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Korean Actor Hwang Jung-eum Gets Suspended Term In $3 Million Crypto Case

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In brief

  • South Korean actor Hwang Jung-eum received a suspended prison sentence for embezzling $3 million from her agency to invest in crypto.
  • The Jeju District Court showed leniency after Hwang repaid the entire embezzled amount and was deemed a first-time offender.
  • The scandal derailed her career, with TV shows editing her out and advertisers dropping her from campaigns.

South Korean actress Hwang Jung-eum walked out of Jeju District Court in tears Thursday after receiving a two-year suspended prison sentence for embezzling $3 million from her own agency to invest in crypto.

The court handed Hwang the suspended sentence, meaning she will serve no jail time unless she commits another crime within four years, for violating Korea’s Act on the Aggravated Punishment of Specific Economic Crimes, according to a Korea JoongAng Daily report.

Prosecutors had sought a three-year jail sentence in August, but judges cited her repayment of the full amount and her status as a first-time offender who had made full restitution.



Hwang embezzled about 4.34 billion won ($3.1 million) from her agency in early 2022, as per the indictment cited in the report.

Approximately 4.2 billion won of that sum was invested directly in crypto, while the remainder was used to pay property and local taxes via credit card payments, Decrypt reported earlier.

Kadan Stadelmann, CTO at Komodo, told Decrypt that East Asian and Western regulators now show “similar outcomes when it comes to enforcing the law against crypto embezzlers,” though the West has historically had an edge in “blockchain analytics.” 

Asia is “catching up,” he noted, suggesting South Korea could look to U.S. financial controls where the FTC enforces “transparency, disclosure, and accountability” in celebrity crypto promotions, standards that could guide oversight of talent agencies and sports firms.

In Hwang’s case, the company involved was a family-run corporation solely owned by her, with only one actor under management, herself. At her first trial on May 15, Hwang admitted to all charges and requested additional time to repay the full amount.

The court showed leniency after Hwang sold personal assets and repaid the entire embezzled amount in installments. 

She had returned about 3 billion won by her first trial, then covered the remainder on May 30 and June 5. 

“I was just trying to work hard and live honestly, but I neglected financial and tax matters, which led to this situation,” Hwang said during her final hearing on August 21. “I am remorseful.”

Her legal team said that the misused funds originated from her personal entertainment income and were temporarily held in her name because corporations are restricted from holding crypto directly, according to the report.

“Since the agency’s profits ultimately stem from the defendant’s own work, they can be seen as rightfully belonging to her,” Hwang’s attorney said in court.

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Crypto Trends

South Korean Actress Sentenced For $3-M Crypto Scam

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

South Korean actress Hwang Jung-eum was handed a suspended prison term on Thursday after a court found she took company money and used most of it to buy cryptocurrency. According to the Jeju District Court, the total amount involved was about ₩4.34 billion — roughly $3.1 million — and the case has stirred sharp public reaction and industry fallout.

Court Hands Suspended Sentence

Based on reports, the court sentenced Hwang to two years in prison, but the sentence was suspended for four years, meaning she will not go to jail unless she breaks the terms of probation.

Prosecutors had asked for a three-year prison term. The court applied the Act on the Aggravated Punishment of Specific Economic Crimes in reaching its verdict.

Judges said factors such as full repayment and Hwang’s lack of a prior criminal record weighed in favor of leniency.

The Charges And How The Crypto Moved

Reports have disclosed that the alleged embezzlement took place across 13 separate transactions in 2022. About ₩4.2 billion of the money was used to buy crypto, while smaller sums covered property taxes and local levies through credit card payments.

According to charging documents, the withdrawals were recorded as provisional payments or advances and were later routed from the agency’s accounts into accounts controlled by Hwang.

Total crypto market cap currently at $3.69 trillion. Chart: TradingView

Crypto: Repayments And Admissions

Before the verdict, Hwang repaid the full amount, according to media reports and statements from her agency. Two large repayments were made on May 30, 2024 and June 5, 2024, reportedly funded by selling personal assets.

Hwang publicly apologized in court and in statements, calling the moves a misjudgment and accepting responsibility for her actions. Her agency has said that, as of mid-June 2025, all financial obligations between the actress and the company were settled.

Industry Response And Repercussions

Broadcasters reacted quickly. Based on reports, some networks edited Hwang out of programs, and a number of brand deals were paused or canceled.

The damage is both legal and reputational. While the court noted that the agency operated as a one-person company and that outside victims were limited, advertisers and networks tend to move fast when a high-profile legal case emerges.

Broader Questions About Celebrity Finances

Legal observers say the case highlights growing scrutiny of how entertainers handle company funds and crypto investments. South Korea has been tightening rules and oversight around virtual assets, and this verdict could signal stricter enforcement in the future.

Featured image from Unsplash, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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GameFi Guides

South Korean Internet Giant Naver to Buy Crypto Exchange Upbit: Report

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South Korean crypto exchange Upbit is about to be acquired by internet giant Naver, according to a report.

The deal would bring Upbit’s parent Dunamu under the umbrella of Naver Financial, making Dunamu a full subsidiary of Naver’s financial arm, the report said.

Upbit is one of the largest crypto exchanges in the crypto friendly country, while Naver operates multiple internet based services in South Korea, including Naver Pay.

The deal is likely to be a stock swap deal with Naver Financial issuing new shares in the crypto exchange for Dunamu’s current shares, the report added.

Shares of Naver jumped over 7% to korean won 246,000 ($175) after reports of the Upbit acquisition came out.

Reports of the deal come in the wake up of the South Korean government pushing to establish a framework for won-pegged stablecoins in the country.

Naver and Dunamu were not immediately available for comment.



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North Korean Hackers Drain $1.2M From Seedify Bridge

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In brief

  • North Korean hackers compromised Web3 gaming incubator Seedify’s cross-chain bridge, draining $1.2 million across BNB Chain networks.
  • The attack exploited a developer’s private key to mint unauthorized SFUND tokens through an audited bridge contract that should have prevented such minting.
  • Blockchain sleuth ZachXbt linked the theft addresses to past North Korean “Contagious Interview” incidents through on-chain analysis

North Korean state-affiliated hacker groups have claimed another victim in the DeFi sector, exploiting Web3 gaming incubator Seedify Fund’s token bridge infrastructure to steal $1.2 million while devastating the platform’s native token SFUND across multiple exchanges.

The attack on Tuesday targeted Seedify’s cross-chain bridge on BNB Chain, allowing hackers to mint unauthorized tokens and systematically drain liquidity pools across Ethereum, Arbitrum, and Base networks before converting proceeds on BNB Chain, the platform said in its official statement.

Today at approximately 12:05 UTC, a DPRK state-affiliated group known for many hacks in Web3 gained access to one of our developer’s private keys. Using these, they were able to mint a large amount of SFUND tokens through a bridge contract that had previously passed audit.

The…

— Seedify (@SeedifyFund) September 23, 2025

“The Seedify theft addresses are tied onchain to past Contagious Interview incidents (DPRK),” blockchain sleuth ZachXBT tweeted following the breach, linking the the attack to an ongoing campaign that has claimed over 230 victims between January and March alone, per a recent SentinelLABS intelligence report.

The SFUND token has plunged nearly 35% in the last 24 hours, now trading at $0.28, according to CoinGecko data. It was trading at $0.42 before the hack was reported.

“DPRK/Lazarus decided to take everything we built over 4.5 years in one hack,” Seedify founder Meta Alchemist tweeted in response to the breach.

“The Seedify hack stemmed from a compromised developer key that let DPRK-linked actors mint unauthorized $SFUND tokens via a bridge contract,” Hakan Unal, Senior Security Operations Center Lead at Cyvers, told Decrypt.



“This contract should not have been able to mint these tokens without any token being bridged,” Seedify explained in its official statement, revealing the fundamental vulnerability that allowed unauthorized token creation.

“The hacker wallets connect on-chain to prior DPRK operations, highlighting how aggressive their ongoing rampage across Web3 has become,” Unal explained, recommending platforms monitor on-chain activity and enforce multi-signature approvals.

The crypto industry mobilized quickly in response, with Binance founder Changpeng Zhao (CZ) saying security experts helped freeze $200,000 at HTX exchange, and “the rest seem to remain on-chain.”

Talked to a few security guys in the industry. I believe they were able to help track it and froze $200k at HTX, the rest seem to remain on-chain. Looks like North Korea DPRK.

Major CEXs probably have these addresses on blacklists now. Good luck!

— CZ 🔶 BNB (@cz_binance) September 24, 2025

‘Contagious Interview’ campaign threat actors operate in “coordinated teams with real-time collaboration, likely using Slack and multiple intelligence sources such as Validin, VirusTotal, and Maltrail” to monitor their infrastructure exposure, SentinelLABS said.

The report also found that despite DPRK hackers “thoroughly examining threat intelligence and identifying artifacts that can be used to discover their infrastructure,” they “did not implement systematic, large-scale changes to make it harder to detect,” instead quickly deploying new infrastructure when disrupted.

“The competitive pressures stemming from North Korea’s annual revenue quotas” drive operatives to protect individual assets and ‘outperform colleagues’ rather than coordinate security improvements,” the cybersecurity firm said.

A recent Cisco Talos intelligence report showed that North Korean groups are continuing to refine their attacks with new malware like “PylangGhost,” targeting crypto professionals through fake Coinbase and Uniswap job postings.

With known DPRK-related losses in 2024 totaling $1.3 billion, the ByBit hack’s $1.5 billion alone has already made 2025 “by far their most successful year to date,” according to Chainalysis’ 2025 Crypto Crime Mid-year Update.

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Some deployed Wingbits receivers (Wingbits)
NFT Gaming

DePIN Flight Tracker Wingbits Lands Korean Air as First Major Airline Partner

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Good Morning, Asia. Here’s what’s making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.

Korean Air has signed a research agreement with Stockholm-based Wingbits to supply real-time ADS-B data for the airline’s ACROSS air traffic coordination system.

The deal gives the carrier’s R&D division access to coverage across Korea’s Incheon FIR, North America and Europe as it tests how drones, cargo aircraft and eventually eVTOL taxis will share crowded skies.

Wingbits runs a decentralized network of cryptographically secured ADS-B (real-time data for flight information) receivers, rewarding contributors in tokens for placing hardware in optimal locations.

The DePIN startup previously closed a $5.6 million round in January, led by Bullish Capital. Bullish is the parent company of CoinDesk.

“All of aviation relies on this data to some extent, and it’s a really big and profitable market,” co-founder Robin Wingårdh told CoinDesk in an interview during Korea Blockchain Week. “It was just kind of weird that all these people do it for free, while three out of four networks were acquired for hundreds of millions and nothing went back to the community.”

Incentives, Wingårdh said, are what separate Wingbits from rivals.

“If you properly incentivize, you actually get people to put receivers where they matter, on a roof, at a business, or even renting space in a high-demand area,” he continued. “And on average, we see more than twice the coverage per antenna versus the competition, simply because the incentive is there.”

Some deployed Wingbits receivers (Wingbits)

For Korean Air, the collaboration is as much about the future as the present. Its R&D division is experimenting with advanced air mobility, and Wingårdh said the demand for low-latency, secure data will only grow.

“Our view on the advanced air mobility segment is really it’s coming, flying taxis, flying cargo, and you’re going to have a lot more objects in the sky,” he said. “We don’t believe that there’s currently any infrastructure that can actually function as proper tracking infrastructure for that combination of aviation, advanced mobility, and drones.”

The Korean Air partnership marks Wingbits’ first airline collaboration and signals that legacy carriers see value in decentralized infrastructure.

For Wingbits, it’s a test case in moving from crypto-native hype to mainstream aviation, with the long-term bet that blockchain-backed data networks can underpin the next era of urban air mobility.

Market Movements

BTC: Bitcoin is trading at $112,730. Despite back-to-back ETF inflows totaling over $385M on September 18–19, Bitcoin’s price has struggled to gain momentum, reflecting broader profit-taking and cautious market sentiment.

ETH: Ethereum is trading near $4,200 and has fallen more sharply than Bitcoin in the short term, even as spot ETH ETFs attracted over $260M in net inflows across September 18–19. The pullback highlights how ETH remains more sensitive to shifts in risk sentiment and waning speculative demand, though its long-term fundamentals tied to DeFi, staking, and institutional adoption remain intact.

Gold: Gold continues to trade record highs, supported by expectations of further rate cuts from the U.S. Federal Reserve, central bank demand, inflation concerns, and geopolitical risk.

S&P 500: U.S. stock futures were flat Monday night, with Dow and S&P 500 contracts each slipping 0.04% as investors eyed risks at record highs.

Elsewhere in Crypto

  • CleanSpark Shares Rise After Getting $100M Bitcoin-Backed Credit From Coinbase Prime (CoinDesk)
  • MetaMask’s mUSD stablecoin tops $65 million supply a week after launch (The Block)
  • Ethereum Wallet Rainbow Reveals RNBW Token Airdrop—Here’s When (Decrypt)



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North Korean Hackers Hit Crypto Sector With BeaverTail Malware
Crypto Trends

North Korean Hackers Hit Crypto Sector With BeaverTail Malware

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  • How it works 
  • Growing threat 

According to a recent report by The Hacker News, North Korean hackers are attempting to trick non-developer job applicants within the cryptocurrency sector with the BeaverTail malware, which steals logins and crypto wallets, and InvisibleFerret. 

Both macOS and Windows users should avoid strange downloads from GitHub or Vercel as well as suspicious scripts.  

How it works 

Unfortunate applicants who fall for the sham run “fix” commands that disguise bogus microphone or camera errors when recording a short video on a fake website created by the attackers. This is a common trick used by North Koreans, which should be automatically treated as a red flag. 

With the help of the aforementioned commands, the attackers then run a payload that installs BeaverTail and InvisibleFerret as a bundle. 

What is notable is that North Korean attackers used to target primarily tech-savvy developers with BeaverTail, but they have now changed their targets. The new version is a ready-to-run program, meaning that it is no longer necessary for JavaScript or Python to be installed on the victim’s machines.  

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The usage of harmless-looking decoy files also makes it more challenging for security tools to actually detect them. Some parts of the malware are also hidden in password-protected files. 

Growing threat 

The recent malware has been linked to North Korean attackers since BeaverTail was previously used by them. Moreover, some IPs are associated with the hermit kingdom. 

As reported by U.Today, Binance CEO Changpeng Zhao recently took to X (formerly Twitter) to warn about North Korean hackers posing as job candidates, potential employers, and users. 



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FuriosaAI's RNGD
Gaming Gear

Korean startup FuriosaAI, which turned down Meta’s buyout, partnered with OpenAI for sustainable AI demo

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  • FuriosaAI and OpenAI ran a chatbot in Seoul demo using custom RNGD chips
  • The Korean startup rejected Meta’s $800 million buyout offer earlier this year
  • Demonstration showed enterprise AI models can run sustainably without GPUs

FuriosaAI and OpenAI recently held a joint demonstration in Seoul, South Korea, at the opening of OpenAI’s new office, showing the open-weight gpt-oss 120B model running on FuriosaAI’s hardware.

The demonstration (which you can watch below) featured a real-time chatbot powered by two of FuriosaAI’s RNGD accelerators (pronounced “Renegade”), the company’s flagship AI inference chip.

The model was run using MXFP4 precision, a format which lowers energy consumption while maintaining the accuracy needed for enterprise use.


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FuriosaAI was the only hardware company invited to take part in the event and the setup demonstrated that large-scale open-source models can operate within the power budgets of standard data centers, without the heavy energy costs and infrastructure requirements often associated with GPUs.

Founded in 2017 by Chief Executive June Paik, FuriosaAI specializes in AI chip design and employs around 140 staff. More than 90 percent are developers, including engineers with experience at Google, Qualcomm, and Samsung.

The company’s RNGD flagship product was first presented at Hot Chips 2024.

It is a high-performance AI inference chip built on TSMC’s 5nm process, with dual HBM3 memory, and based on FuriosaAI’s Tensor Contraction Processor architecture.

The design improves efficiency by maximizing parallelism and reducing unnecessary computation.

FuriosaAI recently secured a $125 million Series C bridge funding round and signed a partnership with LG AI Research.

The company’s hardware has already been used in enterprise deployments and tested for efficiency and reliability.


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The startup has also drawn interest from global technology firms. We reported back in April that Meta had made an $800 million (1.2 trillion won) offer for the firm.

FuriosaAI rejected the acquisition, despite it being roughly $300 million dollars over the startup’s estimated market value, because it disagreed with the planned direction post-acquisition.

Industry observers say the Seoul demonstration points to the increasing importance of specialized hardware as AI models continue to grow in size and complexity.

With energy and infrastructure costs continuing to soar, startups like FuriosaAI are pushing their chips as an affordable solution that fits within enterprise budgets.

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GameFi Guides

Korean Traders Favor Crypto Stocks, Dump $657M In Tesla

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

South Korean retail traders have continued to favor crypto-related stocks instead of high-profile US tech firms amid growing disappointment with companies like Tesla and the global push for digital assets.

Tesla Loses Ground, Bitmine Gains Momentum

On Monday, Bloomberg reported that Tesla stock has lost ground among South Korea’s retail investors, who ramped up their selling during August in favor of crypto-related equities.

According to the report, the electric carmaker company has seen a $1.8 billion exodus over the past four months, suggesting weakening enthusiasm among one of Tesla’s most loyal global retail investor bases.

A 33-year-old retail trader told the news media outlet that the company has been unable “to win people’s hearts” as it has “failed to lead with its own AI narrative.” The investor, who first bought the stock in 2019, sold out earlier this year to focus on equities that currently have more upside.

Bloomberg calculations of depository data revealed that while the company remains the top foreign stock among South Korean retail traders, individual investors sold approximately $657 million of Tesla stock in August, recording the company’s largest outflows since 2019.

In contrast, retail traders in South Korea favored more volatile bets in August, like crypto-related stocks. During this period, investors poured $253 million into Bitmine Immersion Technologies Inc., which is seen as a proxy for Ethereum (ETH).

As reported by Bitcoinist, South Korean investors purchased $259 million worth of Bitmine stock in July, Bloomberg previously highlighted. According to Korea Securities Depository data, this made the company the most purchased foreign security stock.

Korean Investors Pour Millions Into Crypto Stocks

Data from the Korean Center for International Finance (KCIF) showed that the percentage of crypto-linked equities in the top 50 net-bought stocks by local retail investors increased from 8.5% in January to 36.5% in June before dropping to 31.4% in July.

Citing a report from 10x Research, The Korea Times highlighted that individuals have purchased over $12 billion worth of crypto-related stock in 2025, with Bitmine, Circle Internet Group, and Coinbase leading the sector.

Retail investors’ buying spree reportedly intensified last month, as traders poured $426 million into Bitmine, $226 million into Circle, and $183 million into Coinbase. This marks a shift from the leading trend over the past few years, when Korean retail investors poured into US tech giants.

“Korean investors are pouring billions into crypto stocks, reshaping global flows in ways Wall Street can no longer ignore,” the report affirms. Adding that “the push has been amplified by U.S. and Korean stablecoin legislation, creating a powerful backdrop for this surge in capital.”

Amid the global push for digital assets regulation, the institutionalization of won-pegged stablecoins gained significant attention, with President Lee Jae-myung vowing to address it alongside the status of crypto-based exchange-traded funds (ETFs) during his electoral campaign.

Since then, multiple bills related to the issuance and distribution of KRW-pegged stablecoins have been introduced in South Korea’s National Assembly. Nonetheless, the industry has expressed concerns about the disconnect between the industry and South Korean regulators.

On September 1, the nominee for Financial Services Commission (FSC) Chairman Lee Won-eun stated that digital assets “differ from traditional financial products like deposits and securities in that they lack intrinsic value.”

In his written response to the National Assembly’s Political Affairs Committee, Lee also expressed a negative stance on specific policies related to cryptocurrencies, including whether to allow investment in virtual assets through pension and retirement accounts. This raised concerns among multiple industry players that a one-sided regulatory policy may continue.

Ethereum (ETH) trades $4,366 in the one-week chart. Source: ETHUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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(CoinDesk Data)
NFT Gaming

XRP Bullish Patterns Point to $5 as Korean Buyers Start to Accumulate

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News Background

  • XRP fell sharply alongside broader market weakness, retreating 4.3% in the 24-hour session from August 28 at 13:00 to August 29 at 12:00.
  • On-chain data showed Korean exchanges absorbing 16 million XRP (≈$45.5 million) during the selloff, pointing to regional institutional demand even as retail wallets reduced exposure.
  • South Korea has historically been a driver of speculative crypto trading, often leading price action in certain altcoins (sometimes called the “Kimchi Premium” effect).
  • If large wallets associated with Korean exchanges or institutions are accumulating at support, it suggests regional demand is stepping in to absorb retail selling pressure, effectively putting a floor under XRP.
  • For global traders, that sets up a narrative of distribution vs. accumulation: while some whales were moving $200 million in DOGE to Binance (a distribution signal), Korean desks were adding XRP exposure (an accumulation signal).
  • XRP Ledger activity picked up, with active addresses climbing 20% in three days ahead of the Sept. 12 Decentralized Media launch.
  • Chinese fintech firm Linklogis integrated its trillion-dollar supply-chain financing platform with XRP Ledger, boosting its equity 23% and underscoring enterprise adoption.

Price Action Summary

  • XRP slid from $3.02 to $2.89 in the 24-hour window, a 4.30% decline across a $0.17 (5.75%) range between $3.02 peak and $2.85 low.
  • Heavy selling at 15:00 GMT on Aug. 28 drove prices down to $2.77 on 96.19 million volume, more than double the 24-hour average of 43.48 million.
  • Buying support emerged at $2.85–$2.86, with volumes above baseline during the 07:00–09:00 GMT recovery push on Aug. 29.
  • In the final hour (11:56–12:55 GMT), XRP bounced from $2.87 to $2.89, touching $2.91 at 12:31 on a 19.6 million spike.

Technical Analysis

  • Support: Key base at $2.77, reinforced by strong volume absorption; $2.85–$2.86 now acting as an accumulation zone.
  • Resistance: $2.91 short-term cap; $3.02 remains the dominant ceiling from repeated rejection.
  • Momentum: RSI lifted from 42 (oversold) into the mid-50s, showing recovery momentum.
  • MACD: Histogram tightening toward a bullish crossover, indicative of potential upside if buyers sustain pressure.
  • Patterns: Symmetrical triangles and double-bottom setups align with a broader cup-and-handle formation that some analysts see extending toward $5–$13 targets.

What Traders Are Watching

  • Whether $2.85–$2.86 support continues to hold against renewed selling.
  • A confirmed break above $3.02–$3.04 resistance as the first trigger for a run toward $3.20.
  • Downside risks open if $2.77 fails, with $2.70 as the next support.
  • Institutional accumulation on Korean exchanges and corporate flows remain the key driver for sustaining momentum into September’s event calendar.



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$68,753,451 XRP Stun Largest Korean Exchange as Price Drops, Here's What Really Happened
GameFi Guides

$68,753,451 XRP Stun Largest Korean Exchange as Price Drops, Here’s What Really Happened

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  • 23,000,000 XRP on move
  • Here’s what really happened at Upbit

Prominent blockchain sleuth Whale Alert, which tracks large cryptocurrency transactions, has identified a massive XRP transfer worth tens of millions of XRP. The transfer was made from the largest cryptocurrency trading platform in South Korea, Upbit.

However, additional details revealed by another on-chain tracker have shed light on the nature of this transaction.

Meanwhile, the coin’s price has slipped over the past 24 hours, unable to stay above $3.08.

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23,000,000 XRP on move

The aforementioned data source published a tweet, spotting 23,000,000 XRP being moved from the biggest crypto exchange in South Korea, Upbit, to a wallet tagged as anonymous. The transfer took place approximately four hours ago.

The fiat equivalent of this sum in crypto constitutes $68,753,451. The crypto community immediately began sharing their opinions, mostly suspecting a large whale making a big XRP purchase on the dip, as the price has gone down to $3.

Here’s what really happened at Upbit

Details revealed by XRPscan show that while the Upbit exchange indeed made the initial transaction, the receiving anonymous wallet immediately transferred the 23,000,000 it received to three crypto wallets.

Those wallets also belong to Upbit, which basically makes this transaction an internal diversification XRP transfer.



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