Will the Mystery Hacker Manage to Hide His Tracks by Moving Small Amounts?
The Upbit hack that occurred last week was one of the largest cryptocurrency thefts that occurred this year. Roughly 342,000 Ethereum coins were hacked from the South Korean exchange's hot wallet. This was equivalent to nearly $50 million USD, nearly three times the amount that was hacked from New Zealand Exchange Cryptopia.
Unlike Cryptopia, it seems that Upbit will remain operational after the hack. Lee Seok-woo the CEO of Upbit has promised to compensate any traders affected by Upbit's security breach. Currently Bitcoin deposits & withdrawals have returned to the platform.
Upbit's Ethereum on Moved to Unknown Wallets
Since the hack, it appears that the individual or individuals responsible have moved the Ether out to different wallets. The original wallet address 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029 now has a near zero balance. The funds were seemingly split equally into three unknown separate wallets known now as Upbit Hacker 2.1, 2.2 & 2.3.
The three new wallets have sent out smaller denominations to two new unknown wallets each. This process of splitting the huge haul into lesser amounts has been continuing since the hack.
This seems to be an attempt for the hacker to cover their tracks by constantly sending smaller amounts to unknown wallets. It is likely that they will continue the process until they reach very small amounts of Ether on a huge number of wallets.
While most cryptocurrency hackers never seem to face justice, lets hope this one gets caught.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado