Crypto criminals are still trying to sell thousands of Ethereum from the Upbit hack
In November Upbit, a popular Korean crypto exchange, lost Ethereum worth 50 million dollars, 342. 000 ETH, through an apparent hack from the hot wallet of the stock exchange.
It was one of the biggest crypto hacks in months that hit the news worldwide, as even the mainstream media covered the story. Although attempts have been made to retrieve part of the stolen ETH, part of it remains, so to speak, missing.
Reports from blockchain analytics companies indicate that the hackers are dumping the coins on exchanges and trying to get cash or other cryptocurrencies.
Upbit hackers throw their Ethereum on the market
According to a Twitter account “Whale Alert” dedicated to tracking suspicious blockchain transactions, a “significant part” of the money from the Upbit hack was deposited into an exchange called “BYEX”. The exact amount has not been mentioned, but the account has a number of 25. 000 $ transactions registered to different addresses.
Given Whale Alert's use of “we were able to confirm this”, these transactions could have gone to BYEX.
⚠️⚠️⚠️ We were able to confirm just now that a significant portion of the #Upbit hacks are being deposited into an exchange called # BYEX.https: //t.co/lk9l4daay4
– Whale Alert (@whale_alert) May 13, 2020
Whale Alert points out that a “substantial part” of the funds have been transferred to BYEX. However, a look at the blockchain data shows that there are at least three hacker-associated addresses, each with about 3. 000 ETH exists, which indicates that there are still Ethereum that need to be sold.
What this means for Ethereum
Hackers who send funds to exchanges can only mean: they are trying to exchange their stolen cryptocurrency for cash, or they are trying to switch their assets to another cryptocurrency to make their transactions less traceable.
However, this means that Ethereum is likely to experience some selling pressure in the coming days from selling this hacked money. However, this could change if the owners of the exchanges step up to upbit funds.
Binance's Changpeng “CZ” Zhao, for example, promised in November “to work with Upbit and other industry players to ensure that any hacked funds that might find their way to Binance are immediately frozen”.
Exchanges that freeze hackers' accounts will prevent Ethereum from being sold, thereby alleviating some of the immediate selling pressure from that source.
We will work with Upbit and other industry players to ensure any hacked funds that may make their way to Binance are immediately frozen.
– CZ Binance 🔶🔶🔶 (@cz_binance) November 27, 2019
Although there is a risk of hacked Ethereum being dumped on the market, there seems to be a great demand for the cryptocurrency. Grayscale Investments, the investment arm of the cryptoconglomerate Digital Currency Group, has 2020 in the year 756. 540 ETH bought – 40 Percentage of the cryptocurrency that has been shaped by mining so far this year.
Not to mention that Su Zhu from crypto and forex fund Three Arrows Capital observed that on 10. April there was a large Ethereum buy wall on Bitfinex. The buyers then gave bids worth 250. 000 ETH worth $ 159 to $ 162 from .
Proof of text: bitcoinist
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