One of the addresses involved in last week'due south theft from S Korean crypto exchange Upbit is moving millions of dollars worth of stolen Ether (ETH) to an unknown wallet.

Equally Whale Alarm — a service dedicated to tracking major cryptocurrency transactions — has flagged today, Dec. iii, a ten,000 ETH (~$1.5 one thousand thousand) transaction occurred at vii:52 a.thousand. (UTC).

The transaction was preceded by a smaller transfer — of 1,001 ETH, worth roughly $150,000 — v minutes earlier, from the same address.

As of the fourth dimension of writing, the transactions keep — with another ten,000 ETH transfer just confirmed. A total of six transactions have been completed by press time.

Transactions flagged on Etherscan

Upbit, which is run past a subsidiary of Korean tech giant Kakao, revealed last week that 342,000 Ether had been stolen from its hot wallet on November. 27.

The theft occurred at a fourth dimension when the exchange was allegedly moving assets betwixt hot and cold storage facilities, leading some to speculate that the incident may have been an inside chore rather than an external breach.

Industry members — including Binance CEO Changpeng Zhao — had immediately pledged to ensure that the stolen funds would not exist transacted via their platforms.

Today'south transfers have been flagged equally associated with the "Upbit Hack," but — as directly wallet-to-wallet transfers — were successfully confirmed on the network.

Transactions screenshot, Dec. 3

Transactions screenshot, Dec. three. Source: EtherScan

Upbit has pledged to reimburse afflicted users

Since the theft, Upbit's operator has promised to recoup all stolen funds from their corporate funds.

The exchange is ane of the four largest platforms in Republic of korea  — alongside Korbit, Bithumb and Coinone — and was the only major domestic platform to post a profit in 2022.

Information technology is a fellow member of the Korean Blockchain Association, a domestic brotherhood comprised of fourteen crypto trading platforms. Members are committed to meeting 5 cardinal requirements, including managing clients' coins separately from their ain, holding minimum equity of ii billion won ($one.viii one thousand thousand), and publishing regular inspect and financial reports.

In January 2022, South korea'southward meridian 4 exchanges created a hotline for major exchanges to ensure suspicious transactions could be detected and frozen immediately after existence disclosed.