Binance Freezes Ethereum Sent by Upbit Hackers, CZ Says They Must Fight Bad Actors

News
Wed, 05/13/2020 - 17:18
Alex Dovbnya
Cryptocurrency exchange Binance has frozen an Ethereum transfer linked to the Upbit hack
Cover image via U.Today
Contents

Binance, the largest cryptocurrency exchange in terms of trading volumes, has frozen 137 ETH ($27,164) sent by Upbit hackers. 

Changpeng Zhao, the CEO of Binance, swiftly reacted to a tweet posted by Whale Alert's Twitter latest batch of stolen funds. 

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Binance to investigate the transfer 

According to CZ, they are currently working with Upbit and law enforcement to verify the malicious nature of the transaction.

After conducting an investigation, Binance will figure out how to hand off the stolen crypto back to Upbit. 

As reported by U.Today, the major South Korean exchange suffered a $51.7 mln Ethereum hack back in November 2019. 

Since they, the hackers have been routinely shuffling their ill-gotten coins, with the Binance transfer being the latest example.   

Taking a stand against bad actors 

While CZ admits that some social media users might give Binance grief over freezing funds, he also emphasizes that it's important to fight bad actors. 

Back in January 2019, Binance also froze the crypto stolen from the now-defunct Cryptopia exchange.

Binance itself endured a $40 mln hack in May 2019 due to a damning security vulnerability.    

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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