Bitcoin Forum

The hacker, who stole about $ 200 million in various cryptocurrencies and tokens from the KuCoin exchange, is gradually exchanging the assets at his disposal for Ethereum using decentralized services.

According to the analytical resource Whale Alert, 50,000 LINK ($ 530,000) were sent from his wallet to an unknown address today at 11:53 Moscow time.

In total, several such transfers were recorded. OKLink analysts claim that he decided to use the Kyber Network decentralized exchange to exchange LINK for Ethereum.

https://i.imgur.com/pNlsXxv.png

https://i.imgur.com/0m5x3jl.png

The hacker has at his disposal about $ 2 million in LINK, which is significantly less than in some of the other assets he stole. Not long before that, he conducted similar transactions with SNX tokens worth $ 6.7 million and OCEAN. To exchange them, he used the Uniswap decentralized exchange.

https://cryptocurrency.tech/haker-nachal-likvidirovat-tokeny-pohishhennye-s-kucoin/

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UPDATED:

The hacker sold:
320k OCEAN (worth $ 120K).
578k SNX ($ 2.9M)
10K COMP ($ 1.35M)
203k LINK ($ 2.16M)
10k DIA on the go

If this hacker is not caught and he is able to cashout the stolen money then more people will be encouraged to do so and every exchange will be under threat so it is very important to track and punish this hacker otherwise vulnerability can increase.

This still  possible to trace so if the hacker is not careful it can be identify one of the day if they continue tracking it . Any news how kucoin want to resolve this hacking incident to them or if that exchange still secured to use by users.

It will reduce their daily liquidity if they cant make solution for this something like safu that they can give to users that's lost his balance.

i am not sure how they will track it, if he send LINK to an unknown address, that is the end for tracking?

hackers will be always there, and it is important for exchanges to take this issue seriously, although this industry is very young and most of mistakes are done by exchange team members, that ease job for hackers, education for operators should be better

The hackers are so intelligent that they can be sold those coins like no one is watching them. the anonymity of each token is really hard to track and those hackers are clever enough to choose those coins to steal. Now the authority cannot help but only to watch those transactions being made one after another. If these hackers can be tracked with the current movement of their transactions, hacking of the exchanges may drastically lower to the point that no one gonna hack exchanges anymore because they are tracked sooner or later.

Unless a hacker makes some stupid oversight, which is unlikely to happen, he will never be tracked down. It will work with decentralized exchanges.

The first thing that we must remember if the hacker has ever tried to send the first tx to the exchange site.

Basically, when you are using the dex and it can also be tracked as when the smartcontract will be sending back the amount into your old wallet. Just look at how the hacker was trying to get more and more ethereum and then sending it to the one address.

There will be another question about how you can cash out your money while all of exchange sites have been blocking the ways for the hacker to cash your a lot of money?

I think if you are building even a decentralized exchange, it's  important to design it to prevent proven crime money ( likely still in the hands of  thieves) from flowing/exchanging through it. The stolen fund is something a fast system should be able to detect and a transparent community block it(via consensus) from getting exchanged on exchange
Stolen fund should ordinarily lose its Censorship resistant right on decentralized network.

It's kinda cool that we can trace all the movements of the funds that were stolen by the hacker.
The question is, can he still be traced when he tries to convert the ETH or USDT into FIAT so he can really use it to live from it the rest of his live.
Kucoin is probably tracking every movement of "their" coins so they have a chance to get the hacker once he wants to cash out.

hopefully many exchanges gonna cooperate to stop the hacker or atleast froze the funds if the hackers happen to send the money to some exchange for quick swap.
the money could still be traced, it's blockchain after all, you will know where the money goes and it seems the hacker is trying to move around the money to remove its trace like money laundering which I hope someone could still follow up and figures where the money went.

Doesn't eth have a working mixer yet?
Technically he could sell those for cash in person divided in smaller amounts as well but that would be even more risky as well because many people would see his face.

It won't be long till he can dump it all and go for BTC after. He is a hacker he will definitely want to find ways to make the coins clean when it goes out and dex is just a good tool for its purpose and then the mixing services. Its however just a big amount that its alarming if sent to a wallet suddenly but you can see he had been sending it to kyber and uniswap.

I wouldn't take it that way. A bank robber successfully escaping does not necessarily encourage more people to rob a bank as well.

Not sure if that's a good or a bad thing to happen. Freezing funds is exactly why a lot of us avoid centralized exchanges.

If the hacker is smart enough, he/they will successfully cash out without leaving much of a trace behind. Stealing that much moeny is a very, very stupid move unless you already know how to leave close to no trace behind you when cashing out. As for the tracing part, is it really that cool that you can have your own funds tracked this easily? I mean, Bitcoin is awesome but I'm kinda skeptical about the tracing part.

How in the world the hwcker is able to withdraw the tokens out of the kucoin exchange and how he is able to sell while staying anonymous and un-tracked, their is high chance that some kucoin employee and insider is involved who made a complete strategy at every step to avoid being caught.

i think, all of this has been planned from the start by hackers, especially with the next story in selling the coins from the theft. hackers certainly have smart brains and know what they have to do after getting the coins without being detected by anyone. so it's hard to track or find these hackers. moreover, they convert every coin they sell into ETH. It's hard to trace

I am not sure he really stole 200 million dollars worth of coins. Kucoin is still trusting how they could get it back and they are still standing still and they are allowing everyone to withdraw their money as well, there are tons of people who were afraid that they lost all their money during the hack and because of they wanted to withdraw and I have seen plenty of people able to withdraw their money.

I am not sure if this means Kucoin had more than 200 million dollars in wallet that is owned by them (profits) which I doubt is the case, or maybe hacker didn't even stole that much. If he really stole 200+ million dollars kucoin would have been done with already, they would have declared bankruptcy at the best and would request help to pay everyone their money.

This is a huge hack and massive funds have been stolen and the hacker is so smart that he has already sold tokens worth millions at dexes. This incident could well become the reason for the downfall of kucoin, I hope they will be able to keep up somehow but such huge money loss can damage any company to be honest.

Hope somewhere until the cash-out, the hacker will put some prints behind. At the moment we can watch only transactions happening here and there and to trace. Since everything is documented, someday, it will be known, at least some clue will be there down the line a few months.

Truth. The hacker probably is aware of that and won't do the same thing as the other hackers did when they were tracked down. But I'm still hoping that this casualty will be resolved and the hacker will finally get caught although I know that it's like one in a million chance to catch him if the hacked funds were already liquidated and went into circulation, replaced and converted into different assets.

Im not sure if the hacker will able to cash out his funds but the hacker is able to sell his tokens through the use of the decentralized exchange site. But to withdraw a lot of money and that needs very strict KYC verification which will never be done by the hacker.

Im sure if the funds will only sit at his wallet and no more.
When the hacker was sending it to the exchange site and the tokens will be blocked automatically. Kucoin is also still in contact with so many coins to re-issued its token .

To withdraw big amounts of money is not an easy task.

They should really catch this hacker to make sure that something terrible like this wouldn't happen again but of course some of us are enjoying it riding the wave that is being created by this hacker.
Taking advantage of the dump or pump that he is creating to ensure his stolen funds could be cleanse and cash out without a problem.
This is why people see crypto as a tool to money laundering because of such thing it is really hard to trace them specially if the person spread all of the crypto to uncertain number of wallets and put it all into mixer or random decentralized exchanges.

This hacker do knows on what he's doing not just to those dumb kids who had hacked an exchange and do make use of coinbase which do really fucked them up.
So far on these transactions then theres nothing we can do and that hacker do knows how things do work and been dealing with dex exchangers which would make the
tracking even more harder.

Those amounts might not really be in total on the amounts he had totally stolen but those things will be gradually cashed out for sure.Theres nothing we can do unless
if he would leave up some trace on his trails but he's not really that dumb for him to do that.

Wow so now, they are trying to start harvest what they have done? It is worrying actually about what they will probably do tot eh coins. Whether they will do some mixer or even sale with a very dump price.
But in this case, they are raising tokens/coins and now they are stolen and going to be sold at any rate. Will it influence the price? next? If yes, who are the most profitable people of this?
They also use different wallets. But if we can track the wallet, it means that we can know the exact however of that stolen coin/token?

It will be really scary if the hacker actually gets away with this financial murder though I have a hunch that something will give s/he away. Something minute will blow his lead open. The eyes watching every address that the stolen funds are moved to and out of aren't daft not to pick up something to nail the hacker. Honestly, not resolving this will cause a lot of panic (there's panic already, I know) and uncertainty among traders. Just last year, Binance (almighty Binance) was also hacked though not at this huge loss. Kucoin hack is really terrifying and should be unravelled. I frankly suspect there is an insider angle to this hack.

Even how people wanted to do such yet knowledge is not with them,These hackers are Gifted people and not just ordinary guy mate so dont just think that
 hacking is simple as that ,so encouraging hackers is not on the move because they ar already existing and waiting for a chance to move like
what this kucoin hacker does.

If the hacker don't have a plan for withdraw but only plan to hack and steal funds then he has wasted time for nothing, what is the point of stealing funds which you can't cash out, lets see how smart of a hacker he is with cashing out the stolen funds, this hackers always come and complicate things when everything is about to go smoothly.

This incident for the Kucoin is very tragedic and represents the misfortune of the exchange. As everybody knows that KuCoin is a very sincere and dedicated exchange towards the clients and the basic security for the trader and the investor's funds. But, the time comes now for the extra security while it is storing the funds. It should be completely decentralized or any cold storage wallet which should be function offline only for the client.

Kucoin team have already said they will reimburse all stolen funds and few projects have switch their smart contract making the stolen token worthless but project like DIA which plan to stick with it's decentralized utility plan not to switch to another smart contract, some plans are in motion already but I doubt they can fix the issue without switching to new smart contract

That means if the kucoin will be reimbursed the stolen funds that will not be swapped by the developer. Bitcoin has become the coin that will include being reimbursed by kucoin but a lot of coins have already started to swap their coins to make sure the tokens that being stolen became worthless tokens.
Dia will be dumping so hard by the hackers.

ORN withdrawal has already opened started from this day.

Maybe the hacker will not send it right away the coin and wait until the situations are under control. The hacker will not risk selling it now as the case is still being "hot" in the crypto world. We will see the impact if the hacker sells the coin, and maybe the price will be a drop in a short time, but the price will be back to the last price. The hacker will have a plan for what they will do with the funds, and I don't think it's about selling all of the coins at once.

Those projects that swap their tokens and still claim decentralized have shot themselves in the leg because they have proven that they aren't 💯 true decentralized but centralized platforms, I only respect DIA team and other that plan to solve this issue without swapping token

Looks like it already started, It's gonna hard to trace since they using DEX and basically they also will hard to spend stolen crypto expect using it on some anonym market to buy some stuff or converting through anonym service, Well i'm not really sure how they will works but it's was my opinion.

I dont think at all that this will give a huge impact for other hackers to be encourage to hack exchanges. The hack could have been made professionally and could be similar to robbing a bank. Except this one is done online and for sure this has been planned.
Even if this hacker is caught, there will still be others who will continue to bypass securities and steals money from exchanges.

It's already moving, some of them have been block already by Ocean if I'm not mistaken and USDT being block but there are a lot of ERC-20 tokens that has been moving a lot and no one can stop them. I'm not sure about the BTC though, it will be tough as all eyes have watching it. In any case, they are using uniswap as a bridge, so it might get some bad rep, in my opinion.

Not needed though, it will still be remain 'hot', there are previous hacks that move their coins years ago, but still there are still track. What they can do is wait for the bull run to get as much from the hack coins.

The hacker cannot be easily withdraw those money that he stole from KuCoin.  Investigations and surveillance for this kind of incident are tight, he cannot withdraw it without getting caught, that's almost 100% sure. Everyone's eye is on that address he can't move it without being suspected, if he do so, that will be the end for him.

I don't have the exact statistics but hacker have gone free with the money several times more than they were caught. Exchanging used to be a problem in the past but with the current trend of decentralized exchange and multiple popular tokens in same blockchain, it's been easier. DEX are not to be blamed here but these crimes and approach would certainly defame DEX and crypto. 99.9% of the blame lies on Kucoin's security.

Many centralized exchange will lose their business because they are under regulation, their traders money are insured hacking is now a lucrative business imagine these hackers cashing out millions, it's easy money without a big risk compared to robbing a bank.

There is no way this hacker will get away with this unless he plans to never withdraw some of the coins for Fiat, you can't change crypto to dollars or other Fiat without dropping your KYC, every platforms and exchanges that support crypto to Fiats ask for KYC this days, let's wait and see how smart this player is.

Honestly hacks and stolen funds are the major reason why I'm so against dex exchanges, they give users way too much freedom to get away with any crypto crime, the only way this hacker can sell some stolen coins and tokens is through decentralized exchanges, it's a haven for criminal activities, I think Centralized exchanges are one step ahead decentralized exchanges in this part.

Are we sure how much is taken out of kucoin? I have heard that he couldn't take it all out and that is why it has been not a big problem so far, and if he didnt take it out all maybe kucoin could stop him?

However if he managed to take it all out, how does kucoin stand? Like we are talking about hundred million dollars or more here, did they really had that much profit from the trading fees that they actually covered it all by themselves? If they didn't, how are they paying for this? All insured? Or maybe they just keep making profit from all the trades and paying people for now and eventually they will make that money vie fees anyway so they are trying to survive until that moment? I have no idea how one place can cover over hundred million dollars lost.

Decentralize exchanges are also the reason for hacks so which do you want to prevent, the hackers getting away with hacking or simply eliminate hacking?

So far I have not heard of any dex getting hacked yet although its still very under when it will happen but definitely has a reason why a DEX will be a hack and probably because its not entirely a DEX. Cryptocurrency is supposed to be for decentralization which is what satoshi hoped for.

But this is a decentralized trading platform which couldn't be shutdown by anyone! But some hackers never spend their cryptos because they afraid they they will be traced from their spending so I guess there are chances to trace the scammer and find them if they keep doing this for a while, Kucoin probably started their investigation about the conversion.

Yes, I'm also not sure if hackers can cash out all the stolen coins. Hackers also will not easily withdraw money especially hundreds of millions of Dollars is not easy. Hopefully this incident will not happen again, security must come first, for the sake of asset security and user trust too.

Until now I see he is still trying to exchange the coins in the wallet, now the assets in the wallet are 125 million dollars left which previously was 147 million dollars

I am not sure if hackers can sell entire tokens or withdraw assets from the kucoin platform. they have to go through a KYC based process and of course this goes against the hacker's data. so there was no way they could withdraw all the assets they stole. it's the same as suicide. and hackers will one day be exposed.

Not good, at least DEX management should be able to filter the request from such people. The hackers are skillful and they know how to make an effective decision with minimum loss. Trading in the centralised excahgnes will give them headaches and they try to avoid personal verification at all costs. Anyway, not a bad result for hackers compared to other attacks.

The hackers have already started to liquidated his tokens into the ethereum, as far as i can see if the first coin that started to be liquidated by the hackers were LINK as it has a big daily trade volume. The hackers were also trying to withdraw the money from selling the LINK.
So many tokens have been doing the swap to make sure the tokens that has owned by the hacker were useless token.
It will decrease even more.

this hacker needs money and he was aiming to cash out the money. Im also still watching the address too.

Throughout the history of cryptocurrency exchange hacks do you have any idea how many hackers were caught. I bet these might be sophisticated teams who knows what they are doing. They know that if they keep on holding these tokens that are marked they cannot do anything with it and hence they are dumping as fast as they can.

The only solution is that the exchanges should be careful with their security and if they are not capable of that then they need to shut down.

Exchanges should always upgrade their security protocol. As some are already outdated, and new softwares are available, they need to invest on this, otherwise, these hackers will always use these advanced softwares to attack their system. So the security department of crypto-exchanges is really important and should allocate good amount to security. Or what they can do is arrange some kind of insurance like the SAFU of Binance, so the users will be at peace having their funds on their exchanges. But of course, exchanges should see to it that their cold storage is also safe from potential break-ins.

Like the hackers who stole from KuCoin were smart enough to eliminate tokens that were stolen, I think it's hard to trace it
if hackers are using decentralized exchanges. It's enough to piss us off, especially those who have become victims. We can
only see the hackers selling the tokens they stole, without being able to do anything. Hopefully this hacker makes a mistake,
so KuCoin can track him down.

The hacker can sell the tokens through dex for sure but how will he or she sell for FIAT without getting caught? This is the main point that I'm trying to figure out, there is no exchange or platform that swap coins to fiat that won't request for users National I. D card (KYC)

I think there are exchanges where you can exchange to FIAT without needing to do KYC surely although there are limitations on the withdrawal limits of FIAT without KYC being done.

For example in Switzerland you can exchange up to 5000 Swiss Francs without having the KYC done.

Also have a look at this article

  https://cointelegraph.com/news/new-platform-converts-crypto-to-fiat-without-know-your-customer-requirements  (https://cointelegraph.com/news/new-platform-converts-crypto-to-fiat-without-know-your-customer-requirements)

But as far as the large amount of money that the hacker has it would be impossible to do it without using the hacked coins at Dark web use I believe.

The hacker must have surely though about it before going ahead with the head or maybe he is hoping to reach some settlement with Kucoin .

I have issues with this story, because, it's not that I don't believe that hackers are real but I should trust the fact that it is professionals that are handling this Kucoin account and they know what hackers could do before starting, so If the hacking is not around them, I  expected them to have made necessary securities for the wallet. Dubious people are everywhere. Personal opinion.

There are few platforms that accepts crypto as digital payments and also I heard some people are using fake I.D for KYC, I don't see how this will help in apprehending this hacker, the best strategy is to blacklist the hackers address, what I'm still confused about is kucoin, aren't the one that approve the funds before sending them out? Anyways, only God knows what really happened.

Some hacker often sends back stolen funds to avoid police drama but, I don't think this hacker has any intentions of sending back the funds because he is continuously transferring tokens from the address. In the last several hours he has transferred YFI, AAVE, and Enjin.

How? These are decentralized exchanges, which means they have neither filters nor any kind of control. It's blockchain.
The only control in this case is from the centralized coins, which can be rolled back, canceled or blocked, which was done with some stolen coins.

The hacker progresses very carefully, not dumping the price to a large extent. It is a good story to follow - we have some really clever man or group here  ;D (That being said I do not advocate such hacks in any way, it is just fun to see how these people find solutions for dispersing stolen coins etc.)

when they hack that means they already transfered the coins to thier own wallet and are ready to sell those on other exchange not on the kuckoin platform . i heard that some tokens are blocked , that means they cant sell all what they got .

they dont need kyc because they use decentralized exchange upon selling the coins but its still possible to get these hackers as there are also hackers that got arrested on the past .

That's what I'm confused too Kucoin still approves this transfer. We, the owner of our Kucoin accounts, hard to transfer sometimes our funds to our wallets because of the security verifications on our Kucoin account. But the hackers are smart enough to move many tokens to their wallet and intelligence to breach the security of Kucoins. Let us hope the hacker will make a mistake in converting these funds.

sometimes am really brainstorming how it is easy for hackers to gain access to exchange which i know must have implement some tough security measures to prevent any outside attempt, how long does it really take a hacker to succeed! do they keep trying untill they succeed? this must be something that have been premeditated over the cause of time otherwise it won't come as easy as it seems, and am still wondering is there really no one time solution to this?
becaue the seems that almost all exchange have to experience hack at some point, who maybe the rest exchange that have not been hacked yet are on the list of one hacker somewhere, this is very disheartening to say the list. >:(

Hackers are getting smarter in hacking the top exchange sites at this time, hopefully the other exchange teams improve their security systems to make trading more comfortable for traders, because some time ago the Binance exchange site was also hacked.

Its not really that much easy to hack things especially the crypto exchange where security will be at the top all the time but a simple mistake from an employee could cause a huge loss that is what happened with the recent twitter hack and it executed by social engineering attack so I believe the same kind if attack on this hack as well.

This is a little bit of problem as this move will likely to create an impact to those tokens that were being sold, like it's price will likely to go down because of the  big dump coming from the hacker.

SNX has the highest which is $2.9M, I will just hope that this kind of happenings will not continue as it can surely affect the trust of  investors in putting their money in big exchanges as they cannot assure that their money is 100% safe from the hackers.

It's sad to see that a lot of investors' money has been squandered by hackers so easily, but I still have a question for Kucoin, why did Kucoin have full access to that address and didn't anticipate sending it to other wallets before hackers sell tokens, previously hackers only sold them with an accumulation of around $1 million

That is to be expected,

The hacker is holding a huge amount of different coins and he suddenly sold it at the same time. The total value is also huge which will really affect the current price of the said coin. Now, I am wondering how he will convert it all into cash

We'll see more sell-off as the hacker is actively cashing out and what makes it interesting is that he's using DEXs to do so (funds would be frozen if a centralized exchange is used). That way, he can easily clean off the funds and maybe put them in a yield farming venture, get farmed tokens and sell off on centralized exchanges without them knowing /suspecting. This is one of the disadvantage of decentralized exchanges. I'm wondering whether regulatory bodies will put uniswap and other DEXs on their radar after this incident.

By the way, SNX founder has since said they won't be issuing new tokens just as other projects whose tokens were also stolen. So the price might take some heat but should be a nice opportunity to pick up a few and yield farm with it.

Even with more of these hacks we still face a major problem in finding out the real culprit behind these hacks and now more and more people are doing these hacks so as to get rich quick because of the challenges that the investigators face in differentiating the addresses associated with the hacker and that of a normal customer after the funds have been mixed on a high volume mixer. I hardly think that the hacker would ever be caught and be punished for his actions and if not punished then he will be doing more of these hacks in the future.

While it is obvious I agree with this at the same time the hacker is being really smart and it is taking a very slow approach to liquidate his coins, which means that it is going to be even more difficult to catch him.

After all despite stealing almost 200 millions he is taking his time and only selling a small amount which means that if he keeps being this careful then there is a significant chance he gets away with it and he can enjoy all that money for the rest of his life.

Just read on some crypto news website that the hacker has sold all of the stolen synthetix, DIA, chainlink, YFI, and many other tokens.

Did Kucoin make any new comments about how to they are planning to reimburse the stolen funds to its users?

I personally believe that the crypto industry is that young - it has a little to no protection, but the one built in the coin itself.
Its not much alike banking system which is around for decades and still manages to be robbed from time to time ( Imean the carding).
My point is - its not much about crypto, but digital money in general are not as developed as fiat

This hacker looks a dummy, He/she didn't transfer all of them in just a cold wallet or a printed wallet, he/she even didn't use mixers, thought it is cashable easily, I don't think he/she is professional with cryptocurrency but only good at hacking, who knows maybe kucoin did it by itself to escape from taxes. or to open some specific coins first instead of stable coins to pump them and sell its token to people!

Well,,,, Kucoin has now shown that they are not professional. I mean they admitted themselves they put millions of dollars into hotwallets, so we know they do not take seriously the issue of vulnerability to their own security. I bet you their departments are just going blindly through the withdrawals and taking their fees.

The cryptocurrency exchanges around the industry have to sit-up for this plaque ravaging the cryptocurrency community through hackers. The truth is, they should always work on their security and making sure that the internal exchange security is good and not looping. Hope those hackers are found and arrested for their crime to humanity, also, there should be crypto exchange team up in case of this theft. Though some tokens and coins where returned back to KuCoin exchange with the help of collaboration.

This means that this could be the work of their own party who carried out the hack so that it could shock the crypto universe, indeed it looks strange when they do not anticipate sending it to another wallet before the hacker sells the token.

You can say all you wan to say about the hackers but what about the laxity on the part of Kucoin team, this seems to me like an inside job than an outsider trying to hack the system. One thing I believe is that anything hackable will be hacked it is just a matter of time

They have 2 options. Or buy those coins on other exchanges. Probably OTC. Or that they give their native coins Kucoin or however is it called.   I dont see them buying any coins since then price would most likely increasing.

I would e very cautious trading on Kucoin in the future since stolen coins value goes drastically up in next years and they dont buy them they will bankrupt. Since no one will give them billions dollars loans.  They need o react now.

Everyone must aware to this hacker, let us be responsible in holding our tokens. We have to take our tokens 9n a right place knowing all the possible action for safety

200 million USD to 125 million USD, 75 million USD is gone from the cryptocurrency. I got an announcement from DIA that already stolen wallet has zero DIA. In the coinmarketcap this token dumped huge but now maybe recovered. The same process could repeat to the other tokens. Kucoin doesn't divide from the users that's very trustworthy work.

If that's a legit case about dumping of these coins being stolen, I guess that's a big opportunity for the buyers to accumulate their own holdings. We will be expecting a timely increase as long as hackers who dump coins will set a cheaper price to earn fast. Fiat cash out will probably happen on banks, so authority should monitor their activities in order to apply hot pursuit on criminals.

This is unfortunate for Kucoin and the whole community, another hacking like this diminished the trust of new people in the Cryptocurrency although Kucoin guaranteed that traders will not lose their coins I hope they keep their promise.

They will start to liquidate the stoken coins, this is expected if you are going to make a break or hacking it's part of the plan to liquidate the funds it's like a bank robbery where the robbers important plan is how to get away and become untraceable.

At the moment, it is recommended to store cryptocurrency in a personal wallet, because there have already been cases of hacking of large markets.  Keeping crypto assets on the market does not provide complete security

The hacker stole a lot of money from the kucion exchanger so many investors also panicked their wallet or funds in kucion we can do nothing but wait for their updates so that we know what to do just the first time the kucion can be hacked their exchanger so they make way so that it can be cured so that it does not happen again and again.

100% agree. Exchanges apeear every day and their developers just take nulled source code, copypast it and vou-la! A "star" is born ready to accept the fees and enrich the developers. Huge vulnerablities and viruses are not the problem! One hacked, tomorrow they start a new one/

Did they release any information on how the hacker was able to access their funds on that hot wallet? Was it due to venerability on kucoin's platform or, he straight up hacked the wallet? If he hacked the wallet, don't the majority of exchange uses a multi-sig wallet?

You should watch the story about that and kucoin has already published it on its blog https://www.kucoin.com/news/en-the-latest-updates-about-the-kucoin-security-incident

It's also getting regular updates too.

It's not caused by the vulnerability but i guess some people said that kucoin was getting hacked caused phishing link. The complete story about this is not yet created by kucoin.

You should regularly watch the updates too.

The security of the Kucoin exchange needs to be tightened again, even though this platform is still young or only 3 years old, Even well-known or top exchanges on the market like Binance have also been stolen by hackers. So, I hope something like this doesn't happen again and the hackers can be caught very soon.

Kucoin can't deny money to everyone, there is no way that you could just tell everyone that withdrawals are closed and there will never be any more withdrawal until this hacker is caught, which means if you can't close withdrawals that allows the hacker to take money out.

Now the problem here is that, if he had only one account he would have been banned and all the money would have been safe, I suppose that is not the case, it looks like there is a chance hacker had multiple accounts, and I mean like a ton of accounts and the money is spread between them, otherwise it would have been easy to catch him. So, how do you make sure if one account requisition withdrawal belongs to hacker and which one belongs to regular people? You could not know that by just looking at it.

Seriously, I am still wondering how they will get this hacker or hackers, now some assets are being sent to an unknown wallet, the question is which wallet is that? Also, I have asked myself many questions like, who is to be blamed in this scenario Kucoin or the users. However, I think other major exchanges should be up and doing, before it was Binance and now, it is Kucoin, others might think they are invincible just like Kucoin might have thought, so there is need for them to be more careful because hackers attention is always on major exchanges owing to their worth.
Also, just like exchanges will be encouraged to take appropriate care and action towards their security, users on the other hand needs to be careful as well; there is always a private wallet, thus storing large amounts of assets offline is always a good idea.
Lastly, with this hack, I think DEXs should be up and doing, because from all indications they tend to be more secure than their counterparts, and if they can up their games, it won't be long and the users attention will shift to them.
I just hope Kucoin finds a way through this and come back stronger.

It unfortunate that this hacking issue happen to kucoin which seems to be among the crypto exchange site that is making waves these days and this hacking situation may affect there service cause some crypto users will choose not to use it. However, I like the fact that they are able to shake it off and continue their activities as normal.
Nevertheless, since the hacker decide to sell the stolen coin early then theres chance for them to be capture soon just like Twitter hackers.

Theres no way an exchange security will be tightened enough to the extent that human error wont occur at some point and the wallet that was hacked was the exchange hot wallet not cold wallet which mean about 15% of the exchange coin are stole by the hacker. However, when things like this happened whats important is what we crypto community do about it which is the reason why I'm some research about the hacker and I'm going to create a thread about it in sone hours.

The issue is that this was a massive hack and the amount of money lost is immense, exchanges earn a fortune but unless they can pay this to their customers immediately I am pretty sure the reputation of kucoin is going to suffer because of it and their revenue will begin to go down as well.

We will have to see if the people at the top of this exchange have what it takes to overcome this crisis, personally if I was one of the affected clients I will not accept anything but the exact amount of coins I lost during the hack as I do not want to hold a coin that most likely will go down on the short term future.

This is really surprising. Kucoin actually claimed that they had identified most of the hackers and have traced back a majority of the stolen funds. However, if the criminals are moving the funds with ease and liquidating them, then their claims are false. They may be trying to pacify their clients, by giving false assurances. Unfortunately for the Kucoin users, there is very little chance of anyone reimbursing their losses. 

Even if they are caught there's no telling if the money can be recovered.

It's very likely that they'll prefer to spend a year or 2 in prison and come back to recover their hidden stolen stash than trade it for a smaller sentence.

The only thing that would kick their asses now is a blockchain rollback or a taint.

Buying the coins that being robbed I don't think that's a good idea  since you don't know if what exchange hackers will use to trade that coins. Instead of buying it directly why not set buy orders in that way you can buy the lost coins much cheaper than the price before he got it from investors.

This is a very big deal. Even though the price of bitcoin has not decreased, which is a good sign

What percentage of hackers who do this get caught?  If they use a vpn and those mixing things... they still aren't safe right?

We will have to wait and see, five days have passed since Kucoin gave the news they identified the hackers behind the robbery they were victims of, so it is too soon to expect an arrest however if this does not happen soon then I will have my doubts they have the evidence they say they have.

After all this is a very old trick, they may be trying to do this so the hackers behind this crime betray each other and they make a mistake that leads the authorities back to them, and once they can get one of them the rest will fall relatively quickly.

I saw the address of the hacker and they have transferred some of the stolen tokens to other address or maybe some addresses.
They sold some of the tokens in uniswap and received the ETH in the address, we will find the identity of the hacker if we follow the flow of ETH transfer when they want to sell it to exchange.

This is a Very sad thing  for all of us. Hackers need to  be caught as soon as possible. Otherwise  today he is hacking KUcoins, another day he will  hack another coin.

I am always sad every time i heard about hacked exchanges case.
It makes me wonder about the security of the cryptocurrency exchanges, why still they can be hacked by others ?
The good thing is, only hot wallet that has been hacked, their cold wallet is still safe i think.

The last statement form Kucoin was released on 10th October and they were claiming that internal audit was underway. So hopefully after this audit, we will come to know how much of the stolen funds have been recovered. Anyway, I am glad that projects such as Tether and Ocean Protocol are helping in the recovery of stolen assets, by freezing suspicious assets. Having seen so many exchange hacks over the last 8 years, I have to say that the Kucoin users are relatively lucky...

It is not as easy as you make it out be to, hackers in order to steal as much money as they did from Kucoin for the most part need to dedicate years to explore the exchange and then being able to get away for long enough with this to withdraw huge amounts of money, some wonder how they can withdraw so much money and they think they received internal help and while that is possible the truth is that the hackers spent a huge amount of time thinking about how to do this and only perform the hack once they know how to do it.

I just hope that all the exchanges begin to revise and upgrade their security to try to diminish the instances of this happening, because this kind of hack ends up scaring new investors and delays a future bull run which is what all of us want to see.

it's decentralized of course you can trace it to the end if you intend to find it.
Besides, from the news I heard that the address was successfully frozen so that the transaction could not be carried out, I also don't know how they did it. ::)

I think they have sold some of the stolen tokens into ETH already, but still have not move the ETH yet.
The stolen ETH will be very hard to move without being traced and the hacker will be caught if we can trace their ETH address thoroughly.

Some of their tokens and ETH was frozen by the exchanges. So now they will be trying to liquidate them using the DEX sites. Anyway, it is going to be very difficult for them to convert these crypto assets to fiat cash. Converting from one cryptocurrency to another cryptocurrency is not that difficult. But that is not the case when you convert cryptocurrency to fiat cash. It is next to impossible to stay 100% anonymous.

You are right about that, all of this should be well investigated and done over and over and don't let them just ignore it, because if this is not really investigated and left alone, maybe the hackers will do the same to do it again, but in my opinion Not only that, other exchanges will also be targeted by hackers if left unchecked.

True, but taking into account the size of the hack it is not as if they need to cash out that money now, they could just cash out small amounts until they figure out how to cash out the rest which means this is going to be a waiting game between the hackers and the authorities, the authorities will wait until the hackers make a single mistake while the hackers will wait until they can find a way to get away with this with no chance of being captured.

However taking into account the advancement of technology over time there is a chance the hackers can get away with this thanks to improvements  on the technology of many coins when it comes to their privacy, so we need to learn a lesson from this and that is to never leave our coins in an exchange for long.

The hack is getting more and more ugly now. I thought kucoin had a hold.of the situation but the more it goes on the more it seems like the hacker is still on lose (moved about 4000 eth couple of days back ) and the Kucoin team isn't covering themselves in glory .

The VI team has written a pretty scathing article about the kucoin team handling of the hack and how they are forcing them to do token swap.

Hacker story continues? After reading KuCoin CEO claims hacking suspects identified (https://cointelegraph.com/news/kucoin-ceo-claims-hacking-suspects-identified) I though it was just a matter of time when he will got caught. 2 weeks has passed actually. There were rumors, that the hackers was former or current employee. So catching him was not a long process. And if I were him, I would "be silent" for some period (he already have millions of dollars from first NOIA and DIA stolen tokens trades).

True, situation is turning more ugly now. Almost for 1 month KuCoin can not work in full strength and losing lots of money daily.