Binance Freezes $27,000 in ETH Associated With the Upbit Hack of Late 2019

Francisco Memoria

Leading cryptocurrency exchange Binance has frozen over $27,000 worth of Ether (ETH) associated with the hack of south Korean crypto exchange Upbit in 2019.

The funds were frozen after Whale Alert, a large transaction monitoring service, tweeted that 137 ETH ($27,160) were moved from an address associated with the Upbit exchange hack to Binance. Shortly after Binance CEO Changpeng Zhao responded to the tweet saying the exchange was “on it.”

It’s worth noting the transaction was flagged as on Ethereum blockchain explorer Etherscan tainted funds are tracked and addresses associated with hacks, scams, and other illicit activities are tagged so users can easily identify them. It’s unclear whether Etherscan’s ETHProtect tool was used.

Soon after, Changpeng Zhao revealed the funds were frozen and Binance would work with Upbit and law enforcement agencies to investigate the transaction. It’s possible the hacker was merely tsting out whether it would be able to withdraw the funds using Binance or not.

As CryptoGlobe reported, Upbit was hacked in November 2019 for a total of 342,000 ETH that got stolen from its hot wallet. A report citing data from Uppala Security’s Sentinel Protocol later on claimed a total of 20,500 ETH had already been laundered.

While its unclear who was behind the Upbit hack, reports have suggested North Koran hackers have targeted the platform’s users before the exchange itself was hacked. The users were targeted with phishing schemes designed to steal their private keys and information.

Featured image via Pixabay.

Ethereum Was Behind 85% of Dapps' $12 Billion Volume in Q2 2020

The total transaction volumes of decentralized applications (dapps) in the cryptocurrency space hit $12 billion in the second quarter of this year, rising by $4.5 billion compared to the first quarter. Etheruem dapps accounted for 85% of the volume.

According to DappRadar’s Industry Review report, there are more than 70,000 active wallets across 13 different blockchains interacting with the cryptocurrency space. The top blockchains were EOS, TRON, and Ethereum, with the latter representing $10.2 billion of the $12 billion volume seen in Q2.

Ethereum’s large transaction volume was partly fuelled by Compound and the launch of the COMP token, which led to a “yield farming” trend, in which users were interacting with the protocol as much as possible to receive COMP tokens. Compound saw $1.2 billion move through it.

The yield farming trend saw Ethereum gas prices and transaction fees increase, which according to the report did not stop Ethereum dapps from thriving in general. It did, however, contribute to an 80% drop quarter-on-quarter for ETH gaming dapps, as high gas prices are “killing” their activities on the cryptocurrency’s network.

Despite Ethereum’s growth, EOS and TRON (TRX) dapps have also seen their activity increase in the second quarter of the year. According to the report in only three months, TRON’s transaction volumes on decentralized applications surged by over 17,200%.

The rise was largely attributed to, a TRON-based version of the Compound lending protocol.  While TRON’s DeFi growth has been notably, DappRadar pointed out that most dapps on its blockchain are still in the “gambling” and “high risk” categories.

The EOS blockchain has still been enduring the effects of the EIDOS token airdrop, which put the network into “congestion mode.” The airdrop clogged the network and as a result, from 2019 to 2020 wallet activity on decentralized applications dropped 53%.

So far this year, $1.9 billion have been transacted on decentralized applications using the EOS blockchain, thanks to two dapps: Crypto Dynasty and Upland. DappRadar’s report also shows that two other blockchains are growing thanks to gambling dapps: WAX and ThunderCore.

Featured image via Pixabay.