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The CEO of KuCoin has found the culprit of the latest hack to the exchange



The CEO and co-founder of KuCoin, Johnny lyu, announced that he was able to discover criminal behind the attack which took place on September 26 against the exchange.

Fortunately, in the meantime, some users can already make deposits and withdrawals from the platform again.

These criminals, according to the CEO, have already been identified, although at the moment no more information is available.

The Kucoin hack

The criminals had managed to steal almost $ 300 million in various cryptocurrencies and many ERC20 tokensBut thanks to the intervention of some protocols and platforms in the industry, as well as other centralized exchanges, some of the funds were recovered.

Another part of the funds has been settled through decentralized exchanges (DEX), such as Uniswap.

Specifically, from the data provided by Elliptic we can see that the funds have been settled in this way:

  • $ 10 million has gone into Uniswap;
  • $ 4 million on Kyber Network;
  • 2 million dollars in 1inch;
  • 1.6 million dollars in dex.ag;
  • Half a million dollars in Tokenlon;
  • Only $ 1.3 million in other centralized exchanges (CEX).

As we've said, the theft involved various ERC20 tokens and in some cases also decentralized finance (DeFi) projects, which collaborated in part to limit the damage from the massive theft.

For example, several projects, such as Orion (ORN) and Opacity (OPQ), decided to exchange old tokens for new ones, rendering the old ones practically unusable.

Other companies have gone the way of the token freeze, such as Covesting (COV), VIDT_Datalink (VIDT), and Ampleforth (AMPL).

From this data we can also learn that true decentralization is still just a mirage, as teams can behave like true centralized platforms, blocking and disabling functions.

Interesting finally the comment of Jameson lopp, who makes a comparison with what happened with The DAO and the creation of the Ethereum Classic fork.


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