$16M in Stolen Ethereum from Upbit Were Just Transferred

[posi]

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 information provided by the article writer was wrong because the actual amount of ETH stolen was 341,999.99 ETH ~$53M check the below image for more information.

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.[/i]

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.

While the stolen ETH was split sent in 10, 1000, 10000 and 99999.99 ETH respectively to  wallet address  0x9a207194cbed9f229694fdf5a28caab59157920d and 10,1000, 10000 and 99,999.99 ETH was also sent to wallet 0x3408edca2d47ddaa783a3563d991b8ddebcd973b but the wallet are also empty as we speak and I think the hacker is trying to make the coin anonymous.

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[wywoc]

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.

Yes, so many FUDs this time. Many China exchanges's office was shut down in their country because of police, IDAX's CEO run away, and now Upbit was hacked but for me 50 mil will not effect too much to ETH price. We can see BTC is pumping and reach $ 7k8 now.

[BitHodler]

Sorry for everyone who had funds there. This is why the development of decentralized exchange is important: to minimize the counterparty risk.

People have to be sorry for having trusted an exchange as wallet, which it isn't. Time on time again will we see it happen that people despite believing that the next time will be different, the exchanges will still get hacked.

Decentralized exchanges aren't going to help much because they can't even remotely match the speed and convenience centralized exchanges provide, which is why people will keep using them.

Decentralized exchanges are inherently slower than anything that's centralized and it will not change. No matter how much they improve throughout the years, it's not going to be enough to make people finally switch.

[aomakun]

hacking can indeed happen anywhere, but the upbit exchange is fully responsible for its mistakes. it's possible that hackers can create an eth dump market if they sell on a large scale. hope this doesn't happen and the hacker is caught soon so that other bad things can be minimized

[safari88]

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

why do you think that this just because of their management?
as i think if that the cause they will not replace the funds that lost during the attack and will file a bankruptcy after that

[bigcash2011]

Sometimes i wonder all these hacking news, events and activities are some what suspicious, it could be that the exchange owner or employee just get greedy and transfer the coins and then claim some hacker of this theft just to be innocent themselves but who knows but personally i do not think that stealing coins is not that easy job.

[3DBrushes]

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.

That's a freaking lot of money. Only $16 million of the total hacked amount is moved. That too to five different address. Looks like they are trying to cashout little by little. Hackers are very intelligent, they will already have a plan to cash out each and every dollars.

[blueteam09]

it's not too hard to take control on this such small market.
but anyway, 16M is hell lots of money, how could they refund for users I doubt
ETH should make some move
like oldday, a fork or sth

[dcomomal]

Another big exchange was hacked and it is happening almost every day. Why are big exchanges do not create something like anti-hacking fund to invest in security improvements of the whole crypto industry in general.

[Jating]

Is this the same Upbit hacked news?

Because it was initially reported as $50 million, so when did the author got the $16 million figure here. Or maybe $16 million is already on the move, but the hackers addresses have been tag already so let's see how it goes.

Anyways, it just shows how hackers are always finding loopholes in any crypto exchange system. Good thing though is that they whole hacked didn't affect the market in a negative way as the whole crypto market in the last two days are going green.

[clickerz]

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 heard it too. It is sad that IDAX and Upbit 2 exchanges were a hack or happen to be an inside job that was happening days apart. It is a FUD news reported consecutively and surely it will have an impact on prices. We are bearish in the past weeks and this happens, it will take again several week or months to recover IMHO.

[Pearls Before Swine]

It’s a whooping $16M worth of Ethereum! My freakin’ goodness!

Yeah, that's a lot of Eth to be hacked from an exchange.  It really makes me wonder what upbit's security is like if that can happen, and it also makes me wonder if the story is true.  There was some rumor around that it might have been an inside job, and that's happened with other exchanges in the past.

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.

I get your point, but that's probably not a hacker's aim.  They would probably dump it all on the market and either convert it to bitcoin or fiat.  Also, the market cap of Eth is $16 billion, and this hack was *only* $16 million, so I don't think even if all that Eth got dumped all at once it would have a big effect on the price.  But it is true that this is a lot of money to be stolen in one shot.

[Coltpython]

Too much money is being reported stolen in cryptocurrency. If this amount was stolen in offline, I can't imagine how catastrophic it would be to the global markets. That said, I hope this won't lead to another dump in Ethereum price?

[irixo10]

Heard this too, in fact it is really heartbreaking for this space as it means mass adoption is still far. But seriously, I think by now most users must have understood that keeps funds or assets in exchange isn't good, if Binance could be hacked it means all these exchanges aren't safe no matter what they say or how the tend to protect their cold wallet. The only best place to secure funds still remains off exchanges to private wallets anything short than this is a no no.

[ATSgrowth]

I have heard that it was an insider job, that someone did it to manipulate the price of BTC, to push it further down. Who knows. This market becomes the wild west.
Stay away from exchanges, buy and immediately transfer your cryptocurrencies to your private wallet. 

[drumamat]

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.

On the contrary, the market will become cleaner.And yet now the exchanges will improve their security.As for IDAX, they have already been accused of fraud and foul play.Further on the link:https://medium.com/@xcryptclub/xcrypt-important-update-33c784e4eb58.I even after the publication of this article already then ceased to pay attention to this exchange.

[krb91]

Exchanges are becoming the bane of the cryptocurrency space.  It's either they are being hacked or the owners are absconding with private keys to cold wallets,  faking their own deaths or any other scheme that can come up with in order to swindle people of their hard-earned investments. I really look forward to when atomic swaps will become the major means of exchanging crytocurrency.

[Marckolind]

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.

Don't fool yourself. You can EASILY get rid of these Ethereum once DEX's get some decent volume. All these hackers will easily be able to sell all their stolen coins on these DEX's with no one knowing.

Everyone should STOP storing or trading at these dangerous centralized exchanges, and actually start to make use of DEX's. There are some pretty good ones out there, one of them being the Blocknet DEX, which was actually the first DEX to hit the crypto market.

If the majority of people started doing this, there would be nothing to steal theoretically

[dark08]

Theres a lot of hacking issue that spread in the market this is tottaly shit to think of it, Upbit then Idax most exchange site are becoming shit and prone to hacking or maybe some inside job from the people of the this exchange site, so its better to practise your site that exchange site is only for in and out basis.

[magneto]

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.

No.

Firstly, the amount of coins you hold barely dictates the amount of influence you have over the market. You see regulators who probably hold zero coins, yet every single move that they make moves the market by a ton.

Secondly, these hacks are bound to happen. The frequency can obviously be decreased through better security standards, but even the safest exchanges will get hacked as a matter of time.

It'll be interesting how Upbit deals with this situation. It's no small amount for sure.