don't care at all because it's not or later all these coins will eventually be dumped to the market anyway even without the hacking. However, that much of money being hacked will not be gone if they just invest into having more robust security. The thing is, the hacking will not stop because if there's new exchange site that means a new exploit aswell. It seems will go on for a longer time.

[akirasendo17]

there are few things that is need to look at in these event, why the security is easily breach, it has to be secure and should have seen it if there is someone trying to hack
with all the hacking that happen before they have never learn? i think something is fishy with this, or someone working inside have make way for those hackers to penetrate inside
im not trying to blame someone inside but it should look on that , because for me every angle should be and totally check to make sure that someone is letting it stole the money of the people
and to make necessary action with they are proven guilty

[biddicoin]

Most of the hacks happen on centralized platforms. It probably goes to show that centralized platforms are the main targets to crypto criminals. Blockchains and real decentralized platforms are pretty safe. The real ones have remained free from serious hacking so far.

this seems continous hacked story, there are many hacked story in centralized exchange

It makes dilemma. centralized which has more volume and liquidity, has many hacked incident
decentralized rarely (or never) hacked but doesnt have much volume. it is hard to choose which is the best
That's why I split my money in several exchange and wallet. I dont trust in one place. at least, I dont lose all my money

[CodyAlfaridzi]

Sorry for everyone who had funds there. This is why the development of decentralized exchange is important: to minimize the counterparty risk. I don't know how much USD worth of crypto have been stolen from exchanges but seeing stolen funds news almost every month is just frustrating.

Honestly, I don't believe that this is the work of hackers. I think that most likely this exchange itself decided to deceive their users and say that hackers did it. or just the management of this exchange is very stupid if they hold such a large amount of money in a hot wallet. most likely this is the deliberate scam of users

Managing the security of a hot wallet to fullfil fast/instant withdrawal is not easy. Hot wallet has been the main target for hacker for years. Without automated withdrawal (using manual, batched withdrawal instead) the security increases dramatically I think. Take Bitmex for example, their only withdrawal option is a manual, once every day withdrawal system, and til now they have never been hacked.