Crypto funds associated with Upbit’s $50 million hack in November 2019 have continued to move. Soon after hitting the world’s biggest crypto exchange, Binance, large sums of the stolen funds continued to be transferred to a little-known crypto exchange as well as major exchanges like OKEx. On May 14, Whale Alert — a service dedicated to tracking major crypto transactions — reported on a series of new transactions involving funds from Upbit’s 2019 hack. According to Whale Alert, a large portion of the stolen Ether (ETH) has also hit a number of unknown wallets. Addresses of little-known exchange Byex.com receive …

An address associated with the $50 million hack of South Korean crypto exchange, Upbit, has moved some of the stolen Ethereum (ETH) to Binance. The world's biggest exchange immediately froze these funds on its platform, and has initiated an investigation. On May 13, Whale Alert tweeted that a 137 ETH ($27,164) transaction was moving funds derived from hacked Upbit exchange to Binance. According to the transaction details, the transfer occurred at 12 p.m. EST. Less than one hour after the transaction was flagged, Binance CEO Changpeng Zhao, or CZ, stepped in to the tweet thread to report that the transferred …

Chainalysis announced the extension of its cooperation with South Korean crypto exchange Upbit today, aiming to provide blockchain analysis support across the Asia-Pacific region (APAC). According to the announcement, Upbit APAC will start using Chainalysis KYT (Know-Your-Transaction) to provide a safe trading environment and comply with the established procedures in the region’s different countries. As South Korea’s regulation oversees Upbit Korea’s operations, the crypto exchange hopes to become ever more compliant. Strengthening regulatory compliance Chainalysis KYT is a crypto anti-money laundering (AML) product with over 275 clients in 40 countries. It monitors transactions in real-time and detects suspicious activity that …

A Jinse report said that many Chinese Upbit users are finding it difficult to withdraw Korean Won ever since December. Upbit has announced to its foreign users the reasons their withdrawals are still restricted on Feb. 19 in an announcement. Upbit said in the announcement that (Know Your Customer) KYC and Korean taxation on cryptocurrency among crypto exchanges are the two main reasons behind the restriction. Long wait for the KYC process Since mid-December in 2019, Upbit has enhanced its KYC process and had turned in all the required documentation and lifted the restriction on the foreign members who have …

Strengthening its walls after a hack in late 2019, South Korean crypto exchange Upbit has finished a security upgrade for the wallets on its exchange platform, restoring functionality once again. Upbit decided to update its defenses in response to an Ethereum (ETH) hack the exchange suffered in 2019, an Upbit representative confirmed to Cointelegraph in an email on Jan. 14, 2020, adding: “It is part of our effort to increase Upbit’s overall security since the Ethereum theft incident last November. Immediately following the incident, we suspended deposit/withdrawal services and transferred all crypto-assets to cold wallets. Since then, we’ve been revamping …