In the cryptocurrency world, several exchanges have lost money for a wide variety of reasons. Upbit lost 342,000 Ether in 2019, yet it seems some of the funds may be cashed out fairly soon.
It is not uncommon for crypto exchanges to be hacked or drained.
Upbit Funds Moves to Binance
Although one would expect things to be different after 10 years, that is far from the case.
Upbit lost a lot of funds in November of 2019.
When everything was said and done, the losses totaled up to nearly $49million.
Most of the funds have been tracked and should not be cashed out as exchanges will automatically refuse to do so.
That doesn’t mean that the hackers are giving up on their efforts.
Some of the funds have moved from the “hack” wallet to the Binance exchange.
Two different transactions were sent in quick succession.
At the time of writing, the wallet associated with the Upbit hack still holds over 5,900 ETH.
That also means that nearly 335,000 ETH has been moved to different wallets and exchanges since November of 2019.
What will happen to these latest transactions, remains to be seen.
If funds are successfully laundered through Binance in one way or another, there will be severe repercussions, to say the least.
Image(s): Shutterstock.com
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