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ChangeNOW cryptocurrency exchange recently hinted the transfer of funds in Ethereum (ETH) from the Upbit exchange hack that was perpetrated on the 27th November 2019. The exchange related that it has successfully frozen the already blacklisted addresses.
Upbit, one of the largest South Korean exchange recorded the loss of 342,000 ETH (50,407,380 USD at press time) to the hacker’s attack. The big guns in the crypto space have called for solidarity in order to recover the stolen funds. The likes of Justin Sun’s Tron have not stopped calling out for aid on behalf of the embattled exchange.
Please help @upbitglobal on recovering the fund! There is a bounty of 10% of all funds retrieved. https://t.co/xMoo3tdhdL
— Justin Sun (@justinsuntron) December 5, 2019
Also, as soon as the hack was aired, the CEO of Binance exchange, Changpeng Zhao (CZ), promised to withhold any asset-transfer from Upbit that has a connection with the hackers’ address. He also implored other exchanges to follow suit.
ChangeNOW Freezes 9 ETH Deposits from Upbit Hackers
As reported, ChangeNOW, an instant cryptocurrency exchange service shared its recent action in helping Upbit to recover its stolen funds by freezing 9 deposits in Ethereum (ETH), transferred into the exchange by the hacker, sent via the already blacklisted address.
According to the exchange, the frozen funds were instantly transferred into a secure storage for safety. The information that reached The ChangeNOW Team from Upbit representatives regarding the hacker’s addresses really helped the situation.
According to the ChangeNOW Team, they have been on guard as soon as the news of Upbit hacking broke out. They have been busy monitoring activities in the crypto sphere and properly blacklisting all addresses in connection with the hacker.
The Team said, “We have been carefully monitoring the crypto space and blacklisting all the addresses connected to the hacker…”
The team continued by pointing that ChangeNOW exchange has had several cases like the recent one, in which such suspicious addresses were interrupted. This convinced the Team to term the transfer as a test deposit.
“…With several previous cases that involved ChangeNOW stopping stolen funds, we suppose it was a test deposit to check if our risk prevention system will stop it.”
How Long Would ChangeNOW Return the Fund to Upbit
According to ChangeNOW, the exchange has undertaken necessary processes about returning the funds to Upbit, but it’s yet to receive the official inquiry from the Korean police.
As the Korean police investigate, ChangeNOW is up and doing with its engineers, in order to unravel the brain behind the hack.