Upbit’s Hackers Start Spreading out the Stolen Ethereum

Those behind the theft of 342,000 Ethereum from South Korean cryptocurrency exchange Upbit have started spreading the funds to various ETH addresses.

The move was capture by Whale Alert, a Twitter bot following large transactions on the blockchains of major cryptocurrencies. Digging into the addresses that contained the stolen ether it’s possible to see the hacker(s) spread out the funds by sending chunks of little over 1,000 ($146,700) and 10,000 ether (($1.46 million) to other addresses.

The hacker(s) may be trying to spread out the stolen ether in an effort to escape the public’s eye and conceal were the funds came from over the course of several transactions, as various cryptocurrency exchanges have pledged to freeze funds if they are deposited on their platforms.

So far, those behind the hack have transferred small amounts of ether to several trading platforms, including Binance and Huobi, trying to test whether or not the funds will be frozen. Trying to hide the funds came from the Upbit hack may be a strategy to try and cash them out