The cryptocurrency exchange KuCoin was hacked. At least $ 150 million in bitcoin (BTC), ethereum (ETH), and other ERC-20 tokens were drained from their hot wallets. However, the price of bitcoin and ETH has not been affected by the malicious attack. Decentralized finance (DeFi) was also unfazed by the incident. 0794267552
On September 6, at approximately 3:05 UTC, KuCoin began to detect unusually large withdrawals. The hacker reportedly accessed KuCoin's active wallets and transferred BTC, ETH, and ERC-20 tokens off the exchange. User funds worth more than $ 150 million were stolen.
KuCoin promised to conduct a thorough security audit. It also temporarily suspended the withdrawal and deposit service.
Response to hack
The KuCoin team has responded responsibly to the security breach. The exchange's CEO, Johnny Lyu, held a live broadcast a few hours ago where he promised that all affected users will be fully compensated by KuCoin and its insurance fund.
The exchange has also reached out to other major cryptocurrency exchanges such as Huobi, Binance, OKEx, BitMax, and Bybit in an attempt to track down the stolen funds, as well as those to blame for the hack.
Fortunately, Bitfinex and Tether successfully frozen a total of 33 million stolen funds. This is according the CTO of both cryptocurrency companies, Paolo Ardoino.
Stay safe everyone!
– Paolo Ardoino (@paoloardoino) September 26, 2020
Furthermore, KuCoin is also working with law enforcement and relevant blockchain projects that will likely make it more difficult for hackers to steal more funds or even move what they have already stolen.
The CEO of KuCoin stated:
“We are in contact with many of the major crypto exchanges such as Huobi, Binance, OKEx, BitMax and Bybit, as well as blockchain projects, security agencies and law enforcement to work on this. Some effective measures have been taken and we will update with more details soon. "
Tron founder Justin Sun has also pledged his support for KuCoin. Sun he pointed that Tronscan (Tron's blockchain explorer) will flag the hacker's addresses while Poloniex remains on high alert in the event that stolen funds are sent to the exchange.
BTC and ETH prices remain stable
Despite the hack, the price of bitcoin has not reacted negatively. In the past, the price of the top cryptocurrency has collapsed after a high-profile hack when bad actors dumped the cryptocurrencies onto the market.
The flagship cryptocurrency has remained strong, increasing 0.02% in the last 24 hours to $ 10,744, according to data from CoinMarketCap. ETH is down 0.08% over the same time period.
Since BTC that was not affected by the hack, this may suggest that the current rally still has legs.