In the cryptocurrency world, several exchanges have lost money for a wide variety of reasons. Upbit lost 342,000 Ether in 2019, yet it seems some of the funds may be cashed out fairly soon.
It is not uncommon for crypto exchanges to be hacked or drained.
Although one would expect things to be different after 10 years, that is far from the case.
Upbit lost a lot of funds in November of 2019.
When everything was said and done, the losses totaled up to nearly $49million.
Most of the funds have been tracked and should not be cashed out as exchanges will automatically refuse to do so.
That doesn’t mean that the hackers are giving up on their efforts.
Some of the funds have moved from the “hack” wallet to the Binance exchange.
Two different transactions were sent in quick succession.
At the time of writing, the wallet associated with the Upbit hack still holds over 5,900 ETH.
That also means that nearly 335,000 ETH has been moved to different wallets and exchanges since November of 2019.
What will happen to these latest transactions, remains to be seen.
If funds are successfully laundered through Binance in one way or another, there will be severe repercussions, to say the least.
Pi Coin Price Battles $0.78, Ondo Finance Market Cap Reclaims $3B, Unstaked Races Ahead as…
Cold Wallet’s $CWT Set for 4,900% ROI While Polkadot and Sui Fuel Altcoin Season Comeback…
Hedera Tests Key Resistance While Tron Climbs and Web3 ai Projects 1747% ROI as the…
PEPE Set for Breakout, MANTRA Burns 300M Tokens, But BlockDAG’s 90% Rollback Is the Real…
Once known just as a synthetic dollar provider in the DeFi world, Ethena Labs is…
In a striking display of momentum, $SUI's price has rocketed upward by 60% over the…
