A popular Korean crypto-asset exchange Upbit was hacked in November 2019, and at that time it lost a total of 342,000 ETH coins worth $50 million from its hot wallet.

During that time the matter caught an eye of many mainstream media outlets, as according to them it was the one of the biggest crypto scams of the month.
<h2>Upbit’s Coin Are Being Transferred To BYEX</h2>
Since then, the exchange has been trying to recover some of the stolen ETH, but a report notified that there are still some coins which remain out in the wild.

A blockchain analytics firm’s report indicated that the hackers have been transferring the coins back into the exchange so that they could get some cash or any other crypto assets from the exchange for their effort.

Whale Alert, a platform that tracks suspicious blockchain transaction, <a href="https://twitter.com/whale_alert/status/1260595765916860419" target="_blank" rel="noopener">tweeted</a> that some of ETH coins which were stolen from Upbit exchange have been transferred to BYEX exchange.
<blockquote class="twitter-tweet">
⚠️⚠️⚠️ We were able to confirm just now that a significant portion of the <a href="https://twitter.com/hashtag/Upbit?src=hash&amp;ref_src=twsrc%5Etfw">#Upbit</a> hacks are being deposited into an exchange called <a href="https://twitter.com/hashtag/BYEX?src=hash&amp;ref_src=twsrc%5Etfw">#BYEX</a>.<a href="https://t.co/lk9l4daay4">https://t.co/lk9l4daay4</a>
— Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1260595765916860419?ref_src=twsrc%5Etfw">May 13, 2020</a></blockquote>
The platform did not disclose the exact amount that has been deposited into the exchange but it mentioned that from past few weeks, an account has been making a series of $25000 transaction to a number of addresses.

According to the Whale Alert, the account might have sent the amount to BYEX exchange. 
<h2>Three Hackers-Affiliated Addresses Have 3000 ETH Each</h2>
Though Whale Alert believes that a significant portion of the ETH funds has been transacted into BYEX, blockchain data shows that there are around three addresses associated with the hackers which have approx 3,000 ETH each. This also shows that some of the ETH Coins, which are not being used, would be dumped.

There could be two reasons, hackers are sending fund to the exchanges, first could be that they are trying to cash out the cryptocurrency they have stolen, or they want to convert their crypto into another crypto so that whenever they make any transaction, it could not get traced.

As of now, it could be said that in the near future, Etheruem would have to experience a selling pressure because the hackers are planning to sell it.

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Hackers Still Trying To Dump ETH Stolen From Upbit Exchange In 2019

Korean crypto-asset exchange Upbit was hacked in November 2019, and at that time it lost a total of 342,000 ETH coins worth $50 million from its hot wallet.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Hackers Still Trying To Dump ETH Stolen From Upbit Exchange In 2019

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