KuCoin hacked, $150 million in cryptocurrency withdrawn
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Answer KuCoin hacked, $150 million in cryptocurrency withdrawn
Cryptocurrency exchange KuCoin has been hacked and $150 million worth of Bitcoin, Ethereum, and many other cryptocurrencies have been withdrawn.
KuCoin confirmed that late on September 25, Bitcoin, ERC-20 and other cryptocurrencies from KuCoin hot wallets were pulled out of the platform.
KuCoin emphasizes that it is only about their hot wallets while their cold wallets are safe.
Additionally, the platform told in its statement:
If any user is affected by this incident, they will be fully covered by KuCoin and our insurance fund.
The problem started when users started complaining about problems with the checkout process.
Initially, the KuCoin management team confirmed that it had a problem with the systems.
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While a message from a KuCoin moderator on Telegram indicates that users should not withdraw or deposit funds in light of the current situation.
The same admin said that transactions are simply pending.
The KuCoin Telegram official recommends against initiating deposits or withdrawals “in light of the situation.”
What is the actual situation?? pic.twitter.com/aFDMZQa3zK
– beta.mycrypto.com (MyCrypto) September 26, 2020
Then it became clear that nearly $150 million in cryptocurrency had been moved to a different address.
Off the platform, the address received 11,484 Ethereum cryptocurrencies, worth about $4 million, as well as $146 million in other cryptocurrencies.
The coins withdrawn were a mix of Gladius, Chroma, Ocean Token, and Hawala, as well as some popular cryptocurrencies like Maker, OMG, and YFI.
Confusion and problems with KuCoin, attracted the attention of many trackers such as “Cryptoquant” company specialized in processing encrypted data, which indicated that a large amount of bitcoin quickly left KuCoin wallets and then stopped.
It seems #Kucoin got hacked.
Usually, after hacking files BTC dollars The outflow increases rapidly and then becomes zero. Since 20:00 UTC on September 25, the outflow has been consistently zero.
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Schedule: pic.twitter.com/qgycevVsnT
– CryptoQuant (@cryptoquant_com) September 26, 2020
Cryptoquant wrote on Twitter:
On September 25 and since 20:00 UTC, the outflow has been consistently zero.
According to Ki Jong Ji, CEO of Cryptoquant, these indications are a clear sign of a breach. He added, explaining:
If it was just a systems problem, the outflows would be directly zero without spike.
Johnny Liu, CEO of KuCoin, held a livestream early today, September 26th, to provide further details.
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According to Liu, they acted after realizing that the funds had been transferred from a hot wallet owned by KuCoin, they shut down the trading platform’s server.
However, the transfers continued because the private key of the hot wallet was hacked.
For KuCoin to transfer funds that were not in the hands of hackers to a new address.
KuCoin has not confirmed the amount taken.
According to data from CoinMarketCap, Singapore-based KuCoin is the 16th most popular cryptocurrency exchange when considering trading activity, traffic and volume, with $112 million traded in 24 hours.
Read also:
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