Signs Point to Inside Job in Upbit Crypto Exchange Hack, Says Commentator
Following the theft of 342,000 Ether (ETH) ($50 million) from major South Korean crypto exchange Upbit, some commentators have suggested that the hack was actually an inside job. Unknown wallet address is its statement, the exchange emphasized that it deemed the 342,000 ETH transaction to be the only irregular transaction on the ledger, alluding to a number of other large-scale transfers that it said were related to the exchange moving assets between hot and cold storage wallets.
While the ETH, TRX and BTT transactions were transferred to an unknown wallet, subsequent Stellar (XLM), OMG and EOS transfers were made from Upbit to crypto exchange Bittrex. Source: @whale_alert Taking Upbit’s statement about cold storage transfers at face value, Young has argued for the strong possibility than an exchange employee took advantage of the timing of the storage transfers to perpetrate the theft.
