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Binance agrees to freeze stolen funds from Upbit after the $ 50 million hack

(This post was last modified: 11-27-2019, 11:11 PM by macartem.)
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The South Korean cryptocurrency exchange Upbit has been hacked for around $ 50 million in Ethereum (ETH). Binance and other exchanges have agreed to prevent assets from being sold.

It is reported that Upbit, one of South Korea's main exchanges, has suffered a serious attack. The stock market has closed withdrawals and deposits after a suspicious transaction was warned. In total, 340,000 ethers (ETH) were stolen and sent to an unidentified address.

Upbit was one of the few South Korean bags that had a completely clean record. He was never hacked, he took pride in his record. However, his reputation has been marred by entering the same league of pirated South Korean crypto exchanges. Bithumb was hacked earlier this year for $ 13 million. Last year, Coinrail was also compromised: hackers fled with $ 40 million.

Fortunately, other exchanges have taken a step forward to help and prevent these stolen funds from being sold. Binance, in particular, has pledged to freeze stolen funds if they are deposited in its network.

We will work with Upbit and other industry players to ensure any hacked funds that may make their way to Binance are immediately frozen.

So far, the funds have not moved and are being closely monitored by Blockchain analysts and other exchanges. Until now, they remain in an unidentified address.

Binance has a long history preventing stolen funds from being deposited and traded in its exchange. In January of this year, Binance froze all the funds associated with the hacking of Cryptopia. The stock market lost about 3.6 million dollars in cryptocurrencies and Binance struggled to freeze several deposits, including Metal (MTL) and Kyber Network (KNC).

Binance also froze all funds linked to WEX money laundering in October 2018.

It is still unclear who the authors of Upbit hacking are, but the exchange will block deposits and withdrawals for two weeks.
Thanks for this post, it not good to do bad thing. At last BINANCE AGREES TO FREEZE STOLEN FUNDS FROM UPBIT AFTER THE $ 50 MILLION HACK
Don't you think that's suspicious? Maybe the exchanges do it on purpose not to pay taxes or debts?
In general, every year the issue of protection against hacking is more interesting. How can I prevent a hack, especially related to cryptocurrency? Special protection methods must be considered!

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