Upbit's Hackers Start Spreading out the Stolen Ethereum

Those behind the theft of 342,000 Ethereum from South Korean cryptocurrency exchange Upbit have started spreading the funds to various ETH addresses.

The move was capture by Whale Alert, a Twitter bot following large transactions on the blockchains of major cryptocurrencies. Digging into the addresses that contained the stolen ether it’s possible to see the hacker(s) spread out the funds by sending chunks of little over 1,000 ($146,700) and 10,000 ether (($1.46 million) to other addresses.

The hacker(s) may be trying to spread out the stolen ether in an effort to escape the public’s eye and conceal were the funds came from over the course of several transactions, as various cryptocurrency exchanges have pledged to freeze funds if they are deposited on their platforms.

So far, those behind the hack have transferred small amounts of ether to several trading platforms, including Binance and Huobi, trying to test whether or not the funds will be frozen. Trying to hide the funds came from the Upbit hack may be a strategy to try and cash them out

Another option would be decentralized cryptocurrency exchanges. As CryptoGlobe reported those behind the Cryptopia hack managed to cash out over $2 million through a decentralized exchange. While centralized platforms can freeze funds if they were stolen from someone else, no one can do that on a decentralized exchange.

These, however, don’t have enough liquidity for the hacker to cash out 340,000 ETH, at press time worth around nearly $50 million. Spreading out the funds by sending them to several addresses may end up throwing off some, but there are now sophisticated tools used to track transactions on a public blockchain like that of Ethereum.

Lorne Lantz, author of an upcoming book on blockchain technology, has used a visualization tool to show the hacker(s) sent funds to cryptocurrency exchanges via secondary addresses. The same might happen after the funds are spread out.

As reported, Upbit reacted to the security breach by moving its cryptoassets to cold wallets and suspending deposits and withdrawals. The South Korean crypto exchange has said it’ll cover the loss with its own funds.

Featured image by David McBee from Pexels.

Elon Musk Rejects Rumors on Plans to Use the Ethereum Blockchain

Francisco Memoria

Tesla and SpaceX CEO Elon Musk has recently revealed he isn’t using the Ethereum blockchain to build anything, and addressed his stance on the second-largest cryptocurrency by market capitalization.

Musk’s comments came in response to a tweet published by famous Hollywood actor William Shatner, who claimed last year Elon Musk was, along with Ethereum co-founder Vitalik Buterin, “deciding what to build on Ethereum.”

The Canadian actor, well-known for his role as Captain Kirk on Star Trek, has been a cryptocurrency proponent for some time, at one point even releasing his own non-fungible token (NFT). One year after he tweeted out Musk and Buterin were working on Ethereum, the CEO of Tesla replied.

In a single tweet, Musk revealed that he is not building anything on top of the second-largest cryptocurrency’s blockchain, nor is he “for or against it.” Shatner later responded to the CEO telling “I still love you even though you haven’t found blockchain technology fascinating.”

Musk has notably made various comments on the cryptocurrency space over time. As CryptoGlobe reported, earlier this year the CEO said crypto could be a replacement for cash. On numerous occasions, he teased the community on the microblogging platform, either tweeting about BTC or about Dogecoin.

In an odd tweet published in January of this year, Musk said “bitcoin is *not* my safe word.” While the tweet itself has never really been explained, over time the COE has said he is “neither here nor there on Bitcoin,” but that he did find the cryptocurrency’s whitepaper “very clever.” In another tweet, he revealed he “only” holds 0.25 BTC.

Featured image via Pixabay.