Upbit hackers using EOS tokens for money laundering?

electronicash

legendary

Activity: 3178

Merit: 1054

Quote from: Tipstar on December 16, 2019, 01:40:23 PM

These were sure to happen. No one would have control over exchanging on a dex as dex are here for anonymity and decentralization.
But we can still track the addresses and trace them till they try to convert them into cash. It would have been better if the exchanges kept their purse tight.

it does need skills to tracked them when it gets into exchanges and then mixers. a lot of people are not even a hacker but are trying to mix their coins to prevent it from getting traced specially if it goes in and out of the casino site. i don't know if its the best practice to exercise and hackers aren't know to it. laundering means its going to be handled by authorities.

aamirsuh

full member

Activity: 686

Merit: 101

Can take different precautions related to ethereum. Because it is possible to publish hacked addresses and close these threads even in dexes. What happened at Upbit is unfortunate. EOS or another project is very difficult to prevent hacking events. Dex systems should be developed.

Ozero

full member

Activity: 2142

Merit: 183

Quote from: K4C on December 16, 2019, 03:35:34 AM

There are many ways to launder their funds especially using P2P exchanges where they could quickly convert Cryptocurrencies to their local fiat currencies, but this would require them to do it gradually and I guess they don't want that, since it might take months to fully convert such large funds but I guess they don't want it like that, they are criminals and I don't support what they did at all because it could easily have ruined thousands of lives.

It is unlikely that they will be able to dump the stolen ethereum in large batches, and they know this. They are looking for ways to get lost, make sure that these coins are not tracked. If they want to turn part of the stolen coins into tokens, then most likely they are trying to put them for long-term storage so that over time interest in them drops. If you start to place the stolen ethereum in little-known promising tokens, then, perhaps, after a long time they will be forgotten about their criminal origin.

Tipstar

sr. member

Activity: 1932

Merit: 300

Vave.com - Crypto Casino

These were sure to happen. No one would have control over exchanging on a dex as dex are here for anonymity and decentralization.
But we can still track the addresses and trace them till they try to convert them into cash. It would have been better if the exchanges kept their purse tight.

Twentyonepaylots

sr. member

Activity: 1918

Merit: 370

Quote from: Yaunfitda on December 15, 2019, 10:28:05 PM

They're criminals, so I'm not surprised that they are going to used every avenue to cash out what they have stolen. The thing is that if they used DEX then it's going to be difficult to follow their tracks because everyone knows how DEX works.

Although I love using DEX this is one of the cons it has when talking about this particular issue which is hacking. I feel more unsafe now as an individual with just a simple security since they got so many developers wondering where did they go wrong on their logic that hackers get into them, so what about me? They will get a hard time tracing where the funds did go, they can but they can't run after it.

Quote from: Yaunfitda on December 15, 2019, 10:28:05 PM

Probably EOS for these criminals are just a testing ground as how they are going to manuever and hide their trail.

With using DEX? their surely thought of this too, no hacking incident went unplanned.

Golftech

hero member

Activity: 2128

Merit: 520

Quote from: Furious 7 on December 16, 2019, 03:44:08 AM

Quote from: Aabcde on December 16, 2019, 03:20:11 AM

It is very good to monitor all of the hacker's access transfers so that he cannot pull it to FIAT. Every wallet that has been sent funds from a hacker wallet must be blacklisted and published to the public so that many people know and do not want to transact with the wallet. Yes, although there are definitely people who want to receive these funds, but they are too risky.

It's hard to prevent this because hackers always have a way to sell to other Fiat, so it's very risky if it keeps happening.
Unless Upbit does some cooperation with other exchanges if there is a large deposit, then it is suspected that it could be funded by hackers from Upbit. And it must be done or monitoring an expert so that it can explain in detail.

Hackers study everything and learned every opportunities based from what they've known, It's hard to trace them since they also knew that someone are monitoring every actions that they've possibly take. This people have every other options in case that the original one got busted, best to keep an eye
and keep trying to monitor the actions that they will gonna take and try harder to reveal everything.

justdimin

hero member

Activity: 3164

Merit: 675

www.Crypto.Games: Multiple coins, multiple games

I don't really get how these criminals are being followed, how does these people leaving a trace.
From my understanding bitcoin transactions were anon and hidden so it couldn't be followed, how the hell are they being followed like this?

I know it is a lot of money and hiding that much money is very risky but at the same time if you could send it to a binance and many other exchanges like that slowly you will be also claiming money back from them via withdrawals so in the end you can't be really followed. Definitely, there is a risk of you not getting your withdrawal but that is why you do it slowly and risk only few thousand dollars at a time. Not like there is any chance of them cashing out 50 million dollar worth of ethereum into fiat right away anyway.

drlukacs

sr. member

Activity: 854

Merit: 253

l0tt0.com

Quote from: cheezcarls on December 14, 2019, 06:42:01 AM

I know that there are some who are closely monitoring those stolen funds that are being hacked. Blockchain has helped us a lot to keep track of the movements of our funds, as “blockchain doesn’t lie”.

Now that these notorious hackers are having a new kind of strategy, in which they will be using a DEX to convert those stolen funds into EOS-pegged tokens.

Every hacker has their own strategy no matter if their transactions are closely monitored on the blockchain. I just felt sorry for those who are affected by the Upbit hack last November.

What would be your reaction to this one guys?

I don't see any surprises here. Everything was arranged and it was normal for the exchange to be hacked. The hackers are now quite sophisticated and there were many hacks in 2018. I only feel sorry for the newbies, who don't know the financial rules and how to manage their capital to be damaged in these hacked cases.
For big exchanges, they should create a better security layer to prepare for the next year.

Furious 7

hero member

Activity: 2856

Merit: 644

https://duelbits.com/

Quote from: Aabcde on December 16, 2019, 03:20:11 AM

It is very good to monitor all of the hacker's access transfers so that he cannot pull it to FIAT. Every wallet that has been sent funds from a hacker wallet must be blacklisted and published to the public so that many people know and do not want to transact with the wallet. Yes, although there are definitely people who want to receive these funds, but they are too risky.

It's hard to prevent this because hackers always have a way to sell to other Fiat, so it's very risky if it keeps happening.
Unless Upbit does some cooperation with other exchanges if there is a large deposit, then it is suspected that it could be funded by hackers from Upbit. And it must be done or monitoring an expert so that it can explain in detail.

K4C

full member

Activity: 448

Merit: 103

$CYBERCASH METAVERSE

There are many ways to launder their funds especially using P2P exchanges where they could quickly convert Cryptocurrencies to their local fiat currencies, but this would require them to do it gradually and I guess they don't want that, since it might take months to fully convert such large funds but I guess they don't want it like that, they are criminals and I don't support what they did at all because it could easily have ruined thousands of lives.

Aabcde

sr. member

Activity: 1050

Merit: 256

It is very good to monitor all of the hacker's access transfers so that he cannot pull it to FIAT. Every wallet that has been sent funds from a hacker wallet must be blacklisted and published to the public so that many people know and do not want to transact with the wallet. Yes, although there are definitely people who want to receive these funds, but they are too risky.

TastyChillySauce00

legendary

Activity: 3010

Merit: 1028

Leading Crypto Sports Betting & Casino Platform

I know very well that blockchain despite being transparent about every transaction and record it forever which allows us to trace where the coins go, it's just not that helpful if the hackers are laundering money and going outside to another blockchain. Honestly, I never know whether we can trace where the money settles after it got exchanged in a DEX I hope that the authority could somehow unveil the truth regarding this matter and could keep in track with the stolen funds.

It's really possible that after laundering money using EOS they will repeat the same thing all over again.

Lagduf

sr. member

Activity: 1162

Merit: 260

Quote from: knuckey on December 14, 2019, 07:27:04 AM

If they convert it in a centralized exchange, then surely their assets will be frozen, that's why DEX is the safest place for hackers, but unfortunately their transactions can still be traced and in this case hackers will always find other ways to do money laundering, so they can enjoy the proceeds of crime. Is eos the only way for hackers? I don't think so. Interesting if we see stolen funds that are always moving, we continue to monitor, I am very concerned about this incident, hopefully it can be revealed.

that makes sense and it's possible to do consider if that exchange site is having someone that controls the EOS dex. as far as i know, the guy who has already made that dex can do that.
that hacker feeling stressed to see if a thousand eyes have already monitored the movement of his wallet.

The transaction can be easily tracked consider about the hacker will put a lot of amounts.
More and more service cooperated to catch the funds that already got by scammer. Just hope the funds can go back again to the upbit wallet and that scammer will be catched.

Yaunfitda

hero member

Activity: 2870

Merit: 594

They're criminals, so I'm not surprised that they are going to used every avenue to cash out what they have stolen. The thing is that if they used DEX then it's going to be difficult to follow their tracks because everyone knows how DEX works.

Probably EOS for these criminals are just a testing ground as how they are going to manuever and hide their trail.

minersday

hero member

Activity: 1484

Merit: 535

I also feel very sorry for all the victims of this hack as i know so many people have lost their hard earned funds in this situation. Sometimes i tend to wonder how these hacks are able to pull out successfully like they were part of the exchange team members. I think these hackers have some inside guys that they work with especially the developers of the exchange as these are the guys who built the whole exchange. These guys would only do this if they are not being paid well.

Kupid002

sr. member

Activity: 1036

Merit: 329

Quote from: Baby Dragon on December 14, 2019, 12:27:56 PM

Quote from: LouVandetta on December 14, 2019, 07:09:07 AM

I can't help but to feel surprised, speechless and scared at the same time looking how creative a hackers can be. They always came with a new ways of securing their stolen funds. And if their new solution of money laundering proven to work, the other hakcers might follow their strategy in the future. And the worst is yet to come.

It's a relief that exchange like Binance has committed to freezing their funds if detected on its platform. But, these hackers never out of ideas, huh. I hope this will be the last time, even though that's only a whisful thinking.

Hackers these days are getting wiser if they have find out that someone was able to do something to get rid of them then they will look for new tactics and opportunities to get the benefits they wanted. For them nothing is impossible when it comes to money and that is why we have to be very careful. No wonder why some of us still have some trust issues when it comes to our funds because we don't know people's true intention and all we can do is to prepare ourselves and make sure that every decision will have positive outcomes though it doesn't always turn out that way.

Of course they need to be wiser if they dont want to be injail. Since crypto currency is the best way to hack online money anonymously they need to also learn how to make it secure for them before transfering the funds to real money.

ansi

sr. member

Activity: 882

Merit: 254

This is not some science rocket guys, they sure do that since ages, blockcain transactions are traceable.
Every hacker tend to cashout through Dex & any cryto that is stealth enough to liquidate what he hacked.
EOS & many other provide such an option, there i nothing that surprised me to be honest.

o48o

legendary

Activity: 3052

Merit: 1168

Leading Crypto Sports Betting & Casino Platform

Quote from: cheezcarls on December 14, 2019, 06:42:01 AM

A new strategy is being tried out by the notorious Upbit hackers. They are attempting to use a decentralized exchange to convert their holdings to an EOS-pegged token.

On-chain analysts and exchanges have been closely monitoring the movement of stolen funds from Upbit since late November. The nearly $50M of stolen ether has been on the move since then. As BeInCrypto reported, the hackers are attempting to cycle the ETH through multiple wallets. However, they are now employing an entirely new strategy.

Click here to read the full news

I know that there are some who are closely monitoring those stolen funds that are being hacked. Blockchain has helped us a lot to keep track of the movements of our funds, as “blockchain doesn’t lie”.

Now that these notorious hackers are having a new kind of strategy, in which they will be using a DEX to convert those stolen funds into EOS-pegged tokens.

Every hacker has their own strategy no matter if their transactions are closely monitored on the blockchain. I just felt sorry for those who are affected by the Upbit hack last November.

What would be your reaction to this one guys?

Their tactics doesn't really matter, people are now more determined then ever catching scammers and hackers, even the main centralized exchanges are coordinated and exchange information on these people. It's bow harder then ever to hide, and these kind of sums will be followed until the hacked makes a mistake and links his identity to an account.

Baby Dragon

sr. member

Activity: 896

Merit: 272

OWNR - Store all crypto in one app.

Quote from: LouVandetta on December 14, 2019, 07:09:07 AM

I can't help but to feel surprised, speechless and scared at the same time looking how creative a hackers can be. They always came with a new ways of securing their stolen funds. And if their new solution of money laundering proven to work, the other hakcers might follow their strategy in the future. And the worst is yet to come.

It's a relief that exchange like Binance has committed to freezing their funds if detected on its platform. But, these hackers never out of ideas, huh. I hope this will be the last time, even though that's only a whisful thinking.

Hackers these days are getting wiser if they have find out that someone was able to do something to get rid of them then they will look for new tactics and opportunities to get the benefits they wanted. For them nothing is impossible when it comes to money and that is why we have to be very careful. No wonder why some of us still have some trust issues when it comes to our funds because we don't know people's true intention and all we can do is to prepare ourselves and make sure that every decision will have positive outcomes though it doesn't always turn out that way.

knuckey

sr. member

Activity: 1260

Merit: 251

If they convert it in a centralized exchange, then surely their assets will be frozen, that's why DEX is the safest place for hackers, but unfortunately their transactions can still be traced and in this case hackers will always find other ways to do money laundering, so they can enjoy the proceeds of crime. Is eos the only way for hackers? I don't think so. Interesting if we see stolen funds that are always moving, we continue to monitor, I am very concerned about this incident, hopefully it can be revealed.

Topic: Upbit hackers using EOS tokens for money laundering? (Read 249 times)