The series of latest cryptocurrency thefts is not ending any time shortly. Upbit (the crypto exchange from South Korea) has verified that 342,000 Ethereum coins, worth almost $49 Million, were transferred to an “anonymous wallet” from its wallet last week. The exchange swiftly shifted all assets to offline wallets and delayed all crypto withdrawals and deposits so that it could not be attacked. Upbit claimed it might “instantly” restore the missing Ethereum with its own cash, but that it might take a few weeks before withdrawals and deposits would start again. If you were relying on that virtual cash, you may be in huge trouble.
The exchange motivated community members to ban deposits from the felonious wallet, but did not have leads to recognize the owner. There is a broad series of possible candidates. It can be an inside job, typical online criminal organizations, or nation states expecting to support their funds when approvals leave them short of cash.
This is not the biggest crypto theft till now. Coincheck was duped for $400 Million in NEM tokens to a breach at the beginning of last year, for example. On the other hand, it is still doing major damage. It also recommends that exchanges might require doing more to ban transfers to stop huge-scale theft such as this.
On a related note, the charity by the United Nations that assists underserved kids all over the world, UNICEF, now approves donations in ether and bitcoin. As the first UN agency to accept cryptocurrencies, UNICEF and the receivers of its funding will advantage from the lack of charges that result from cash being transferred all over the world. In addition to this, donors will most probably be capable of seeing how their contributions are distributed to different initiatives.