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  • In November 2019, Upbit suffered an attack in which hackers stole 342,000 ETH ($50 million at the time).
  • Whale Alert recently warned Binance about a suspicious ETH transaction linked to the Upbit hacker group.
  • Soon after that, Binance froze the funds and initiated an investigation. 

Binance has frozen funds linked to Upbit’s prior $50 million data breach after the hackers tried to liquidate a part of the gains. In a recent tweet, Whale Alert warned Binance that a transaction of 137 ETH (about $28,000) had moved from an address linked to the Upbit hacker group to its wallets. 

Less than an hour after the transaction was flagged, Changpeng Zhao, the CEO of Binance, announced that the exchange had frozen the funds. He also added that Binance is getting in touch with Upbit to investigate the transaction. 

Frozen, will work with #UpBit to verify and get law enforcement involved and hand off the funds. Waiting for someone to complain on social media about us freezing funds. But fight bad actors, we must. 

In November 2019, Upbit suffered an attack in which hackers stole 342,000 ETH, accounting for approximately $50 million. The hackers managed to take the funds by transferring the ETH from Upbit’s hot wallet to an anonymous crypto address.