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Binance froze 137 ETH stolen

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Written by   40
1 year ago

Binance froze 137 ETH stolen from the Upbit exchange

Binance stopped an attempt by hackers who hacked the Upbit exchange to launder the stolen ETH and froze them. Changpeng Zhao announced that 137 ETH will be returned to Upbit.

On Wednesday, May 13, around 7 p.m. Moscow time, Whale Alert tweeted that 137 ETH, equivalent to $ 27,000 at the current rate, had been transferred to Binance from an address linked to hackers who hacked Upbit last year.

Binance CEO Changpeng Zhao soon tweeted that the coins transferred by the hackers were frozen and would soon be returned to Upbit. A little over half an hour passed between the transfer of ETH to the exchange and their freezing.

Wallet addresses associated with hacking of cryptocurrency exchanges and other sites receive a special mark, and exchanges usually freeze any assets coming from these addresses. In January 2019, Binance froze funds related to the Cryptopia exchange hack.

Over the past 24 hours, the criminals who hacked Upbit have moved 3,650 ETH between wallets in order to cover their tracks and prepare coins for withdrawal through exchanges. A report from Uppsala earlier this year noted that hackers may have already laundered the equivalent of $ 3.2 million in ETH by withdrawing small amounts from exchanges to avoid raising suspicion.

It's unclear what the hackers' motive was for sending the last batch of ETH to Binance. This is a small amount, considering that in November last year, attackers managed to steal $ 49 million worth of cryptocurrencies. It can be assumed that the hackers checked the exchange's response time to see if large amounts could be withdrawn on the spot.

Last week, the Whale Alert service reported that the ethers stolen from the Upbit exchange were back in motion - hackers moved 1,897 ETH to an unknown address. In total, 342,000 ETH were stolen from the Upbit exchange, while 55,000 ETH were moved to an unknown address a week after the hack.

Asian traders are actively investing in Tether

In the expert environment, many analysts have already paid attention to the sharp increase in the capitalization of stablecoins.

According to the latest data, this figure is more than $ 10 billion, with the lion's share of the market value of such assets accounted for by the Tether coin (USDT).

Researchers from the CoinMetrics team linked the growth in capitalization of digital currencies backed by fiat money to the activation of Asian traders. Players mainly use USDT to penetrate the crypto sphere. First of all, this concerns Chinese investors.

Now the most popular in Asia is the USDT-ETH pair, the scale of trading of which is also increasing in Europe.

Analysts found that at the end of April, Ethereum and Tether trade peaked during the Asian and European markets. A flurry of activity was marked by the close of Asian markets.

The second largest investment in Asia after Tether is another stablecoin, USDC (also backed by fiat money). However, in comparison with the largest stablecoin, the scale of use of this asset is much lower, and they are unlikely to be able to exceed the volume of investments in Tether, experts say.

MakerDAO Stops DAI Stablecoin Based on Unified Collateral

The MakerDAO community has stopped the Single-Collateral DAI (Sai) algorithmic stablecoin system as part of a full transition to Multi-collateral DAI (MCD or Dai), writes The Block.

MCD was launched in November 2019 as an update to the Dai protocol. Sai was backed by Ethereum (ETH) only, while MCD is backed by several types of assets - currently ETH, Basic Attention Token (BAT) and USDC. In addition, along with MCD, the Dai Savings Rate system was launched, which allows users to earn interest on their stablecoin assets.

The closure of Sai was one of the planned milestones for the MakerDAO protocol. The mid-March market crash highlighted Sai's severe liquidity problems and pushed community members to speed up the transition.

On March 30, the Maker Foundation launched a vote to initiate the Sai shutdown. Following approval, a transition period was organized from April 24 to May 12, during which users could transfer their secured debt positions (CDP) to MCD. The conversion could also have been done by transferring Sai to third-party platforms such as Uniswap.

The Sai system was officially shut down on Monday and all remaining tokens were converted to ETH at the market rate. Users who have not completed the Sai transfer on time can use the migration portal to retrieve their assets.

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Written by   40
1 year ago
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Comments

Good article

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1 year ago

Well this is a clear identification that theta is going gr8 which will a good idea anyway

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1 year ago

Well i think ethereum is already flaming with fire as we speak bcus it already found a place in the market place though

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1 year ago

Oh nice, they're trying to penetrate........ That's a nice article

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1 year ago

Hackers this days are just something else entirely they keep making the crypto world look weak though they also keep their fighting spirit very alive

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1 year ago

Very good maybe they will start living a firewall even at their back doors bcus things are happening very bad here

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1 year ago

great article my dear friend i have subcribe you dear

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1 year ago

Kudos to Binance for their struggle in fighting against hackers. Hackers now use different tactics to steal finds

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1 year ago

good thing it was frozen, hackers have fat brains in hacking they are genius but in very bad ways.

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1 year ago

Those hackers were freaking awesome but they're dangerous too and nice move to the CEO of ETH for frozen the transaction.

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1 year ago

Good article

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1 year ago

if i would be chanced i will vote that shutdown a million times over than anything else that was really a wrong idea there by the way

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1 year ago

Dao projects this days cant just be even think as they are so many more than one can even think of so many smart contract here and there days around

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1 year ago

very good news to know tether is flaming up high in one corner there which is a very good news indeed so great and nice idea i think the coins has proven its greatness

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1 year ago

Hackers will really get rich through doing these stuffs.. But so sad for the affected ones.

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1 year ago

either a small amount or not i think binance did the right think helping that out even if it wont do for all was stolen but it at least showed it can be trusted and rely upon as it won join in anything to harm its co company as they need to also maintain funds ti grow up thanks Zhao

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1 year ago