X user: @CoinsectChris agreed to help me by providing me with one of his Upbit deposit addresses, after tracking one of the transactions (mempool.space/tx/e5f94595774…) which is a deposit addresses consolidation into one of Upbit hot wallets (3DBstx7FJGSsXd8ibuVQe8QWm1BnTdNLFy), tracking the transactions from that wallet, the funds ended up in wallet (32ubrAmhtUoebPQDLi12ZsnxjmnMiUsryV) which has a lot of transactions with the wallet known as Mr.100 (1Ay8vMC7R1UbyCCZRVULMV7iQpHSAbguJP)
So here it is a definitive proof that the addresses belong to Upbit on the surface.
quotingThis Upbit/Mr.100 saga will never end
note1xnq…pn9n
Looking at the addresses coming into Upbit for the past month, almost all the funds are coming from Bithumb which is also a South Korean Exchange which in turn is being funded from Binance.
Bithumb had an address which was created from consolidations of Bithumb Deposit Addresses worth 5,000 BTC on 13 Aug, 2024, then that address keep splitting into UTXOs of 10 BTC into address (31wXuLH5AKBWoZsK4VJS5wG75nTUAWYnWf) and almost all these funds go into Upbit slowly then consolidated into UTXOs of ~100BTC into Upbit/Mr.100 address.
Upbit was also directly heavily funded from Exchanges like Binance/OKX/Bybit.
Are Upbit/Bithumb recruiting all these fake users to purchase all these funds from different exchanges on behalf of some wealthy Asian business men/governments or is this just one big money laundering scheme? only time will tell