Bitcoin

Binance will freeze stolen Upbit funds in late 2019

An address related to the $ 50 million hack from South Korea’s cryptocurrency exchange Upbit has moved part of the stolen Ethereum (ETH) to Binance. The world’s leading stock exchange immediately frozen these funds on its platform and initiated an investigation.

On May 13th Whale alert tweeted that a transaction involving 137 ETH ($ 27,164) derivatives carried the Binance-hacked crypto exchange. According to the transaction, the transfer took place at 12 noon. IT’S T.

Less than an hour after marking the transaction, Binance Changpeng Zhao’s (CZ) CEO interfered in a tweet thread report that the transferred funds were frozen at Binance.

Binance will freeze stolen Upbit funds in late 2019
Binance will freeze stolen Upbit funds in late 2019

According to CZ, Binance is contacting Upbit to investigate the transaction. The cryptocurrency exchange will also alert law enforcement agencies, CZ added..

Binance CEO wrote:

“Frozen, we will work with #UpBit to review and involve law enforcement and free the funds. We are waiting for someone to complain about freezing funds on social media. But we have to do it against bad actors.” .

Upbit was robbed of 342,000 ETH in November 2019, which equates to a total of $ 50 million at the time of the attack. As a result of the attack, anonymous hackers managed to steal the money by transferring the ETHs from an upbit online wallet to an anonymous address. Whale Alert then reported the movement of the stolen funds in early December 2019.

Upbit finally took a number of measures to protect its exchange from further attacks. In mid-January 2020, Upbit completed a security update in response to the attack.Renewal of the portfolio system for all commercialized crypto assets such as ETH, Bitcoin (BTC), Litecoin (LTC), XRP and EOS.

In April 2020, Upbit entered into a partnership with the leading analysis and compliance company Chainalysis. As part of the business, Upbit started using the chain analysis tool “Know Your Transaction” Provide a secure business environment and adhere to procedures established in the Asia Pacific region.

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