Binance Freezes Hacked Funds From Upbit
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Answer Binance Freezes Hacked Funds From Upbit
Binance today froze funds linked to the hack of $49 million from Upbit after the hackers attempted to liquidate and launder it.
Action by Binance appeared His first explanation was on Twitter, where the Whale Alert account alerted that 137 stolen Ethereum from Upbit had been transferred to Binance.
137 #ETH ($27,164) Stolen Funds Transferred From Upbit Hack November 2019 To #finance
ℹ️ Address notification limit increased to $100,000
TX:
– whale alert (whale_alert) May 13, 2020
The founder of Binance replied that it will be considered, frozen, and referred to the legal authorities to consider the matter further and return it to the Upbit platform.
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The time between transferring the stolen Ethereum to Binance and being alerted about it did not take more than half an hour.
Gone are the days when hackers would transfer stolen funds to exchanges to cash and launder them without being identified, as was the case with Mt.Gox in the past.
As the suspicious funds are now marked, frozen, and returned to the hacked platform.
In January 2019, Binance froze funds associated with the Cryptopia hack worth $16 million.
Of course, money can still be laundered by making use of various mechanisms such as mixing or splitting transactions to make them difficult to trace and other methods.
A report by security firm Uppsala earlier this year revealed that Upbit hackers may have already laundered up to $3.2 million worth of Ethereum through trading platforms including Binance and Bitfinex by making only small payments. every time to avoid any red marks.
It is not clear what motivated the hackers to send $270,000 worth of Ethereum to Binance.
Looking at the big picture, we find that the amount is not a large sum considering that they managed to steal $49 million in total last November.
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One can speculate that they may have been testing the platform’s response times to see if larger volumes might slip unnoticed.
Read also:
A few days after the theft, the dForce project succeeded in recovering $25 million in cryptocurrency
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