Bitquery traces the November 2019 Upbit breach in which 342,000 ETH, then valued at about $48.1 million, was moved from the Korean exchange to attacker-controlled wallets. The laundering pattern used multiple intermediate wallets and layered transactions over several hops before funds reached exchange services. Coinpath analysis found Bity.com receiving 541 ETH over seven hops and later 3,661 ETH over twelve hops, while more than 100,000 ETH was observed flowing toward Binance alongside Huobi, Bitmex, Kraken, and Liquid. The case matters because real-time tracing of suspected wallets could help exchanges freeze stolen funds before they are converted or further laundered.