Update: KuCoin CEO shares details of hack and $150 million theft
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Answer Update: KuCoin CEO shares details of hack and $150 million theft
This morning we pointed out in the Arab Bitcoin about KuCoin hacked and $150 million in cryptocurrency withdrawn.
Many explanations and concerns about the size of the hack appeared, until the official statement and response from “Johnny Liu” CEO of cryptocurrency trading company KuCoin appeared today, which answered questions related to the hack and draining at least 150 million dollars of Ethereum and other currencies Another encrypted digital that left the platform’s hot wallets towards an external address whose behind it is not yet known.
Among the stolen cryptocurrencies was $13 million in EOS blockchain-based tether.
In a live broadcast conducted by KuCoin Global CEO Johnny Liu earlier this morning, he said that hackers mostly stole Bitcoin, Ethereum and some ERC-20 coins (ERC-20 are cryptocurrencies built on the Ethereum blockchain). )
Read:On the Binance platform … an investment fund manager’s account was hacked and investors’ funds were frozen
The investigation is still ongoing to detect the stolen coins and assess the total damage value.
According to the summary of the live broadcast published on the KuCoin website, Liu stated the following:
The stolen funds contain a small portion of our total crypto holdings, and the staff estimates that deposits and withdrawals will be made within a week.
Liu also told that the KuCoin insurance fund, which started in 2018, is large enough to cover the hack.
To avoid future problems of this kind, Liu said:
The team has ignored the hot wallets that have damaged them and will definitely upgrade the entire risk management system to restore the security of the digital wallets.
Rich Sanders, CEO of blockchain research firm CipherBlade, said they are tracking some of the KuCoin money that went into a wallet containing 7,500 Bitcoin ($80 million).
KuCoin CEO: This is a ‘small amount’ (of cryptocurrency)
Erm, worth thousands of bitcoins…let’s say the middle of four numbers.
– Rich Sanders [Jan/3➞₿🔑∎] (Raindropactual) September 26, 2020
Read:Developer of crypto-mixing platform “Tornado Cash” arrested in Amsterdam
KuCoin is currently working with blockchain companies and cryptocurrency projects that have received the stolen funds, in order to track down, block, and recover the relevant cryptocurrency to reduce losses from the hack.
Paolo Ardoño, chief technology officer of cryptocurrency exchange Bitfinex and Tether, said in a tweet that Bitfinex has frozen $13 million worth of Tether coins hosted on the EOS blockchain, and another $20 million of the Tether stablecoin has been frozen. Hosted on Ethereum.
PSA: Re #KuCoin hackTweet embed 13 million Tether USDt were frozen on EOS as part of the hackTweet embed Just Freeze 20 Million Tether USDt Sitting At This Ethereum Address As a precaution.
Read:Binance launches a new service for buying and selling digital currencies between individuals (P2P)
Everyone stay safe!
– Paoloardoino September 26, 2020
Read also:
After the Twitter hacking incident, how will the hackers spend the bitcoin they got?
Report reveals Binance’s control of Uniswap
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