RATE Group | Upbit’s Stolen Ethereum Is Moving, and Its Bad News for ETH
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Upbit’s Stolen Ethereum Is Moving, and Its Bad News for ETH

04 Jan Upbit’s Stolen Ethereum Is Moving, and Its Bad News for ETH

Posted at 23:58h in Ethereum News by

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In November, Upbit, a popular Korean crypto asset exchange, lost $50 million worth of Ethereum (ETH) from the exchange hot wallet in a seeming hack. Details on the attack remain sparse — some think it was an inside job as the word “hack” was not mentioned and due to the timing of the loss of funds — though Upbit promised to reimburse all users affected with corporate funds.

Related Reading: This Scary Fractal Suggests Bitcoin Price Is On Its Way to $3,000

Despite this, the stolen ETH is still out in the wild, so to speak. And according to blockchain analysis, after a few weeks of silence to seemingly fly under the radar, the hackers are starting to move the funds yet again, potentially creating a catalyst for some downward price action in the Ethereum market.

Stolen Ethereum On the Move

On Saturday, Whale Alert, a Twitter account dedicated to tracking suspicious blockchain transactions, posted the tweet below. In it, the account indicated that 5,000 ETH, valued at around…

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