The day before yesterday, we touched on the hacking of the Kucoin cryptocurrency trading platform, and we followed up on updates and what the CEO of the platform said, and we still continue to cover the news of the hacking process on the Arab Bitcoin to put the Arab user with the event and its developments.

During the early morning hours of Sunday, a number of people noticed that the Kucoin hacker started transferring a large amount of ERC20 tokens to be configured and exchanged on the Uniswap decentralized exchange.

Preliminary estimates indicate that the Kucoin trading platform lost about $150 million.

On Sunday, the estimate was slightly higher, as the crypto community believed that over $200 million in cryptocurrency had been stolen.

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Kucoin CEO Johnny Liu clarified the situation during a live broadcast filmed on Saturday and said the Kucoin platform team is continuing to “assess the total value.”

It was estimated that 1,008 bitcoins were stolen, along with 14,713 BSV, 26,733 LTC, 9,588,383 XLM, $14 million worth of Tether backed by Omni and EOS, $153 million in Ethereum and ERC20 tokens, and over 18 million XRP. .

During the early morning hours of Sunday, the hacker began taking advantage of Uniswap to exchange a large number of ERC20 coins.

One of the ERC20 coins obtained by the hacker was the “Ocean” coin and the suspect was exchanging the coin in split batches of 10,000 Ocean.

A Twitter observer said the hacker dumped the coin on Uniswap, sending the Ocean coin price down 4% in less than an hour.

According Larry Cermak, chief researcher at the block, commented about Ocean coin with the following:

Due to the low liquidity of this digital currency, it will collapse severely.

According to other trackers, “Ocean” lost a total of 10% during the early morning of Sunday.

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A large number of ERC20 coins were obtained by the hacker and investigators monitor the movements of these coins on the blockchain networks.

For information, the coins obtained by the hacker are “Kucoin Alchemy”, “Ampleforth”, “V-ID”, “Trace”, “Utrust”, “Digitex”, “Synthetix” and other ERC20 coins.

Members of the “Ocean Protocol” team informed the public that the developers were aware of the latest moves of the Kucoin hacker.

The “Ocean” coin dump necessitated the intervention of the development team to freeze the coin’s smart contracts.

The Ocean Protocol team wrote on Twitter:

As a first measure to protect holders of Ocean coins, we have temporarily suspended Ocean’s smart contracts

We will provide updates with more information in the coming hours.

Larry Cermak wrote on Twitter:

After the hacker briefly stopped the sinking of the Ocean coin.

A high-profile incident like this could shine a spotlight on regulators, especially if the swap continues.

Several Kucoin users believe that the platform handles the hack correctly and commented on the situation during Johnny Liu’s YouTube live that following from the platform and providing updates was in a transparent manner.

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One user of the Kucoin platform commented:

I’m sorry you went through this horrific scenario, and I hope the culprits are caught.

Kucoin says users will be compensated and the online trading platform will be back up again in about a week.

Kucoin also indicated that it works with various cryptocurrency exchanges and blockchain networks and in cooperation with security and legal authorities.

The hack had limited effects on the cryptocurrency market in general, as the prices of Ethereum, Bitcoin and other major cryptocurrencies this weekend remained relatively stable after the Kucoin incident.

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Update: KuCoin CEO shares details of hack and $150 million theft

More than $13 billion in cryptocurrency stolen in 290 different hacks