Ethereum Whale Alert: Upbit hackers transfer around 11,798 ETH - dump danger?


Again and again investors fall for scams around Bitcoin, Ethereum and other cryptocurrencies. Sometimes there is no scam behind it, but a hack of a larger exchange. Cryptocurrencies worth several billion USD have been stolen over the past few years. But the hackers or scammers are often faced with the problem of washing the cryptocurrencies. The addresses on which the Bitcoin or Ethereum of the hackers or scammers are usually known and are filtered out by the large exchanges. Nevertheless, the hackers always manage to wash the funds in smaller tranches via different exchanges.

Yesterday, Whale Alert detected several movements from the Upbit Hack in Ethereum on Twitter. A total of around 11,798 ETH worth around USD 2,340,000 were transferred to unknown wallets.

Upbit hackers transfer around 11,798 Ethereum

In November last year, hackers managed to steal KRW 92 billion in Ethereum from Exchnage Upbit in South Korea - just over 300,000 ETH. The gigantic amount of Ethereum was transferred to another wallet without notice and was no longer accessible to the operators. The hack was thought to be an inside job.

The exchange has turned to other exchanges and asked for help. The Binance CEO responded promptly, saying that he will freeze any Ethereum that ends up on Binance from said addresses.

The hackers have been trying to distribute the funds to different addresses for several months to make it difficult to understand. Yesterday, the Whale Alert on Twitter, which regularly observes large movements of different cryptocurrencies, reported that the hackers have moved around 11,798 ETH to different wallets.

No dump expected

Here is one of the tweets from Whale Alert. If you also want to see the other movements, you can do so directly via the Twitter account of Whale Alert.

There is no need to panic. The funds have not yet landed on any exchange. In addition, the 11,798 ETH will not cause a large dump. These are probably only sold on a single exchange, if at all, and therefore only temporarily push the price down locally.

Will the possible sales of the Upbit hackers lead to a price drop at Ethereum?


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