Suspicious Transaction Alert at the World’s Second Largest Cryptocurrency Exchange: Security Firm Issues Warning

Cyvers, a leading cryptocurrency security company, has issued an alert regarding suspicious transactions on Upbit, South Korea’s largest and the world’s second largest crypto exchange.

According to Cyvers, their AI-powered system detected anomalous transactions from more than 300 addresses associated with Upbit. Transactions involved the movement of more than 13,000 Ethereum (ETH).

At the time of writing this article, 13,000 ETH corresponds to approximately 30 million dollars.

“We did not find any maintenance or transition announcements,” the company said. Cyvers reached out to Upbit for clarification and said, “We want to make sure all funds are safe.” As of now, there has been no official response from Upbit.

With its recent increase in popularity and the fact that South Koreans are much more active in the cryptocurrency world than other countries, Upbit continues to come to the fore. Altcoins listed on Upbit are generally known for the pump waves they experience. However, similarly, volatility increases are observed in altcoins listed on Bithumb, the country’s second largest cryptocurrency exchange.

*This is not investment advice.