Hackers continue to move ETH stolen from Upbit while whales transferred 7816 BTC

By Emma On Dec 15, 2019

On November 27, AZCoin News reported that nearly $ 50 million worth of ETH was stolen from Upbit, marking one of the seven biggest hacks in 2019.

Hackers are transferring the amount of stolen ETH at breakneck speed and most recently 10 separate transactions have been made. Some of them were transferred to the Tokenlon exchange to convert stolen ETH into tokens pegged to EOS.

Notably, there are two transfers of over 5000 ETH worth about $ 720,000 each.

Source: Whale Alert/ Twitter

Some Bitcoin whales are moving large amounts of BTC. In total, 7816 BTC (worth about $ 56 million) was transferred in eight fairly large transactions. Five of the eight transfers are transferred from unknown wallets to exchanges where it can be sold for cash or other crypto assets.

Source: Whale Alert/ Twitter

The amount of Bitcoin controlled by leading wallets has increased since 2017. This can have serious consequences for the market. According to any figures, it seems that this problem is only getting worse.

Bloomberg is reporting that investors with 1,000 to 1 million bitcoins currently hold 42.1% of the total supply. This figure increased from 37.9% during the peak of the speculative bubble in 2017.

The increasing concentration of ownership of Bitcoin means that market volatility may become more likely while only about 3.5% of all addresses are actively traded weekly.

There is some speculation that some of these top accounts are simply custodians and exchanges. As AZCoin News reported, Coinbase currently holds about 966,230 Bitcoin ($ 7 billion) in its cold wallets, becoming the exchange stored the most BTC. It continues to emphasize the centralization of cryptocurrency assets between several exchanges, whales and other entities.

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