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Hackers Keep Moving Ethereum They Got on Upbit - $37.5 mln in ETH Transferred

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  • Yuri Molchan
    📰 News

    The culprits who stole slightly over 300,000 ETH from Upbit recently are moving it in small portions, CZ has promised to freeze the crypto, should it end up on Binance

Hackers Keep Moving Ethereum They Got on Upbit - $37.5 mln in ETH Transferred
Cover image via 123rf.com
Contents

About a week ago, the South Korean branch of the Upbit exchange had $50 mln in Ethereum (342.000 ETH) stolen from it without any security breach. Some experts believe it was an inside job.

After that, the Whale Alert Twitter account started publishing data that shows – the culprits are transferring the stolen Ether in small portions – from 1,000 ETH to 10,000 ETH.

On December 3, another 20,000 ETH was moved.

The stolen Ethereum moving away from Upbit

Whale Alert records all transactions on blockchain and posts them on their Twitter page. Since Upbit suffered the theft five days ago, the analytics account reported that around 253,000 ETH has been moved.

In the first portion, the culprits transferred about 200,000 ETH.

Upbit hacked
Image by Twitter

And over the last twenty-four hours, they moved another 53,000 ETH.

Upbit ETH stolen
Image by Twitter
Upbit hack 3
Image by Twitter

All together that totals approximately $37.5 mln. It has been reported that the hacker tried to send a tiny portion of the stolen Ether to the Huobi exchange to test how it goes.

The head of Binance, CZ, promises to freeze any crypto taken from Upbit in course of the hack, should it be transferred to his exchange.

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Loud hacks of 2019

Earlier this year, there have been a few cases of hackers attacking crypto exchanges that were widely discussed by the community. The first one took place in early 2019 and it was the New Zealand-based Cryptopia exchange.

It lost around $6 mln in Ethereum but users kept funding their wallets despite the team’s warnings not to do so. This enabled the hackers to steal crypto three times in a row. Finally, the exchange went into liquidation.

Another case was the crypto trading behemoth Binance. The hacker did not take any money, but he insisted that he stole users’ KYC data and even posted some on his Twitter page.

However, the Binance chief CZ denied losing the customer data, saying the published screenshots came from the previous loss of KYC info by one of the third parties Binance had worked with.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin Price Likely to Surge to $8,200 Before Surprising Bulls: Crypto Analyst

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  • Yuri Molchan
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    A crypto analyst says that Bitcoin follows ‘standard crypto games’ and expects BTC price to surge to $8,200 before making a market reverse

Bitcoin Price Likely to Surge to $8,200 Before Surprising Bulls: Crypto Analyst
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

After Bitcoin bulls reclaimed the $7,400 level earlier, the flagship currency is holding in the $7,500 area. A crypto analyst says that these are ‘standard crypto games’ – Bitcoin is likely to surge into the $8,000 area before plunging again.

Bulls, get ready to rock - $8,200 on the horizon

At press-time, Bitcoin is swapping hands at $7,544. For a long while prior to that the price was trading flat in the $7,200-$7,300 area.

However, on Friday, the Bitcoin price managed to recover to the $7,500 level.

BTC price CMC
Image via CoinMarketCap

The analyst @CryptoMichNL reckons that Bitcoin is following a standard pattern of the volatile crypto market and is going to please the bulls before giving them a nasty surprise of a bearish reversal.

‘Bitcoin halving is the main catalyst’

The next Bitcoin halving programmed by Satoshi Nakamoto, the Great and Terrible, is to happen in May 2020. Many in the community believe it to accelerate the Bitcoin price surge since miners have not priced it in.

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Doubts about the BTC halving impact

However, a co-founder of the Morgan Creek Digital Jason Williams, the less Twitter-active than his colleague Anthony Pompliano, reckons that the Bitcoin price is likely to dip after the halving. The thing is that miners are going to get twice as fewer BTC for each new block than now and many of them are going to have to sell their BTC to pay the bills.

Besides, chances are high that small mining pools will quit since mining will stop giving them enough profit.

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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