$16M in Stolen Ethereum from Upbit Were Just Transferred

[iv4n]

Maybe this is one of the reasons why Ethereum prices have decreased very significantly. the question is, how could Ethereum be stolen so much in the amount of money?

Like always, inside job. They took the coins they can spend on anything, free from tax, and they will accuse some anonymous hackers, end of story. I think its similar with all previous exchange hacks, how can someone crack cold wallet? Someone from the team was involved, if not majority of the team.
I doubt we will hear more from this, except rumors and fud, facts and truth always stay buried. Cause this is not the first time that exchange gets hacked, and be sure this isn't the last time we hear about it. This could just be one of those situation where people can learn from, don't hold your money on exchange.

[1714837854]

1714837854

[joshy23]

Sometimes I feel like there should be some gaps for the ETH foundation to step such scammed distribution from that wallet once its found to be from wrong doings. Then only this scams can be controlled.

If there's  a way to know what particular wallet and that can be possible to do. But we are in the decentralized market where it can be transferred without any knowledge, most of those scammers are very well knowledgeable in this market that's the very reason why it's difficult to trace them after they already hack or stole the funds. And sometimes the hackers are also part of the company or thongs that we called inside job.

[htsy585]

Maybe this is one of the reasons why Ethereum prices have decreased very significantly. the question is, how could Ethereum be stolen so much in the amount of money?

Like always, inside job. They took the coins they can spend on anything, free from tax, and they will accuse some anonymous hackers, end of story. I think its similar with all previous exchange hacks, how can someone crack cold wallet? Someone from the team was involved, if not majority of the team.
I doubt we will hear more from this, except rumors and fud, facts and truth always stay buried. Cause this is not the first time that exchange gets hacked, and be sure this isn't the last time we hear about it. This could just be one of those situation where people can learn from, don't hold your money on exchange.

I have heard such theory before that these exchanges purposely hack themselves to evade tax just like Coinbene did. But I doubt its possibly true concerning the situation around it. But I have certainly started have a second thoughts regarding these exchange hacks because if these exchanges can be dubious with dealings within their exchange, they can as well organise fake hacks

[biddicoin]

Looks like it will be not so simple to withdraw this money for hackers. Everybody are watching for them

Well every movement is literally reported by media and as you said it's not simple. That's why I've repeatedly saying that chance the hackers is going to cash out at the moment is slim. it's more likely that they will deposit it to their cold wallet and leave it for months or even years after this case is not a thing anymore however I'm pretty sure that the entire crypto community will always watch the address' every movement just like how we can know the movement of every whale address without any effort.

I dont think so, i think hacker is smart enough to do this action.
there are many ways to cash out the money. that's why there is a term "money laundering"

hacker just spend to some address, do continous transaction, take transaction in "black market", or any illegal things
isnt it a familiar trick which is "normal" people can do? so, why hacker dont get advance trick.
that's why it is easy to manipulate and get cashed out

[crisanto01]

Looks like it will be not so simple to withdraw this money for hackers. Everybody are watching for them

Well every movement is literally reported by media and as you said it's not simple. That's why I've repeatedly saying that chance the hackers is going to cash out at the moment is slim. it's more likely that they will deposit it to their cold wallet and leave it for months or even years after this case is not a thing anymore however I'm pretty sure that the entire crypto community will always watch the address' every movement just like how we can know the movement of every whale address without any effort.

I dont think so, i think hacker is smart enough to do this action.
there are many ways to cash out the money. that's why there is a term "money laundering"

hacker just spend to some address, do continous transaction, take transaction in "black market", or any illegal things
isnt it a familiar trick which is "normal" people can do? so, why hacker dont get advance trick.
that's why it is easy to manipulate and get cashed out

For sure that they are group of people, they really invest their time how they are going to do this, yes, it might also happen that there is look up or inside job over their team, we don't know that but most of the time that's what happening in real life, as hacking is not an easy thing to do unless someone will give you a hint or that you are too professional in terms of hacking.

[deathcode]

Maybe this is one of the reasons why Ethereum prices have decreased very significantly. the question is, how could Ethereum be stolen so much in the amount of money?

Like always, inside job. They took the coins they can spend on anything, free from tax, and they will accuse some anonymous hackers, end of story. I think its similar with all previous exchange hacks, how can someone crack cold wallet? Someone from the team was involved, if not majority of the team.
I doubt we will hear more from this, except rumors and fud, facts and truth always stay buried. Cause this is not the first time that exchange gets hacked, and be sure this isn't the last time we hear about it. This could just be one of those situation where people can learn from, don't hold your money on exchange.

I have heard such theory before that these exchanges purposely hack themselves to evade tax just like Coinbene did. But I doubt its possibly true concerning the situation around it. But I have certainly started have a second thoughts regarding these exchange hacks because if these exchanges can be dubious with dealings within their exchange, they can as well organise fake hacks

is that possible? is not there a loss for their community and instead, it will reduce the confidence of traders. their services could be left by traders and choose safer and more comfortable exchanges for their assets. so illogical to them why hacking their platform.

[PuertoLibre]

Maybe this is one of the reasons why Ethereum prices have decreased very significantly. the question is, how could Ethereum be stolen so much in the amount of money?

It looks like an inside job, the possibility of the hacking cold wallet is not higher than 0.1%, especially for the big exchanges. The stolen ETH was transferred to the different addresses but I doubt they will be able to spend the stolen funds due to the dusty industry and foreseen restrictions by all major exchanges. The anonymous transactions even can be tracked with special software and help of miners, the situation is not clear in the Upbit hack.

[jets567]

from my perspective, why only ethereum was stolen, why not all of bitcoin and the erc20 tokens as well. and why this also happens when the moment like this, looks like a "drama" but the issue is immediately ignored by the upbit, and upbit bravely responsible for returning all ethereum stolen by hackers. I know hackers are getting smarter but it's still weird, only ethereum is stolen. Even so, hopefully with incident like yesterday, I hope other market exchanges will start to increase security so that the same incident does not recur.

You've got a point and I was also thinking that maybe the Upbit ETH hacked is some kind of FUD to pull down its price given that the Ethereum 2.0 is soon to launch and a lot of people are expecting much with the upcoming upgrade because it might be the time for Ethereum to reach a new ATH so the Upbit hacked wherein ETH was only stolen is really weird.

[Shallow]

I believe it is now clear to everyone in this space both traders and investors that no exchange is safe whatsoever. That an exchange is yet to face security breaches or hack doesn't mean it is the safest, no one ever thought Binance would be hack, now Upbit. Recently Idax CEO exit with the cold wallet private keys; aren't all these fraudulent activities enough for one to take the right step?
Let's learn the lesson and take the right step towards seeking our own funds or assets security.

[ololajulo]

I just wonder how the exchanges are more targeted than the whale, I believe they have more hands as security measure than the whale and yet fall victim of hack, The irony of those scam. None of the hacks had been investigated, which I hope will bring some revelation into the exchanges. The gut to put such atrocity into the dailies the following day without any fear.  They have done it over and over, I dont have any concern for them even if they refund all users concerned.

[adiebitsler]

almost every year there must be events like this and make people always think about the security of the cryptocurrency world.
Upbit always warns its users to secure accounts, but he himself cannot be very concerned

[CjMapope]

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.

dude i think this is already how it is, imagine how much cryptocurrency hackers have had. they may have dumped most for FIAT, but i bet they have touched like 50% of most cryptos at any one time
someone compared it to the wild west, and it really is. hackers run free in this environment for YEARS now, when will it end? will it ever?
the cost for a mistake in your hot wallets security is mindboggling in this scene, i wouldnt want to run an exchange nowadays

[ashmodeus]

Sad to heard this news, hacker have succesfully stolen an exchange asset and just sent to their address. So it must be alert for all crypto people to give more security for their account or wallet.
I think that hacker will sell thier Ethereum to non-exchange company, they can sell to people or their friend and they can just laundry that coin. They not to be whales in crypto market.

Majority of crypto enthusiasts are aware of this security issues with centralized exchanges, but sometimes hacks take traders unawares. What if you store your coins in personal wallet and only send to exchange when you intend trading, then the hack occurs after you deposit ? Exchanges should upgrade/advance security protocols and users should be careful too. These hackers keep bringing up new hacking techniques, Some situations are rather unfortunate.

from my point of view , the real trouble is not hacker or security , but people who work inside that exchange ,
almost all of exchange hacked is came from inside job , i wonder did they have interview the employe before working there ?

[Theb]

I just wonder how the exchanges are more targeted than the whale, I believe they have more hands as security measure than the whale and yet fall victim of hack, The irony of those scam. None of the hacks had been investigated, which I hope will bring some revelation into the exchanges. The gut to put such atrocity into the dailies the following day without any fear.  They have done it over and over, I dont have any concern for them even if they refund all users concerned.

It's because it's more easy to infiltrate a crypto exchanges with hundreds of thousands of users rather than just a whale who keeps most of their holdings in a cold storage, there is even a big chances that the crypto exchange has a few whale accounts on it so I think this is how they choose their target. Also even if we aren't seeing reports that whales are losing funds from their wallets it doesn't mean that they aren't being targeted it's just that crypto exchanges are the more easier target here.

[the rise]

from my perspective, why only ethereum was stolen, why not all of bitcoin and the erc20 tokens as well. and why this also happens when the moment like this, looks like a "drama" but the issue is immediately ignored by the upbit, and upbit bravely responsible for returning all ethereum stolen by hackers. I know hackers are getting smarter but it's still weird, only ethereum is stolen. Even so, hopefully with incident like yesterday, I hope other market exchanges will start to increase security so that the same incident does not recur.

You've got a point and I was also thinking that maybe the Upbit ETH hacked is some kind of FUD to pull down its price given that the Ethereum 2.0 is soon to launch and a lot of people are expecting much with the upcoming upgrade because it might be the time for Ethereum to reach a new ATH so the Upbit hacked wherein ETH was only stolen is really weird.

maybe they find the best way to obscure their transactions through erc-20, Eth can be broken down into many other erc-20s and it will eventually run smoothly to a professional mixing service. It's not as simple as stealing btc, xrp, etc., but tracking can be refracted without the need for a long wait. This is just my thinking, I think it is only for the purpose of their plan and is not related to fud.

[aemma]

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.

All these hacks in exchanges makes me to wonder why users still have the impetus to store their tokens on exchanges, top exchanges are being hack which bring it to the reality that no exchange is really safe be it small or top exchange. This Upbit news is very worrisome and looks like the fund being stolen is bigger than that of Binance; let's count our losses and move on but must take precautionary measures to ensure we don't fall victims again. This precautionary measures is no other than keeping all funds no matter how small off exchanges as they have failed to do the one thing that keeps users participating (funds security).

[doomloop]

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.

That makes a whole lot of sense. The creation of new addresses was indeed to split the fund among them without getting highlighted. Or else why would someone go through such a trouble? In my honest opinion, if the guy was able to pull such a big hack, then he definitely had a plan to transfer some big amount to his other wallet. Let us just start considering him a whale after that much amount.