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Cryptocurrency Criminals Still Attempting to Ditch ETH from 2019 Hack

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Back in November last year, South Korea-based Upbit digital currency exchange platform was attacked, resulting in the loss of 342,000 ETH coins, worth $50 million from the platform’s hot wallet. Efforts have been made since then to reclaim the lost Ethereum, however, some still remain with the crypto hackers.

Back then, it was the biggest cryptocurrency hack in a while, making headlines on mainstream media outlets. According to reports from blockchain analysis firms, the crypto hackers are moving the stolen ETH between exchange platforms, in an attempt to get cash or any other digital currency.

Upbit crypto hackers attempting to cash in on stolen Ethereum

According to crypto transactions tracking tracking firm, Whale Alert, a substantial chunk of the Ethereum stolen from the Korean exchange has been deposited to a little known exchange called BYEX. The specific amount of ETH deposited on the exchange was not disclosed, however, the involved account has recorded a string of $25,000 transactions over the last few weeks.

Hackers transferring cryptocurrencies to exchange platforms means only one thing, they are trying to cash out their stolen crypto, or convert into other assets to cover their trail. Regardless of the case,  it means that ETH will see some pressure to sell soon; due to the sale of the stolen ETH. This can cease from taking place, if the owners of the Upbit ETH are sent to intervene.

CZ vows to freeze any stolen crypto on Binance exchange

For example, Binance CEO Chanpeng “CZ” Zhao vowed to work closely with Upbit and other players in the industry to ensure stolen crypto that finds its way to Binance exchange platform is frozen instantly. If exchanges freeze the accounts of the crypto hackers, it prevents the stolen ETH from being sold; relieving some of the immediate selling pressure from the seller.

Currently, there seems to be sufficient demand for crypto, in the market; with the risk of stolen ETH finding its way to the market. In fact, Grayscale Investments has bought almost 756,540 ETH coins this year, which represents about 40 percent of all crypto mined in 2020 so far. On the other hand, long-term Ethereum positions have reached an all-time high, showing the optimism of investors in the altcoin.

South Korean Police Calls Upon Upbit, Bithumb, Korbit and Coinone to Help in ‘Blue House’ Investigation

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Cryptocurrency companies usually come under pressure from legal departments for the way they work. After the advent of Bitcoin over a decade ago, the industry has always been locked in a battle with authorities around the world.

This time, however, the South Korean police have called upon the services of cryptocurrency exchanges in the country to track ransom money for the infamous ‘Blue House’ incident. Upbit, Bithumb, Korbit, and Coinone are the four exchanges that will directly assist the police.

Four cryptocurrency exchanges said they will do all they might to help track down the 6.5 billion won that was received in the form of payment. The South Korean public has risen in chaos ever since it was announced that a small group of people had access to thousands of illicit sexual content.

Reports claimed that 1.8 million people had signed a petition asking the presidential Blue House to release the identities of the group chat network where the videos were posted.

A majority of the capital was transferred via cryptocurrencies with one confirmed member, Zhao Zhuobin, bagging almost 3.3 billion himself. The rest of the 3.2 billion is yet to be converted into fiat currency. Upbit, Bithumb, Korbit, and Coinone have said that they would also help in tracking the users who transferred the capital to the owner of the chat room.

South Korean Media has said that the Blue House chat room had over 260,000 members, some of which were non paying. The public outcry also resulted in the National Police Agency releasing the culprits’ identity: Cho Joo-bin. He was indicted for allegedly blackmailing at least 74 women, including 16 minors into creating videos of themselves. They were then asked to upload the videos to the chat room, where it was made available to paid members.

According to the South Korean Police his “malicious and repetitive criminal method that forced sexually abusive videos out of women whom he labeled slaves” should never be seen in the country again. The agency added:

“We decided to release his name, age and face after reviewing how it would serve the public interest regarding the people’s right to know and the prevention of similar crimes from recurring“

The accused worked using the alias “Doctor” and posted the videos on Telegram to the exclusive group of people. According to some claims, the accused charged almost $1200 in crypto per person. Essentially, this money was the entry fee for the Telegram group. Min Gap-Ryong, NPA Commissioner-General, acknowledged that the culprit had ruined the lives of several innocent citizens.

Police in South Korea were now on a warpath to uproot such practices from society. Currently, 124 suspects were being tracked down in relation to this case. South Korean police added that 18 people were arrested since last year in relation to sexual-abuse crimes.