Chainsguard, a cryptocurrency firm based in Beijing, China, has alerted the general public that all Ethereum stolen funds from Upbit have been transferred in a multistep manner.
Around 9:00 UTC on November 26, Upbit was hacked, and nothing less than $49 million was carted away. The cryptocurrency space noticed an “abnormal transaction” of 342,000 Ethereum. According to the exchange, the stolen funds are not users’ funds.
In the same line, Upbit said it has suspended all activities for nothing less than two weeks. As massive as the hack was, it represents the 7th largest in hack event 2019.
New Zealand-based Cryptopia was attacked this year and DragonEx also lost around $7 million to hackers.
As well Bithumb also lost $6.2 million in XRP after losing $31 million in 2018. Also, Binance lost around 7,000 bitcoin this year.
Meanwhile, security experts are noticing that the hackers are moving the hacked funds in bits. According to the Chainsguard, the said hackers are now moving the stolen fund in phases, and the first-phase transfers were done to disturb monitoring.
According to Chainsguard, the stolen funds were moved from three separate addresses in multiple amounts of 10, 1,000, 10,000 and 100,000, respectively.
The fund movement involves 109,270.16 Ethereum, with 100 ETH driven out of each account. A total of 300 ETH was moved into the address that received the stolen funds. For now, the hackers are moving the fund in bits to make it impossible for people to monitor.
A weighty amount of Ethereum-based funds and different ERC20 tokens were moved to the attacker’s address to make it impossible for the funds to be traced.
According to another source, the funds are already landing on Binance, Huobi and some other exchanges.
However, the CEO Changpeng Zhao of Binance has promised to work with Upbit to see that those funds will not go out of Binance in case they land on the exchange.
He said Binance will “work with UPbit and other industry players to ensure any hacked funds that may make their way to Binance are immediately frozen.”