Not your keys, not your Crypto – Kucoin Hacked! $150m Stolen.

[nelson4lov]

This is yet another reason why storing large amount of funds on exchanges is a bad idea.

It appears Kucoin exchange has been hacked. For the past 7 hours, Over $150m in Ethereum and other erc20 tokens have been withdrawn to an unknown wallet here: https://etherscan.io/address/0xeB31973E0FeBF3e3D7058234a5eBbAe1aB4B8c23

Bitcoin outflows were moved to Bitfinix.

Kucoin's Responses

Their telegram chat has gone haywire since then as worried users have been asking about an update. Alicia (Head of VIP at Kucoin) replied:

 

Things doesn't add up here. If the funds were being moved by Kucoin, they wouldn't be investigating. It's either you or not. Users have reported seeing empty balances and currently withdrawal and deposits has been disabled. Since we have different DeXs available now, the hacker can easily unload all those funds.


While this isn't a "confirmed" hack yet, this is a friendly reminder to everyone who still stores loads of funds on exchanges. Your funds are a lot more safer when they're stored in your private wallet. I will keep updating the thread.

Update 1:

Looks like the hacker is cashing out using shitcoins  available in decentralized exchanges. If this is a joke by Kucoin, then it's an interesting one

Update 2: – Hack Confirmation

Kucoin just confirmed the hack:

We detected some large withdrawals since September 26, 2020 at 03:05:37 (UTC+8). According to the latest internal security audit report, part of Bitcoin, ERC-20 and other tokens in KuCoin’s hot wallets were transferred out of the exchange, which contained few parts of our total assets holdings. The assets in our cold wallets are safe and unharmed, and hot wallets have been re-deployed.

We are locating the reason for the incident, and will keep you updated once it is confirmed. Please rest assured that if any user fund is affected by this incident, it will be covered completely by KuCoin and our insurance fund.

To ensure the security of users’ assets, we will conduct a thorough security review. The deposit and withdrawal service will be suspended during the period. We will restore the service gradually after ensuring a safe state. We will keep you updated.

As "The People’s Exchange", we will take full responsibility and maintain transparency. To keep you updated regarding the latest updates, our CEO Johnny Lyu will update more details through a livestream at 12:30 (UTC+8), September 26, 2020. Please submit your questions here if you have any.

We greatly appreciate your understanding and support.

The KuCoin Team

Update 3:
More funds are being moved. Hack still on.

Update 4:

In response to the hack, Kucoin's CEO hosted a livestream to discuss details of the hack: https://www.kucoin.com/news/en-kucoin-ceo-livestream-recap-latest-updates-about-security-incident

Update 5:

Tether Treasury has frozen over $20M tethers that were stolen. They're still about $120M of movable funds + some projects have agreed to invalidate some stolen tokens from their supply: https://www.kucoin.com/news/en-kucoin-ceo-livestream-recap-latest-updates-about-security-incident



The bottom line is, Kucoin will refund the stolen funds thanks to their insurance.

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[Poker Player]

I can understand that some people have part of their funds in the exchanges, especially if they trade.

If someone has all the funds in an exchange he has to be a newbie. If not, he deserves what he gets.

[meanwords]

I've been using kucoin for the last couple of months and I've never had problems with it. Good thing I only trade Bitcoin there or else I might have been a victim too. Since they are one of the reputable exchange out there, they will most likely compensate those who lost their coins as they said. They are probably hiding the fact that they got hacked since they are known to have never been hacked before.

[nelson4lov]

I can understand that some people have part of their funds in the exchanges, especially if they trade.

If someone has all the funds in an exchange he has to be a newbie. If not, he deserves what he gets.

Many (if not all) traders usually have funds left on exchanges. It has been a common practice but it is always recommended not to keep huge amount on exchanges. This isn't the first time exchanges has been hacked with huge amount of users funds being stolen so if anyone hasn't learnt from that, then it's their fact. The ideal way of using exchanges would be to buy there and move them to a personal wallet. That's what most whales do at least.

I've been using kucoin for the last couple of months and I've never had problems with it. Good thing I only trade Bitcoin there or else I might have been a victim too. Since they are one of the reputable exchange out there, they will most likely compensate those who lost their coins as they said. They are probably hiding the fact that they got hacked since they are known to have never been hacked before.

I'm also a Kucoin user but I have used it since july as I only used it to buy an asset that was traded on only kucoin at the time. About users funds, Kucoin has made a bold claim about having an insurance fund to cover for user's losses ($150m). But then, an event like this doesn't go away quickly.

[mk4]

If $150m was hacked, it's probably safe to assume that it's probably their hot wallets that got accessed.

With that said though, let's not come to conclusions immediately and wait for an actual announcement regardless how shady things currently are. But yea, definitely don't leave funds unnecessarily on exchanges.


EDIT: So, it really is their hot wallet lol. At least they're going to cover the lost funds, I guess?

https://www.kucoin.com/news/en-kucoin-security-incident-update

[Darker45]

This has been repeatedly advised to everyone. Your exchange wallet is not a storage place. You use your exchange wallet if you are trading. If not, pull it out from there.

But I'm guilty of this. Personally I find it too much of a hassle and costly, too, if I make a deposit and withdrawal every time I trade. I seldom do but I just see to it that I have enough funds in my exchange wallet so that I could easily make an order whenever I want to.

Anyway, $150 million is a huge amount. Let's wait and see how KuCoin would handle this. 

[PonZZ]

I really admire with Kucoin administration's reaction. Looks like they cares about the users and try to do their best to recover lost funds.

[hatshepsut93]

No way they would compensate $150m, where would they get such funds? I wonder if this might even be the end of this exchange. Or will they just try to shrug it off, give some small consolation funds to investors to at least try to appease them and then continue like nothing happened.

The frequency of exchange hacks means that traders need to account for it in their calculations - if they make 5% profit per month, but risk all their crypto actives in the process, is it really worth it?

[Wexnident]

Sadly, people still don't understand how storing coins in exchange isn't the safest, especially if you're going all-in in investing crypto. Heck, afaik, traders who go all-in in investing should know that exchanges aren't safe places to store coins, I know fees are a hassle, but having a plan for it could significantly lessen the hassle while still providing you ways to trade easily.

No way they would compensate $150m, where would they get such funds? I wonder if this might even be the end of this exchange. Or will they just try to shrug it off, give some small consolation funds to investors to at least try to appease them and then continue like nothing happened.

If they are going to compensate, it'd probably take a long amount of time to even finish doing so, especially since the transfers are still going on right now, and them not being able to stop it immediately shows t hat $150m might just be the start. Plus, they themselves gave their word about it, so if they really don't offer compensation, their reputation would take quite a huge hit.

[bitsurfer2014]

This problem could become worst if Kucoin don't have the financial capability or any kind of insurance to refund any lost fund that could amount to $150 million dollars, assuming the hacking incident proved successful.

Moreover, we should expect a mass withdrawal of customers assets and could be fatal to the exchange since it could result to them having diminished liquidity.

Perhaps it could be more wiser now to send our funds to bigger exchanges that cannot be easily shaken down by these kinds of hacks to keep our funds more secure and with a high chance of recovery.

[Tipstar]

Kucoin is not a localized exchange but an popular international exchange often compared to binance. They are also famous for providing trinkets of coins for holding KCS token in the exchange.
They have forced KYC and 2FA authentication but seems like those things have not been helpful in anyway to stop such large scale hacks. These reoccurring hacks shouts out to both the exchanges and users to rethink how they keep the coins and how they let users withdraw.

[gabbie2010]

Its quite unfortunate that Hack of such magnitude could happen with such a reputable exchange like Kucoin, big lesson to newbies and all of us to always avoid storing coins our any exchange,they are not safe now, there are affordable cold wallets and online wallets where with your key secured, I believed this will not be the last hack, as hackers are getting more sophisticated and easily penetrate any exchange firewall to steal coins.

[cryptomaniac_xxx]

No way they would compensate $150m, where would they get such funds? I wonder if this might even be the end of this exchange. Or will they just try to shrug it off, give some small consolation funds to investors to at least try to appease them and then continue like nothing happened.

As per their blog:

We are locating the reason for the incident, and will keep you updated once it is confirmed. Please rest assured that if any user fund is affected by this incident, it will be covered completely by KuCoin and our insurance fund.

https://www.kucoin.com/news/en-kucoin-security-incident-update

So they say they are going to cover it, so let's see. It's a huge amount of money and we do hope that they have enough liquidity to cover such. It's one of the biggest exchanges, but definitely it will put a dent on their credibility and it might take sometime before they get back the confidence as majority might shift to other exchanges because of the incident.

[Mpamaegbu]

Many (if not all) traders usually have funds left on exchanges. It has been a common practice but it is always recommended not to keep huge amount on exchanges. This isn't the first time exchanges has been hacked with huge amount of users funds being stolen so if anyone hasn't learnt from that, then it's their fact. The ideal way of using exchanges would be to buy there and move them to a personal wallet. That's what most whales do at least.

Most whales aren't day traders. They are swing traders. Swing traders don't frequent exchanges to check and execute trades and are commonsensically not expected to leave huge chunks of coins on exchanges. We really can't blame those who leave their crypto on exchanges as it saves them the hassle of moving coins around. Moving coins also cost money too in form of transaction charges. It's also time consuming as you wait for time of confirmation for any transfer, to and fro. I am a day trader and I know it can be hectic doing all that. However, I do get your point on this. However, we should also remember that no where is completely safe in this world of the Internet. We have also had cases of private wallets getting hacked too. It's a sad situation, really.

[Yaunfitda]

Its quite unfortunate that Hack of such magnitude could happen with such a reputable exchange like Kucoin, big lesson to newbies and all of us to always avoid storing coins our any exchange,they are not safe now, there are affordable cold wallets and online wallets where with your key secured, I believed this will not be the last hack, as hackers are getting more sophisticated and easily penetrate any exchange firewall to steal coins.

It also goes to show that no one is really safe, not Binance, not Kucoin and any other exchanges for that matter. That's why we always promote the old but very effective adage, not your keys not your coins. And we have a thread before about staking our bitcoin for a 4% APY in an exchange. It create a lot of controversy specially about leaving our BTC to an exchange because of an event of a hack, they could be stolen. So this is what we are afraid of. Although they said that it is insured, but still, the dangers and the threat are always present. So it's really be a good practice to just keep a small amount of BTC in an exchange for our trading activity and not our life-savings.

[adzino]

That is a really bad news! One of the prime reason why people shouldn't be using an exchange wallet as their personal wallet. At least Kucoin is taking responsibility and has admitted getting hacked. Lets see if they really refund their users.

Kucoin is not a localized exchange but an popular international exchange often compared to binance. They are also famous for providing trinkets of coins for holding KCS token in the exchange.
They have forced KYC and 2FA authentication but seems like those things have not been helpful in anyway to stop such large scale hacks. These reoccurring hacks shouts out to both the exchanges and users to rethink how they keep the coins and how they let users withdraw.

They disabled deposit and withdrawals, but coins are still being moved. So the exchange itself is hacked (the cold wallets). So user 2FA (and KYC. Not sure what this has to do with user security) has no use. And yeah, all exchanges does have some sort of vulnerability that they aren't aware of.

[tbct_mt2]

With each hack event, people have another new lesson to learn from and I am happy to share with readers my topic Newbies - Read before using exchanges or investing. Experts can ignore my topic.

[GUIDE] How to Create a Strong/Secure Password. I know exchange is hacked by compromises on their sercurity flaws but people who store funds on exchanges should take advantage of the Kucoin hack check their password strength and if they feel it is not good, it is time to change to a new password (stronger).

[joniboini]

So user 2FA (and KYC. Not sure what this has to do with user security) has no use.

Obviously it doesn't matter since the hacker got the seed/private key that allows them to access the wallets directly. 2FA and stuff like that only protect individual users and not the whole wallet.

[mk4]

They disabled deposit and withdrawals, but coins are still being moved. So the exchange itself is hacked (the cold wallets). So user 2FA (and KYC. Not sure what this has to do with user security) has no use. And yeah, all exchanges does have some sort of vulnerability that they aren't aware of.

It has already been confirmed by them that it was their hot wallets. A hack of an exchange cold wallet is obviously going to be FAR more disastrous than this.

https://www.kucoin.com/news/en-kucoin-security-incident-update

And yea, what joniboini said. 2FA didn't matter because the hacker/s went straight for the wallets and not their user's accounts. Doesn't mean you should stop using 2FA, obviously.

[dothebeats]

I really admire with Kucoin administration's reaction. Looks like they cares about the users and try to do their best to recover lost funds.

The last thing you want to have if you are in KuCoin's position are angry investors and users demanding their money and threatening you that they'll file legal charges against you if you do not comply to their demands. Of course they will, as much as possible, avoid this from happening and just try to calm those user who lost funds on the exchange. Whether they'll reimburse the lost funds or not is up for debate, though if they didn't they'll face legal consequences for sure.

[kryptqnick]

I don't what to engage in victimblaming, saying that these people who keep life savings on an exchange had in coming. It's not going to help them, and they are devastated enough already. It's terrible that the hack occurred. And while I don't think the hopes are high for the money to be returned, I hope the exchange will cover the losses and offer full compensation to victims. Binance did it, so it would be nice if this exchange follows their example.

[Lucius]

The fact is that crypto exchanges are full of security holes, and to this should be added the human factor in the form of their employees who are sometimes responsible for hacking directly or indirectly by giving information to bad guys. Without regulated user insurance, storing cryptocurrencies on such services is nothing but gambling, and only a matter of time before something like this happens.

I don't understand their statement about compensating for allegedly stolen user funds - because they don't seem to be sure if someone just emptied their own wallets or someone hacked hot wallets

$150 million is a pretty big amount, somehow it doesn't seem to me that they have it in their insurance fund - but there is always the option to compensate for the damage in some of their tokens, and those who remember the Bitfinex case when 119,756 were hacked remember how the victims were compensated, in company BFX token.


nelson4lov, can you reduce size of images in OP? Not only will everything look nicer and clearer, but it will also be easier for those users who have slow internet connections and limited internet traffic. You can use this code, just adjust size by changing numbers.

Code:

[img width=1000 height=600]Link Here]

[DeathAngel]

Ridiculous that this is still happening in 2021, sad for the people who have lost money but like you say OP, ‘not your keys, not your bitcoin’.

People just don’t learn. Guys please don’t leave your crypto on exchanges or if you have to, if you like day trading, move your coins off the exchanges when you’re not actively trading.

Exchanges should not be used as wallets, use your brain.

[coolcoinz]

I really admire with Kucoin administration's reaction. Looks like they cares about the users and try to do their best to recover lost funds.

Really? Saying that funds are safe when they are being transferred out of users accounts and into some outside address?
I know the employees are doing what they're told and usually PR people like Alicia don't know what's going on in the database, but from the looks of it they were all caught off guard and their first reaction was to cover it up in case it's just a few accounts.


I can never understand why exchanges prefer fast withdrawals over security. If withdrawals were confirmed by real people instead of set on automated there wouldn't be so many of these thefts.

[rexxarofmoknathal]

I woke up really worried that all my funds on KuCoin were gone after seeing this news. Then surprisingly and to my relief none of my coins have been withdrawn, everything remains intact.

I wonder whether this is because I had no funds in the main account and only few hundred dollars in the trading account which were spread over ~3 coins but not much  

Or perhaps the funds were so low that whatever standards the hacker used to select accounts for withdrawal mine came to below that threshold

What do you guys think?

[coolcoinz]

Ridiculous that this is still happening in 2021, sad for the people who have lost money but like you say OP, ‘not your keys, not your bitcoin’.

People just don’t learn. Guys please don’t leave your crypto on exchanges or if you have to, if you like day trading, move your coins off the exchanges when you’re not actively trading.

Exchanges should not be used as wallets, use your brain.

Tell that to traders. There's really no other way to trade without keeping open positions and stop losses. Some people trade with leverage and you also can't do it without keeping money on the platform. While I don't keep money on exchanges, I don't think it's the fault of users who want to trade. All responsibility lies on the exchange. If they can't secure the platform they should never open it up for trading. So many of these people who run exchanges don't even know what a cold wallet is or deliberately choose to ignore them because it's too much of a hassle to have to transfer coins between wallets and pay fees.

[Leviathan.007]

Considering the strong method you can you use to keep your account safe like 2 factor authentication and email/phone authentication I don't know how in world an exchange like Kucoin can be hacked. This story will show you again why you should not hold all your funds in exchanges. I usually keep my long term investments on hardware wallet and just hold less than 10 percent of the funds on exchanges. However, maybe this negative fundamental news will effect the price of some erc-20 token soon.

[ReiMomo]

I don't know if the hack happened is the inside job or what, because it is impossible to hack a hot wallet.

But the good news is there is SAFU, but then, we could really trust exchange sites to leave a huge amount there. If you are willing to leave it there then you are willing to risk that amount.

As I know them last few months they had different tied ups like on auto trading bot, I guess that was the reason they are being compromised and get hacked. Who's next? OKEX?

[20kevin20]

Considering the strong method you can you use to keep your account safe like 2 factor authentication and email/phone authentication I don't know how in world an exchange like Kucoin can be hacked. This story will show you again why you should not hold all your funds in exchanges. I usually keep my long term investments on hardware wallet and just hold less than 10 percent of the funds on exchanges. However, maybe this negative fundamental news will effect the price of some erc-20 token soon.

2FA protects your account and just the number of coins your account owns. If someone gains access to KuCoin's wallet, you can have as much security as you want - it's not going to protect your coins because the exchange is holding them, not you.

Sorry for those who were unfortunate enough to lose their coins. Hopefully something good comes out of this one and more people learn the "not your keys, not your BTC" lesson. Exchanges create their own security. You operate on their exchange through a relationship of trust. Keep your funds off centralized stuff next time..

[coolcoinz]

I don't know if the hack happened is the inside job or what, because it is impossible to hack a hot wallet.

I hope you wanted to write "cold wallet"

I woke up really worried that all my funds on KuCoin were gone after seeing this news. Then surprisingly and to my relief none of my coins have been withdrawn, everything remains intact.

I wonder whether this is because I had no funds in the main account and only few hundred dollars in the trading account which were spread over ~3 coins but not much  

Or perhaps the funds were so low that whatever standards the hacker used to select accounts for withdrawal mine came to below that threshold

What do you guys think?

Your account either was not hacked into or your coins were not held in the wallet or on the server that was hacked. Maybe they just got into one of the employee accounts and managed to create false withdrawals there?

The way exchanges and all custodial wallets operate is they have a number of wallets hot and cold (sometimes all hot which is asking for trouble) and all the coins are mixed there. You don't have your individual user wallet but the database holds the numbers and everything goes to one bag, like in a bank vault.
To gain access, a hacker has to either hack your user account, but then he's only able to withdraw your coins, or hack an employee client machine, which allows him to change the numbers in the database and either create a fake balance on his own account or create a number of withdrawals from many different user accounts to his own addresses. It's very rare that the machine with a hot wallet gets hacked directly, but also possible if the security sucks on the exchange.

[pinggoki]

People just don’t learn. Guys please don’t leave your crypto on exchanges or if you have to, if you like day trading, move your coins off the exchanges when you’re not actively trading.

If they did that then transaction fees will kill them as well. It is true that we aren't supposed to leave our funds on the exchange and I totally agree with it, but what if you are onto daily trade? I suggest is that if you manage to earn a decent profit you could take all the profit you had and just leave some of it so that if something bad happens it will not be fatal and won't have any problems regarding the fees at the same time.
 

[ultrloa]

People just don’t learn. Guys please don’t leave your crypto on exchanges or if you have to, if you like day trading, move your coins off the exchanges when you’re not actively trading.

It is true that we aren't supposed to leave our funds on the exchange and I totally agree with it, but what if you are onto daily trade? I suggest is that if you manage to earn a decent profit you could take all the profit you had and just leave some of it so that if something bad happens it will not be fatal and won't have any problems regarding the fees at the same time.
 

This was discuss for so many times due to many hackings of exchange happen for the past years and we shouldn't really trust to leave our balances on any exchange whether its big or not since if they will get hack for sure its a huge pain in the ass for us users since we don't know if we will get refunded or not. So we should not be lazy and always withdraw once we end our trades for the day.

[larus]

Anyway, they already promissed to return all money to the customers. Not bad

[cheezcarls]

The last time I’ve accessed KuCoin was about a year ago just to change my password. I only traded some tokens to BTC and withdrew them last 2018. I feel bad for those who are affected by this hack, but good thing that KuCoin had insurance to cover the losses of several accounts.

This is why I would never trust the claims of these CEXs that their security features are proven safe and hack-proof. Not even Binance was safe from getting hacked last year. These hackers have become more intelligent even if these exchanges have upgraded their security features, it’s just that they’re one step ahead.

[Twinkledoe]

Another situation that solidify the fact that we should not store our funds to exchanges, even if they have high security protocol. That amount is already huge, if it happens to small exchange, they maybe thinking of shutting down. But good to know that it's their hot wallets that are being compromised not their cold wallets. And since kucoin is one of the top exchanges, they can recover these losses fast and compensate those users who got lost their funds.

[CryptopreneurBrainboss]

The fact that we're acting surprise just got me disappointed. Kucoin is like a clone to Binance and let's not forget Binance got hacked too few months back even with all their security put in place. No centralized system be it exchange, service providers etc are immune to hack, it's only decentralized system that are immune wihich is why we're all advice to make use of them.

When Binance was hacked, they had insurance funds that help them pay back their debts so I believe that of Kucoin exchange won't be any different but if they didn't setup an insurance policy after the Binance hack that's all on them.

The sad truth is, as far we used the centralized exchanges for trading, at one point we'll have funds on the exchange. The amount would difer based on our trading capital. Kucoin won't be the last exchange to get hacked, if you were lucky not to have your funds on the exchange when the hack occured then you should take this as a warning.

[MFahad]

This is yet another reason why storing large amount of funds on exchanges is a bad idea.

This is the biggest mistake of the people who keep thier funds on the exchanges and yet feel that their funds are safe. Nothing is safe on online exchanges. Even though Binance have Safu funds and Kucoin also have insurance funds, but still it is very risky to keep your life savings in an exchange.

[uszaty43]

Hmmm, it's quite an unfortunate situation to be honest and I am glad Kucoin team plans to refund!

[bitcoinst]

After unplanned movement of $150M in funds, KuCoin discloses hack

Singapore-based cryptocurrency exchange KuCoin has been hacked.

In a blog post released on Friday night, the exchange disclosed that it had "detected some large withdrawals since September 26, 2020" from its hot wallet. While the exchange has not disclosed the amount lost in the hack, one of the Ethereum addresses associated with the hack shows roughly $150M in funds stolen.

On Friday night, users across various social media platform platforms began to complain that they were having issues withdrawing assets from KuCoin. While the KuCoin team assured users that "funds will be safe," that no longer is the case.

In a livestream, KuCoin CEO Johnny Lyu reassured his users that funds in this hack will be "covered completely by KuCoin and our insurance fund." Lyu also noted that hacked funds were only "a small part of our total assets holdings" and that KuCoin is currently working with other exchanges like Binance and Huobi and law enforcement to track down the assets.

https://www.theblockcrypto.com/linked/78912/after-unplanned-movement-of-150m-in-funds-kucoin-discloses-hack

[target]

This is another reason why there is the need to move to DEX. Big exchanges are always going ot be the target for these hackers.  Kucoin is big enough, if they have the plan to cover the funds for those who are affected, they got to say it now.

If its in the hands of the hackers already I donlt see any reason why they can't dump it right now on uniswap and any other swapping pages. Should we be expecting a huge dump of the prices?

[Bttzed03]

Not too long ago, there was a member here saying that it's better to store funds on exchanges rather than cold wallets because they pay interest Well, whatever interest they are offering, it's not an answer to the security risk these exchanges like Kucoin faces everyday. Think also of the opportunity costs from the days operation is suspended.

Ridiculous that this is still happening in 2021,

And it will happen again on Kucoin or other exchanges in 2022 or beyond that. Banks which existed way before crypto exchanges continues to be attacked by hackers.

[Shasha80]

This is bad news for KuCoin users, indeed the KuCoin team stated that the users fund affected will be covered by KuCoin insurance fund.
It looks like KuCoin is taking steps like Binance, hopefully the process of replacing users funds will be fast. What happened to KuCoin could
happen to other exchanges, even when Binance was hacked, it could be hacked again. Therefore, never store all the coins we have on
exchanges, it's better to store in a cold wallet that is proven safe.

[nelson4lov]

(...)
nelson4lov, can you reduce size of images in OP? Not only will everything look nicer and clearer, but it will also be easier for those users who have slow internet connections and limited internet traffic. You can use this code, just adjust size by changing numbers.

I initially sized the photos but they appeared too squeezed. So I had to remove them. But I've added some width and height again and will adjust it till it fits. Thanks for the heads up.

it's only decentralized system that are immune which is why we're all advice to make use of them.

Decentralized systems like DEXs, Protocols and even smart contracts are also vulnerable to hacks. I recall Bancor's DEX was hacked in 2018 shortly after their record breaking ICO at the time. In 2020, Both Balancer protocol and Bisq had security vulnerabilities that led to loss of user's funds.  Like every software, decentralized systems and protocols  and even smart contracts are also vulnerable but it's mostly due to bad codes or bugs which hackers tend to explore and take advantage of.

On a lighter note though, Decentralized systems provides much better security compared to centralized ones.


Bancor: https://www.businessinsider.com/bancor-hack-ethereum-2018-7?IR=T

Balancer: https://cointelegraph.com/news/defi-protocol-balancer-hacked-through-exploit-it-seemingly-knew-about

Bisq: https://www.bitsofblocks.io/post/hacking-a-decentralised-exchange-bisq-spills-the-secrets-on-their-recent-hack

The sad truth is, as far we used the centralized exchanges for trading, at one point we'll have funds on the exchange. The amount would difer based on our trading capital. Kucoin won't be the last exchange to get hacked, if you were lucky not to have your funds on the exchange when the hack occured then you should take this as a warning.

Centralized exchanges have long dominated the markets because they have better liquidity, market making and volume. But that's all beginning to change thanks to different concepts like liquidity providing and automated market making features that are incorporated into decentralized protocols like Uniswap.

[matchi2011]

This is bad news for KuCoin users, indeed the KuCoin team stated that the users fund affected will be covered by KuCoin insurance fund.
It looks like KuCoin is taking steps like Binance, hopefully the process of replacing users funds will be fast. What happened to KuCoin could
happen to other exchanges, even when Binance was hacked, it could be hacked again. Therefore, never store all the coins we have on
exchanges, it's better to store in a cold wallet that is proven safe.

Good  thing  that KuCoin  do offer the same  insurance  like what  binance  did. But in  terms of reputation  it still  stay that  the exchange  experienced the hacked. Better not to stored huge amounts of funds  as hackers are just  monitoring  your wallet  and waiting  for the  opportunities to suck  all your  money.  No  safer place  than  your own wallet  where  you have all  the access  and all the securities.

[sheenshane]

Another scammed exchange that makes the cryptocurrency becomes fraud to the eyes of people who dont know crypto-related stuff.

I followed their Twitter social media accounts and it seems they had frozen USDT and suspended some altcoins pairs to Bitcoin and Ethereum. Probably it's better if they will suspend all transactions, just like the withdrawal and deposit should be initiated immediately so that they can focus upon tracing the hacking incident.

One of the closest competitors to Binance exchange is Kucoin, but now, I don't think if there are someone traders who will still trust on them, it might always doubtful. Fortunately, Kucoin user's fund is safe and probably they aren't worried now.

[rexxarofmoknathal]

Anyway, they already promissed to return all money to the customers. Not bad

Yes, they did say they'll take full responsibility and work together with those whose accounts were hacked. Even if I got lucky and still have my funds intact, I'd still don't want to be in their position. The fact that KuCoin is refunding these people is amazing, and this type of responsibility should be adopted by all major exchanges

[CryptopreneurBrainboss]

Decentralized systems like DEXs, Protocols and even smart contracts are also vulnerable to hacks.

They're immune in the essence that when there's no bud for hackers to take advantage of you'll have a platform that would give you a 100% security experience excluding the case where phishing sites are been used to steal login/sensitive information if users and used to access/steal their funds. When most of the so called decentralized so called platforms are examined well, you'll realize they're not what they claimed to be.

IDEX as an example that claimed to be decentralized sometime back requested for her users to verify their identify (KYC) before having access to their funds and that of Binance dex blocked access to users from certain regions which just goes against what decentralized stands for.

In regards to the volume be the reason centralized exchange are dominating, well that'll soon be a thing of the past since the new decentralized exchange are coming up with impressive volumes and their user interface are improving steadily. With time it won't be that complicates to access them

[Twentyonepaylots]

Anyway, they already promissed to return all money to the customers. Not bad

Yes, they did say they'll take full responsibility and work together with those whose accounts were hacked. Even if I got lucky and still have my funds intact, I'd still don't want to be in their position. The fact that KuCoin is refunding these people is amazing, and this type of responsibility should be adopted by all major exchanges

Binance did the same last year after they got hacked. I agree, exchanges should shoulder the losses of their clients once incident happen like this, they were trusted by their customers to keep their funds safe though it is really a bad idea for a trader/investor to keep their funds be in an exchange for a long time coz shit happens just like this one. I'm glad that KuCoin is taking responsibility of what just happened, a huge lesson for their security system.

[Bitcoinislife09]

Anyway, they already promissed to return all money to the customers. Not bad

Yes, they did say they'll take full responsibility and work together with those whose accounts were hacked. Even if I got lucky and still have my funds intact, I'd still don't want to be in their position. The fact that KuCoin is refunding these people is amazing, and this type of responsibility should be adopted by all major exchanges

I've heard about it and its really sad news for a lot of users who invest in kucoin. Luckily I already take out all of my investment in Kucoin a long time ago and trade in Binance. Hackers are really doing it like big organizations that target a lot of cryptocurrency exchanges. But maybe it's a good thing to take out already your investment in the websites since the hacker might still have the control in the website's wallet. This could easily make Kucoin close I'm surprised they are going to take responsibility for this hacking incident but I don't think they could accommodate everyone that lost their funds it would just cost them a big amount.

[2double0]

This is why I prefer keeping my coins with me no matter how urgent it becomes for me to trade a coin on the basis of an opportunity smelled. It is better to lose an opportunity to trade than to lose our entire capital when these 'natural disasters' take place in the crypto world. It is not a big deal to see this exchange getting hacked when we had already seen so many high volume exchanges like Binance, poloniex and even bittrex getting hacked.

[Ryker1]

This is why I prefer keeping my coins with me no matter how urgent it becomes for me to trade a coin on the basis of an opportunity smelled. It is better to lose an opportunity to trade than to lose our entire capital when these 'natural disasters' take place in the crypto world. It is not a big deal to see this exchange getting hacked when we had already seen so many high volume exchanges like Binance, poloniex and even bittrex getting hacked.

Well, somehow time will come there are no traders anymore because they will afraid to put their money on an exchange. But for me, always choose exchange that has gained a lot of reputation, I mean ^{[not the shady} exchange. Why? --Because they always have a safe fund that willing to fund their users and they are responsible for the hacking. Look at Binance, even though they had hacked, they promised that the funds are safe and it the same goes for Kucoin, you have nothing to worry.

[BitcoinHunt3r]

Hope other's money still safe or maybe really refunded by Kucoin. Actually something like this is not  what people want and nobody know this will happen, and just hope it not happen to other exchange, maybe people who don't like to trade will said keep your money on own wallet, but there are some others who get money from trading activity too. So  let's just hope everyone's money can back again and for other exchanges maybe this will make them to upgrade their security system.

[kezinaur14]

"All your funds are safe" is hardly ever true, I don't trust that big hats of Kucoin will shell out the cash to repay the lost money. It's just not usually the case man.

[SiNeReiNZzz]

Therefore ALWAYS follow the golden rule:

NEVER store your assets in an exchange for a long time, or, if possible, do not give it into other people' s hands......

[bitsurfer2014]

Not too long ago, there was a member here saying that it's better to store funds on exchanges rather than cold wallets because they pay interest Well, whatever interest they are offering, it's not an answer to the security risk these exchanges like Kucoin faces everyday. Think also of the opportunity costs from the days operation is suspended.

Lol, I guess no one in their right mind would trade the safety of his assets for just a little incentive such as staking with interest in an exchange since they could also find alternatives to passive earning like staking via their own wallet which looks like more secure and more comfortable. Imho.

[samcrypto]

"All your funds are safe" is hardly ever true, I don't trust that big hats of Kucoin will shell out the cash to repay the lost money. It's just not usually the case man.

They said they have insurance to cover up these things so let’s see if they will pay all the money that has been stolen just like what Binance did and keep their reputation up.

Its hard to put large amount of money on any exchanges even if they are good as long as you have no control on your wallet, the risk will always there. I admire those who trade big money in exchanges, stay safe everyone.

[Oceat]

That's why never leave your coins mostly in the big and famous exchanges because they were on the list of the hackers. Even if it's not a big and famous exchanges just do not store any amount for a long time. A lot has happened already this will serve as a lesson for the future traders and investors. I wonder how could the exchanges ever recover with those stolen coins, $150m stolen is a lot. This might affect the price of altcoins in the meantime or so.

[verita1]

The first time I used an exchange platform was with KuCoin, there I learned to use all the other platforms that I know until today. When I received the news, I couldn't believe it. It came to my mind that it must have been an internal vulnerability because users have maximum security to market their funds.
It is a pain that these attacks continue to occur. The exchange platforms must redouble their security systems and constantly.

[aesma]

150 millions or more in hot wallets seems like a large amount, do they really need to keep that much ?

I used to do arbitrage trades between Poloniex, Kucoin and Cryptopia, two out of three have now been hacked. I had nothing left on Kucoin fortunately...

[Darooghe]

I lost coins when BTC-E was hacked a few years ago. Actually, it may not have been hacked because so many people believe that the owner stole the percentage of coins for himself. It is all the exchanges' responses to keep coins safe. the list of hacked exchanges is getting bigger over time. This is a huge problem for users and I believe exchanges should invest more in security and put more effort to protect the users. It's an additional investment for them but without that, they will not survive.

[tbct_mt2]

I lost coins when BTC-E was hacked a few years ago. Actually, it may not have been hacked because so many people believe that the owner stole the percentage of coins for himself. It is all the exchanges' responses to keep coins safe. the list of hacked exchanges is getting bigger over time. This is a huge problem for users and I believe exchanges should invest more in security and put more effort to protect the users. It's an additional investment for them but without that, they will not survive.

I hope you did not lose all your fund on BTC-e because I knew that they came back months later to pay compensations for their customers. It is not a good story but at least people got back part of their funds.

Newbies - Read before using exchanges or investing

I had a bad loss with scam exchange and its scam exit (Crypto-Bridge exchange). They forced all users to do KYC to be able to withdraw money. The KYC document will be verified by a third party company but it is a funny KYC when people can use one document to verify multiple accounts. I don't know what is the aim of that KYC requirement. I did not know honestly but months later I realized that they likely try to steal users' identity documents and use such ones for shady things later.

I thought of such risks after I read Why KYC is extremely dangerous – and useless

[pakhitheboss]

Exchange hacking news is quite normal these days but people are still using these exchanges to store their assets rather than having them in their personal wallet.

I think it is an insider job, what I am not sure is that will Kucoin be able to compensate users who have lost their funds. The amount is in millions and it will be not easy for them to refund everything.

Such hacks are bad for the cryptocurrency market as Kucoin does have a good reputation in the crypto space.

[J1mb0]

This is sad news for the crypto market and for Kucoin we all understand that there is no certainty in the crypto market and that putting assets on an exchange is risky.
However Kucoin has insurance and I expect the stolen funds to be received back.

[slaman29]

I lost coins when BTC-E was hacked a few years ago. Actually, it may not have been hacked because so many people believe that the owner stole the percentage of coins for himself. It is all the exchanges' responses to keep coins safe. the list of hacked exchanges is getting bigger over time. This is a huge problem for users and I believe exchanges should invest more in security and put more effort to protect the users. It's an additional investment for them but without that, they will not survive.

Yeah dude, it wasn't hacked. I think most people agree it was an inside job and a slow exit scam that the users found out before it happened. Even Mt Gox there is no consensus and a lot of people still insist it was the founder who was responsible. Same as QuadrigaX, all of these scandals have some suspicion on the owners. So learn our lessons, mate.

[Jating]

This is sad news for the crypto market and for Kucoin we all understand that there is no certainty in the crypto market and that putting assets on an exchange is risky.
However Kucoin has insurance and I expect the stolen funds to be received back.

If this is true, $150 million is a lot of money to be given back, and I don't know if Kucoin has that much money to refund back the stolen funds to their customers. And it might take months or years to refund that huge amount.

So if you are one of those who have lost your funds in the hack, I will say that don't expect to get your money the soonest. Don't be negative on my statement, it's not false hope either. And let this be another lessons for every crypto trader. For others who didn't lost, then good for you, but still having huge amount sitting in one exchange is not a good practice. Although it might merit to try CEX because of this incident, it might take a while though, because we all know that CEX has its own pitfall as well.

[Taskford]

This is sad news for the crypto market and for Kucoin we all understand that there is no certainty in the crypto market and that putting assets on an exchange is risky.
However Kucoin has insurance and I expect the stolen funds to be received back.

If this is true, $150 million is a lot of money to be given back, and I don't know if Kucoin has that much money to refund back the stolen funds to their customers. And it might take months or years to refund that huge amount.

So if you are one of those who have lost your funds in the hack, I will say that don't expect to get your money the soonest. Don't be negative on my statement, it's not false hope either. And let this be another lessons for every crypto trader. For others who didn't lost, then good for you, but still having huge amount sitting in one exchange is not a good practice.

That's huge amount and I doubt they can pay that and I'm worried that they will fall down from this hacking incident happened to them.

And I agree with you those who get affected should not expect anything since the amount hacked is not easy to cover and they should better learn to move one as well learn again from this another tragic events happen on one of the most reliable exchange before. This will be a huge indicator on how kucoin can manage this situation if they fail to deliver to their affected users then for sure they will fail for next time .

[Eureka_07]

This is sad news for the crypto market and for Kucoin we all understand that there is no certainty in the crypto market and that putting assets on an exchange is risky.
However Kucoin has insurance and I expect the stolen funds to be received back.

Don't expect your stolen funds to be back to you, unless they are assuring that, and if Kucoin has the funds to do that.

In my honest opinion, the hacks that aree happening on exchanges are their own fault.
It's so risky to put our money on exchanges for a long period of time, it's fine if we are actively trading on this exchange but it's still risky.
Exchanges are one of the most susceptible to be hacked.

They should atleast make more efforts in improving and maximizing the security of their exchanges, as this could also could make the trust of their customer much stronger. That's a win-win situation between the exchanges and the traders.

[ampu]

From the Kucoin hack, I learned from experience that if the assets on CEX are rich, they can repay, poor CEX is considered lost. Keeping money in a hacked personal wallet is considered lost.
We need to admit that Kucoin is doing very well, after the hack they will probably have more customers because of their huge financial capacity. They certainly won't let their money be stolen again.

[milesfull]

People like to talk about exchanges hacks so much but this is nice reason for dump, isn't it? And kucoin promissed to return all money to customers

[bryant.coleman]

I lost coins when BTC-E was hacked a few years ago. Actually, it may not have been hacked because so many people believe that the owner stole the percentage of coins for himself. It is all the exchanges' responses to keep coins safe. the list of hacked exchanges is getting bigger over time. This is a huge problem for users and I believe exchanges should invest more in security and put more effort to protect the users. It's an additional investment for them but without that, they will not survive.

Baseless accusation.

I also lost large amounts of funds with BTC-e (mostly Litecoins), but the owners did whatever they could to reimburse the users. There was some mistake from their part. When the US authorities asked them to hand over user data, they refused and instead challenged them to close down the exchange. After a few months, the Americans actually managed to seize the BTC-e domain and a large part of the funds. The owners still refused to accept their defeat. They set up a new website (Wex.nz) and reimbursed the users with tokens. And they once again challenged the authorities and mocked them. The next time, the Americans not just managed to seize the funds, but they also managed to arrest one of the owners of BTC-e (Alexander Vinnik). And that was the end of BTC-e, which existed from 2011 to 2017.   

[TedMosby]

Welcome kucoin, the newest member of the hackable crypto exchange.
Your name will be included on the hacks timeline by Ledger soon.
https://www.ledger.com/academy/crypto/hacks-timeline
AFAIK, insurance company has limitations on covering case like this. CMIIW.

[Bitcoinpro]

crypto is mainstream banking technology now

cant see a future in anything that isnt kyc and also govt approved

you need to be in a coin like electroneum

with an actual decent coin amount in the billions

and proper decimal places xD

erc tokens are garbage

dont go using an exchange outside ur own country

get an airtight insurance policy ie loyds

hold some of your own funds in ur own wallet

make sure you have friends and family also invested

shud one or more of you get hacked

then the others can bail you out help you recapitalise

doing anything other than wat ive learned

is caveat emptor

[DooMAD]

I always wonder if people would still keep all their wealth in traditional banks if the money wasn't insured and there was a strong likelihood they could lose some or all of their savings whenever the bank got robbed.  Something tells me plenty of people still would, even if they understood the risk.  Learned habits are difficult to break.

Active traders have a difficult balancing act to play, since they need funds available to take advantage of any sudden moves in the market.  They need to keep some quantity of funds in there.  But anyone who isn't actively trading needs to stop using exchanges as though they were like a savings account.  There's absolutely no sense to it. 

[BrewMaster]

one important thing that some users in this topic have forgotten is that a lot of those who lose their coins on exchanges aren't exactly storing them there but instead they are traders that have to have some coins in their balance so that they could trade with them constantly.
then at some point as they are trading or have their coins in some open orders, the exchange gets hacked and they lose their coins.
these people should either stop trading (which won't happen) or start using decentralized exchanges (which has its own problems such as higher fees and lack of liquidity).

[Inkdatar]

This is really an awareness to all not to store huge funds in any exchange. As reminders always not your keys not your crypto. I've read this news in all over in social media that this exchange got hacked and of course Kucoin team assures everyone that your funds are safe. Well, this happened before that a certain exchange got hack and this is a lesson to many not to store huge of money

[posi]

I lost coins when BTC-E was hacked a few years ago. Actually, it may not have been hacked because so many people believe that the owner stole the percentage of coins for himself. It is all the exchanges' responses to keep coins safe. the list of hacked exchanges is getting bigger over time. This is a huge problem for users and I believe exchanges should invest more in security and put more effort to protect the users. It's an additional investment for them but without that, they will not survive.

I never hear about BTC-E  exchange before but with the way you narrate the site hack issue will advice you not to use the exchange you dont trust next time because some exchange may actual lies sometimes. Mind you, if it not keys then it not your coin.
With that been said, kucoin exchange was opened about their hack issue and 95% of all tokens stolen by the hacker are already frozen

https://www.kucoin.com/news/en-the-latest-updates-about-the-kucoin-security-incident
https://www.kucoin.com/news/en-the-latest-updates-about-the-kucoin-security-incident
https://www.kucoin.com/news/en-the-latest-updates-about-the-kucoin-security-incident

[bimbidingdong]

This is yet another reason why storing large amount of funds on exchanges is a bad idea.

It appears Kucoin exchange has been hacked. For the past 7 hours, Over $150m in Ethereum and other erc20 tokens have been withdrawn to an unknown wallet here: https://etherscan.io/address/0xeB31973E0FeBF3e3D7058234a5eBbAe1aB4B8c23

Bitcoin outflows were moved to Bitfinix.

https://i.postimg.cc/c4xmrm97/20200926-025200.png

Kucoin's Responses

Their telegram chat has gone haywire since then as worried users have been asking about an update. Alicia (Head of VIP at Kucoin) replied:

https://i.postimg.cc/zGDcY5Yr/20200926-024909.jpg

https://i.postimg.cc/Dzx5TY3Y/20200926-032141.jpg

 

Things doesn't add up here. If the funds were being moved by Kucoin, they wouldn't be investigating. It's either you or not. Users have reported seeing empty balances and currently withdrawal and deposits has been disabled. Since we have different DeXs available now, the hacker can easily unload all those funds.


While this isn't a "confirmed" hack yet, this is a friendly reminder to everyone who still stores loads of funds on exchanges. Your funds are a lot more safer when they're stored in your private wallet. I will keep updating the thread.

Update 1:

Looks like the hacker is cashing out using shitcoins  available in decentralized exchanges. If this is a joke by Kucoin, then it's an interesting one

https://i.postimg.cc/6TxB3X45/20200926-034552.png

Update 2: – Hack Confirmation

Kucoin just confirmed the hack:

We detected some large withdrawals since September 26, 2020 at 03:05:37 (UTC+8). According to the latest internal security audit report, part of Bitcoin, ERC-20 and other tokens in KuCoin’s hot wallets were transferred out of the exchange, which contained few parts of our total assets holdings. The assets in our cold wallets are safe and unharmed, and hot wallets have been re-deployed.

We are locating the reason for the incident, and will keep you updated once it is confirmed. Please rest assured that if any user fund is affected by this incident, it will be covered completely by KuCoin and our insurance fund.

To ensure the security of users’ assets, we will conduct a thorough security review. The deposit and withdrawal service will be suspended during the period. We will restore the service gradually after ensuring a safe state. We will keep you updated.

As "The People’s Exchange", we will take full responsibility and maintain transparency. To keep you updated regarding the latest updates, our CEO Johnny Lyu will update more details through a livestream at 12:30 (UTC+8), September 26, 2020. Please submit your questions here if you have any.

We greatly appreciate your understanding and support.

The KuCoin Team

Update 3:
More funds are being moved. Hack still on.

https://i.postimg.cc/yN8qLL8T/IMG-20200926-041856.jpg

Update 4:

In response to the hack, Kucoin's CEO hosted a livestream to discuss details of the hack: https://www.kucoin.com/news/en-kucoin-ceo-livestream-recap-latest-updates-about-security-incident

Update 5:

Tether Treasury has frozen over $20M tethers that were stolen. They're still about $120M of movable funds + some projects have agreed to invalidate some stolen tokens from their supply: https://www.kucoin.com/news/en-kucoin-ceo-livestream-recap-latest-updates-about-security-incident



The bottom line is, Kucoin will refund the stolen funds thanks to their insurance.

Well that is really true. Not your keys, not your crypto, not your money. This is why I opted last year to just use a crypto wallet where I can just swap/exchange my crypto inside the wallet. Although the fees are high, it's still very convenient for me and I am very sure that my assets are safe with me. These decentralized platforms like Uniswap are what we need now and not these CEXs.

[Findingnemo]

One good thing is people didn't lose their money, and this is another lesson for the traders who never should store their cryptos on exchanges or better move to decentralized exchanges. What is the status of the exchange right now? They are back into the action with resolving their security flaw?

[bL4nkcode]

This is really an awareness to all not to store huge funds in any exchange. As reminders always not your keys not your crypto. I've read this news in all over in social media that this exchange got hacked and of course Kucoin team assures everyone that your funds are safe. Well, this happened before that a certain exchange got hack and this is a lesson to many not to store huge of money

Well, most newbies or users who are fond of keeping their funds to exchanges always rebut that it's much better to use an exchange to store their funds since they are "assured" that their funds are insured in those exchange just like what binance and now kucoin did when they were hacked. Well, that's something good news. But, how about to those exchange that files bankruptcy after hack which there are a lot of examples to that, well, their users have no way to go but to move on.

[squatter]

150 millions or more in hot wallets seems like a large amount, do they really need to keep that much ?

I used to do arbitrage trades between Poloniex, Kucoin and Cryptopia, two out of three have now been hacked. I had nothing left on Kucoin fortunately...

Actually, 3 out of 3.

It was a long time ago, but it's worth repeating that Poloniex was once hacked. They also had a scandal last year where they stuck their margin lenders with losses to the tune of $13.5 million.

One good thing is people didn't lose their money

That remains to be seen. I really hope no one loses money. There have been plenty of "hacks" in the past where exchanges made promises initially, only to renege or disappear later on.

[BIN-BIN]

This is so bad but the good thing is that kucoin exchange and it insurance company will cover for the loses of the member found. The incident of hack is one thing that has always hit different exchange around the world. The last i hard was binance that was hacked, the important thing is that the exchange will upgrade their security after that.

[Findingnemo]

One good thing is people didn't lose their money

That remains to be seen. I really hope no one loses money. There have been plenty of "hacks" in the past where exchanges made promises initially, only to renege or disappear later on.

Kucoin CEO mentioned they have enough funds on their insurance funds to cover all these losses and they are prepared for this since 2018 but if the total hacked value is 150M then I really don't think they got enough money because Kucoin has decent amount of revenues every year but still they need 4-5 years of their total revenue to cover the loss of 150M.

[AakZaki]

I haven't used kucoin for a long time, and the last time I used it when I was active in the bounty program was about 2 years ago. Currently I don't have any assets in Kucoin. It is a pity that Kucoin can be hacked and all assets transferred to another wallet. This is a lesson for other exchanges to better secure their systems so they are not easy to hack. There is no safe system, and do not entrust all assets to an exchange platform, to avoid events like this.

Fortunately, I can still return the funds or assets that have been hacked thanks to the insurance.

[DoublerHunter]

One good thing is people didn't lose their money

That remains to be seen. I really hope no one loses money. There have been plenty of "hacks" in the past where exchanges made promises initially, only to renege or disappear later on.

Kucoin CEO mentioned they have enough funds on their insurance funds to cover all these losses and they are prepared for this since 2018 but if the total hacked value is 150M then I really don't think they got enough money because Kucoin has decent amount of revenues every year but still they need 4-5 years of their total revenue to cover the loss of 150M.

^ Fotunately, something there is a hope for the kukcoin user and hold their fund. Sometimes I did not believed them, how the hell happen that their hot wallet is compromised by the hackers. There are few questions that has in my mind, how this hacker can compromise and breached the exchange account even though they don't have access on that exchange/. Lossing ~150M is a huge amount, but according to them the CEO of Kucoin is a small part.
We really don't leave our money on the market exchange, in end of the day we will always keep our money safe after trading or just leave amount that you can afford.

[BITCOIN4X]

I haven't used kucoin for a long time, and the last time I used it when I was active in the bounty program was about 2 years ago. Currently I don't have any assets in Kucoin. It is a pity that Kucoin can be hacked and all assets transferred to another wallet. This is a lesson for other exchanges to better secure their systems so they are not easy to hack. There is no safe system, and do not entrust all assets to an exchange platform, to avoid events like this.

It is a bad idea to store large amount of asset on an exchange even if the exchange is trusted. There is a clear risk of lurking around top crypto user as well as exchanges and that is hacking. This incident strengthens the argument that it is not safe if we cannot control our own asset with the keys we have.

Fortunately, I can still return the funds or assets that have been hacked thanks to the insurance.

Luck is still on your side, mate.

[CryptoSh1va]

Are the details of the hack known?

[Lanatsa]

One good thing is people didn't lose their money

That remains to be seen. I really hope no one loses money. There have been plenty of "hacks" in the past where exchanges made promises initially, only to renege or disappear later on.

Kucoin CEO mentioned they have enough funds on their insurance funds to cover all these losses and they are prepared for this since 2018 but if the total hacked value is 150M then I really don't think they got enough money because Kucoin has decent amount of revenues every year but still they need 4-5 years of their total revenue to cover the loss of 150M.

^ Fotunately, something there is a hope for the kukcoin user and hold their fund. Sometimes I did not believed them, how the hell happen that their hot wallet is compromised by the hackers. There are few questions that has in my mind, how this hacker can compromise and breached the exchange account even though they don't have access on that exchange/. Lossing ~150M is a huge amount, but according to them the CEO of Kucoin is a small part.
We really don't leave our money on the market exchange, in end of the day we will always keep our money safe after trading or just leave amount that you can afford.

They cant just easily say that its a big amount for them because it will just create some panic to its users and might widthraw all the money they do had into this exchange and never look back and that's
a big problem for them since they do know that it can heavily affect their revenue.

Its just normal for them to take the same step on what Binance did in the past where they do cover up the loss and continue to the business. Exchange hack isn't something new on this market
this is why its never been ideal to leave big amounts of coins you do had on exchange.

We know the risk but there are still people whom do still neglect these very basic thing.

[aesma]

150 millions or more in hot wallets seems like a large amount, do they really need to keep that much ?

I used to do arbitrage trades between Poloniex, Kucoin and Cryptopia, two out of three have now been hacked. I had nothing left on Kucoin fortunately...

Actually, 3 out of 3.

It was a long time ago, but it's worth repeating that Poloniex was once hacked. They also had a scandal last year where they stuck their margin lenders with losses to the tune of $13.5 million.

One good thing is people didn't lose their money

That remains to be seen. I really hope no one loses money. There have been plenty of "hacks" in the past where exchanges made promises initially, only to renege or disappear later on.

I used to lend BTC on Polo but I stopped when it became less profitable. From reading your linked article it seems to me that's the risk of lending, it's not really their fault. If there is a crash, margin calls happen, that amplify the crash, adding more margin calls, it's a classic.

[Asuspawer09]

One good thing is people didn't lose their money

That remains to be seen. I really hope no one loses money. There have been plenty of "hacks" in the past where exchanges made promises initially, only to renege or disappear later on.

Kucoin CEO mentioned they have enough funds on their insurance funds to cover all these losses and they are prepared for this since 2018 but if the total hacked value is 150M then I really don't think they got enough money because Kucoin has decent amount of revenues every year but still they need 4-5 years of their total revenue to cover the loss of 150M.

^ Fotunately, something there is a hope for the kukcoin user and hold their fund. Sometimes I did not believed them, how the hell happen that their hot wallet is compromised by the hackers. There are few questions that has in my mind, how this hacker can compromise and breached the exchange account even though they don't have access on that exchange/. Lossing ~150M is a huge amount, but according to them the CEO of Kucoin is a small part.
We really don't leave our money on the market exchange, in end of the day we will always keep our money safe after trading or just leave amount that you can afford.

They cant just easily say that its a big amount for them because it will just create some panic to its users and might widthraw all the money they do had into this exchange and never look back and that's
a big problem for them since they do know that it can heavily affect their revenue.

Its just normal for them to take the same step on what Binance did in the past where they do cover up the loss and continue to the business. Exchange hack isn't something new on this market
this is why its never been ideal to leave big amounts of coins you do had on exchange.

We know the risk but there are still people whom do still neglect these very basic thing.

There was just so much news online that hack is still going in the Kucoin wallet that is surely creating panic to a lot of users on the website.

 If you have a big amount of funds in Kucoin for sure you not going to take their word for having insurance and still trade on the website. A lot of users are probably gonna end up withdrawing their funds in the end, and it's going to be a big loss for Kucoin, the hack is bad news and according to some articles it is still not solved by their team.

Personally I would not risk any amount on the website if something like this would come up, would probably end up withdrawing my funds on the website too and just trade in other exchanges.

[Yatsan]

This issue and case must serve as a lesson and also a safety reminder to everyone specially with regards to those newbies out there not to treat exchanges as storage wallets for there are potentials or possibilities like this that have happened with Kucoin. Even reliable and reputable exchanges are still prone to hacks for those hackers are getting wiser and finding lots of ways to improve their hacking techniques to make impossible thing possible. As much as possible or it is advisable that you only put your coin that is intended to be traded or in notice or observance for you to get into trading and just keep your other coins into your crypto wallet not in any exchanges for those have different purpose and must be separated in purpose in a sense that you must not treat exchanges as your main wallet to store up all your cryptos because if you do, then it is your faulty although exchanges still do have responsibility of what happened. But as a responsible crypto user, you must also be responsible on storing and keeping your cryptos safe.

[Defimwh]

This just sad, this just reassure me holding coin for a long period of time on exchange is a bad idea. but i'm glad they will refund all the money that stolen.

[lepbagong]

Information: taken from Kucoin's official Telegram

Updated at 16:20:00 on September 27, 2020 (UTC+8)

In response to this incident, our internal audit and related handling process is proceeding in order. We will continuously update the progress of the incident in this announcement.

- Added BTC suspicious addresses.
- Orion Protocol has announced that they have reissued ORN via a token swap.
- Covesting has announced that they have frozen the COV tokens that were transferred to the suspicious address.
- KardiaChain has announced that the new KAI takes place today.

Details of the updated information:
https://www.kucoin.com/news/en-the-latest-updates-about-the-kucoin-security-incident



note :
can finish soon and there are changes to be expected.

[bryant.coleman]

One good thing is people didn't lose their money, and this is another lesson for the traders who never should store their cryptos on exchanges or better move to decentralized exchanges. What is the status of the exchange right now? They are back into the action with resolving their security flaw?

Just a few minutes back, I was able to login to my account with Kucoin. So I guess they are allowing the users to either trade their assets or to withdraw them. None of us want to store our coins in any of the cryptocurrency exchanges. But those who do frequent trading may be tempted to do so, since withdrawals can be quite expensive with Kucoin. The last time I checked, their withdrawal fee was BTC0.0004. So it is not very economical to do deposits and withdrawals very frequently, if you are a trader.

[witcher_sense]

Naturally, that hack shows us again that there is no exchange with the perfect security exists, every single centralized exchange either has already been hacked or will definitely be hacked in foreseeable future. There is no any third alternative. Moreover, if you trade on an exchange that has low volume, liquidity, be ready to a complete loss. Such an exchange simply will not be able to recover anything. Personally, I used to trade on Kucoin in the past and never faced any problems trading there but now I have changed my mind, obviously.

The second lesson that must be learned by everyone shilling for shitcoins and "DeFi" is that your tokens are not decentralized, they can be frozen any time. There is no such thing as decentralized finance when it comes to censorable shitcoins. Your tokens are not actually yours even if you have your private keys. That motto works only in truly decentralized, immutable, neutral, open systems like Bitcoin where no one has the ability to censor, freeze or reverse your transaction. Think about it again, is it really worth to bet on coin that can be seized from you any time ?

[gildatoscamimi1]

The same day of kucoin hacked, my account in kucoin was hacked too and my coin were stolen.
I have high levev of security listed in my account: email ad password dedicaded and 2FA.
The customer assistance told me i have visited a pishing site, but its not true.
I logged in my account to see my situation and few hours later when i logged in again i sow my coins were stoled,
I dont understend how happened and how the passed the 2FA autantication sistem.

Anyway my coins have been stoled andt he customer care told me that they will not use their insurance to restore my account.
I think its unfair.

[mr.relax]

Just a few minutes back, I was able to login to my account with Kucoin. So I guess they are allowing the users to either trade their assets or to withdraw them.

Wrong.Everyone can log in , but nobody can deposit or withdraw now.Yes, the trading engine is on, you still may trade.

None of us want to store our coins in any of the cryptocurrency exchanges. But those who do frequent trading may be tempted to do so, since withdrawals can be quite expensive with Kucoin. The last time I checked, their withdrawal fee was BTC0.0004. So it is not very economical to do deposits and withdrawals very frequently, if you are a trader.

Wrong, Withdraws are very cheap with Kucoin. Other exchanges usually charge 5-10USD for a BTC withdraw.
Anyway, if you are a trader, you always have open trades on an exchange, so you need to keep funds there, obviously...

gildatoscamimi1, did you enter Kucoin via google or a link in email or did you use a browser bookmark?
my coins are still there(in Kucoins DB), but i cannot withdraw.

[gildatoscamimi1]

Just a few minutes back, I was able to login to my account with Kucoin. So I guess they are allowing the users to either trade their assets or to withdraw them.

Wrong.Everyone can log in , but nobody can deposit or withdraw now.Yes, the trading engine is on, you still may trade.

None of us want to store our coins in any of the cryptocurrency exchanges. But those who do frequent trading may be tempted to do so, since withdrawals can be quite expensive with Kucoin. The last time I checked, their withdrawal fee was BTC0.0004. So it is not very economical to do deposits and withdrawals very frequently, if you are a trader.

Wrong, Withdraws are very cheap with Kucoin. Other exchanges usually charge 5-10USD for a BTC withdraw.
Anyway, if you are a trader, you always have open trades on an exchange, so you need to keep funds there, obviously...

gildatoscamimi1, did you enter Kucoin via google or a link in email or did you use a browser bookmark?
my coins are still there(in Kucoins DB), but i cannot withdraw.

I entered Kucoin via google.

[Pamadar]

One good thing is people didn't lose their money, and this is another lesson for the traders who never should store their cryptos on exchanges or better move to decentralized exchanges. What is the status of the exchange right now? They are back into the action with resolving their security flaw?

Just a few minutes back, I was able to login to my account with Kucoin. So I guess they are allowing the users to either trade their assets or to withdraw them. None of us want to store our coins in any of the cryptocurrency exchanges. But those who do frequent trading may be tempted to do so, since withdrawals can be quite expensive with Kucoin. The last time I checked, their withdrawal fee was BTC0.0004. So it is not very economical to do deposits and withdrawals very frequently, if you are a trader.

Part of the reason why traders stored their assets inside the exchange, but if you do this kind of trades, there are options that you can deal as alternatives, you can easily convert your assets to another coin to lessen the fees.
The statement was right. not your keys not your coins, no other choice if such hacked happened you are affected together worth your money.

[peter0425]

Yeah and now hackers are starting to move the hacked amount into distributions that we can check in this thread

https://bitcointalk.org/index.php?topic=5278663.0


this is why i really opposed the idea of leaving our money inside exchange no matter what.

[mr.relax]

 

Lossing ~150M is a huge amount, but according to them the CEO of Kucoin is a small part.

Exactly this makes me nervous. If this shall be a small part, how many billlions Kucoin pretends to hold? Thats ridicoulous.
The hackers did not only take the hot wallets or the hot wallets were much to big. Thats the only explanation.
Also on the website they dont write anything.

[Twinkledoe]

Lossing ~150M is a huge amount, but according to them the CEO of Kucoin is a small part.

Exactly this makes me nervous. If this shall be a small part, how many billlions Kucoin pretends to hold? Thats ridicoulous.
The hackers did not only take the hot wallets or the hot wallets were much to big. Thats the only explanation.
Also on the website they dont write anything.

They won't disclose the real amount they are holding. But I believe that $150M is really a small part of their holdings. So they have no reason to compensate their users who lost funds from their exchange. Another lesson for those crypto users that are still storing their funds in the exchange.

[gildatoscamimi1]

One good thing is people didn't lose their money, and this is another lesson for the traders who never should store their cryptos on exchanges or better move to decentralized exchanges. What is the status of the exchange right now? They are back into the action with resolving their security flaw?

my coins gone.
My account was hacked and Kucoin told me the will not use the insurance.

Congratulations to kucoin, i will never invest in their exchange.
They have lost a customer.

[XCANA]

Lossing ~150M is a huge amount, but according to them the CEO of Kucoin is a small part.

Exactly this makes me nervous. If this shall be a small part, how many billlions Kucoin pretends to hold? Thats ridicoulous.
The hackers did not only take the hot wallets or the hot wallets were much to big. Thats the only explanation.
Also on the website they dont write anything.

They won't disclose the real amount they are holding. But I believe that $150M is really a small part of their holdings. So they have no reason to compensate their users who lost funds from their exchange. Another lesson for those crypto users that are still storing their funds in the exchange.

Kucoin hack wasn't something we should talk about because the stolen funds from the cryptocurrency exchange was from their hot wallet and not their exchange.CEO Lu said that, traders funds will be refunds back to traders and investors in their exchange, so, there will be a compensation from the cryptocurrency exchange

[shield132]

If $150m was hacked, it's probably safe to assume that it's probably their hot wallets that got accessed.

With that said though, let's not come to conclusions immediately and wait for an actual announcement regardless how shady things currently are. But yea, definitely don't leave funds unnecessarily on exchanges.


EDIT: So, it really is their hot wallet lol. At least they're going to cover the lost funds, I guess?

https://www.kucoin.com/news/en-kucoin-security-incident-update

Can you guess what's paradox here? Exchanges suggest you to leave your funds on their websites because it's fast, secure and easy to access but in reality it's fast, insecure and impossible to access. Why? Because funds are usually lost.
Btw they should cover lost funds or at least there should be something that will push them to do that. KYC is implemented like it's sugar candy... KYC documents are hacked, our wallets are hacked, no one is punished? Is this fair? It's legit criminal.

[MCobian]

To be honest I am not surprised by the incident that the KuCoin exchange was hacked, because there are already a lot of topics
in this forum that provide advice not to turn exchanges into wallets. Even though to my knowledge KuCoin has a pretty good
security system. But still, it doesn't guarantee that our coins will be safe from hackers. Finally, this incident has proven to all of us
that it is indeed very risky to store coins on exchanges.

[Alucard1]

$150m is really huge money, I wonder how a person with that kind of money store it to the exchange, it seems like he is a beginner but he already has that kind money stored in the exchange, it is still better to store it from the hardware wallet compared to any exchange because it will make you assure that your money is really safe. If you are holding a huge amount of money then you should be careful and always think the possibility that hackers are always there an is really hooked up by big money.

I can understand that some people have part of their funds in the exchanges, especially if they trade.

If someone has all the funds in an exchange he has to be a newbie. If not, he deserves what he gets.

Even though your assessment is true, no one deserves to be the victim of theft, there is some expert who failed with this for some reason, it is bad that the judge them on it.

[bonjouros]

It will be good if the team behind the exchange will really compensate the money that were lost as it is their fault in the first place. The same with Binance, they easily compensate all the money that were lost during the hack of their exchange.

If Kucoin can do the same then there is nothing to worry as long as they are willing to compensate the money but this will be best sample that storing a large amount of money to an exchange is really not a good idea in which I fully agree because the hackers are targeting the big exchanges as they can surely steal huge amount of money from them if they will become successful.

[bryant.coleman]

Just a few minutes back, I was able to login to my account with Kucoin. So I guess they are allowing the users to either trade their assets or to withdraw them. None of us want to store our coins in any of the cryptocurrency exchanges. But those who do frequent trading may be tempted to do so, since withdrawals can be quite expensive with Kucoin. The last time I checked, their withdrawal fee was BTC0.0004. So it is not very economical to do deposits and withdrawals very frequently, if you are a trader.

Part of the reason why traders stored their assets inside the exchange, but if you do this kind of trades, there are options that you can deal as alternatives, you can easily convert your assets to another coin to lessen the fees.
The statement was right. not your keys not your coins, no other choice if such hacked happened you are affected together worth your money.

Converting assets in to another coin, in order to lower the fees is not a good move in my opinion. For example, if you are converting BTC to BCH, then you need to pay the trading fee (although it can be as low as 0.01%). Then you need to pay the fee again, when you convert this BCH back to BTC. And then you have to deal with the volatility in the BCH exchange rates. I would rather pay the high fees.

Wrong, Withdraws are very cheap with Kucoin. Other exchanges usually charge 5-10USD for a BTC withdraw.
Anyway, if you are a trader, you always have open trades on an exchange, so you need to keep funds there, obviously...

Hmm.. compared to the other exchanges, yes.

[Findingnemo]

One good thing is people didn't lose their money, and this is another lesson for the traders who never should store their cryptos on exchanges or better move to decentralized exchanges. What is the status of the exchange right now? They are back into the action with resolving their security flaw?

my coins gone.
My account was hacked and Kucoin told me the will not use the insurance.

Congratulations to kucoin, i will never invest in their exchange.
They have lost a customer.

We are talking about the exchange hack which happened few day before, but no exchange is responsible if you let your account hacked by someone though weak passwords or let th know your passwords.Don't let your funds to stay longer in any exchange, just keep moving them.

[gildatoscamimi1]

One good thing is people didn't lose their money, and this is another lesson for the traders who never should store their cryptos on exchanges or better move to decentralized exchanges. What is the status of the exchange right now? They are back into the action with resolving their security flaw?

my coins gone.
My account was hacked and Kucoin told me the will not use the insurance.

Congratulations to kucoin, i will never invest in their exchange.
They have lost a customer.

We are talking about the exchange hack which happened few day before, but no exchange is responsible if you let your account hacked by someone though weak passwords or let th know your passwords.Don't let your funds to stay longer in any exchange, just keep moving them.

What do you know about my haked account?
My password was not weak, i didnt let know the password to others, i had 2FA autentication on,in may account the security level is listed: high, i didnt visit pishing sites, but the same day of the haked of kucoin someone haked my account e stoled my coin.

[shoreno]

One good thing is people didn't lose their money, and this is another lesson for the traders who never should store their cryptos on exchanges or better move to decentralized exchanges. What is the status of the exchange right now? They are back into the action with resolving their security flaw?

my coins gone.
My account was hacked and Kucoin told me the will not use the insurance.

Congratulations to kucoin, i will never invest in their exchange.
They have lost a customer.

We are talking about the exchange hack which happened few day before, but no exchange is responsible if you let your account hacked by someone though weak passwords or let th know your passwords.Don't let your funds to stay longer in any exchange, just keep moving them.

What do you know about my haked account?
My password was not weak, i didnt let know the password to others, i had 2FA autentication on,in may account the security level is listed: high, i didnt visit pishing sites, but the same day of the haked of kucoin someone haked my account e stoled my coin.

maybe he was just guessing ? thats his guess because why not kucoin say that if your among of those who got hacked recently  . how much money you stored ? if that is small , they should easily pay it or prioritize it compare to those who have bigger funded users because those are harder to pay or what if they prioritize them because they have huge fund and they think they are more important  .  for pass words   , weak passwords wont be allowed or you cant proceed on the next page till you follow the suggested password  .

[blckhawk]

To be honest I am not surprised by the incident that the KuCoin exchange was hacked, because there are already a lot of topics
in this forum that provide advice not to turn exchanges into wallets. Even though to my knowledge KuCoin has a pretty good
security system. But still, it doesn't guarantee that our coins will be safe from hackers. Finally, this incident has proven to all of us
that it is indeed very risky to store coins on exchanges.

First of all, there's no perfect program, website, and whatsoever no matter how firm the security there is still a chance that it can be infiltrate even it has military security.
Next thing is that everyone has already been warned that don't leave your funds in an exchange, it is not a wallet for the first place. And if you are planning to leave funds to save some fees you should only leave a small amount. Exchanges can be hacked anytime or something might happen unexpectedly that we not so sure we like.
I hope that this should serve as a lesson that Not your keys, not your coins. Anyway, I feel bad though for those who lose their coins.

[gildatoscamimi1]

One good thing is people didn't lose their money, and this is another lesson for the traders who never should store their cryptos on exchanges or better move to decentralized exchanges. What is the status of the exchange right now? They are back into the action with resolving their security flaw?

my coins gone.
My account was hacked and Kucoin told me the will not use the insurance.

Congratulations to kucoin, i will never invest in their exchange.
They have lost a customer.

We are talking about the exchange hack which happened few day before, but no exchange is responsible if you let your account hacked by someone though weak passwords or let th know your passwords.Don't let your funds to stay longer in any exchange, just keep moving them.

What do you know about my haked account?
My password was not weak, i didnt let know the password to others, i had 2FA autentication on,in may account the security level is listed: high, i didnt visit pishing sites, but the same day of the haked of kucoin someone haked my account e stoled my coin.

maybe he was just guessing ? thats his guess because why not kucoin say that if your among of those who got hacked recently  . how much money you stored ? if that is small , they should easily pay it or prioritize it compare to those who have bigger funded users because those are harder to pay or what if they prioritize them because they have huge fund and they think they are more important  .  for pass words   , weak passwords wont be allowed or you cant proceed on the next page till you follow the suggested password  .

Tankyou for your answer, i appreciate very much.
My stoled coins wort a little amount of 0,055 BTC.
The interesting think is that this amount of less than 600$ was totally in Kucoins, but the hacker did a withdrawal of BTC and in my account there is the evidence of the withdrawal but there is no evidence of the transaction Kucoin-BTC. More, i dont understand how the could have the trading password too.
The customer care told me that they will not want to use their insurance for my account and to go to local police.
I went to the police but they told me that they will not do investigation for  a so little amount of money.
I really think that Kucoin is doing an unfair think.

[malikg18]

No exchange is safe now a days. Even the exchange claims its safety we should not trust. Almost after every year one exchange got attacked by Hackers. We should keep our assets in Wallets not in any exchanges.only use exchange for trading not holding.

[Jawhead999]

Tankyou for your answer, i appreciate very much.
My stoled coins wort a little amount of 0,055 BTC.
The interesting think is that this amount of less than 600$ was totally in Kucoins, but the hacker did a withdrawal of BTC and in my account there is the evidence of the withdrawal but there is no evidence of the transaction Kucoin-BTC. More, i dont understand how the could have the trading password too.
The customer care told me that they will not want to use their insurance for my account and to go to local police.
I went to the police but they told me that they will not do investigation for  a so little amount of money.
I really think that Kucoin is doing an unfair think.

It looks shady since they already stated to refund all the stolen funds from the hackers with their insurance funds. It will be easily to pay since it's small amount, I don't see any reason why they refuse it.

You need to wait Kucoin enable the deposit and withdrawal option first, if your funds still gone you can open accusation with proper format in this Scam accusation board [1]

[1] https://bitcointalk.org/index.php?board=83.0

[rodskee]

I read in news today that the hackers are distributing the hacked amount to exchange using multiple currencies.
though the whole 200million worth of hacked amount in many types of currencies were lowered because the hacking was anticipated .

hope like the other news that hackers and scammers are being caught though it takes time,looking forward that Kucoin hacker will be put behind bars also.

[Vishnu.Reang]

What do you know about my haked account?
My password was not weak, i didnt let know the password to others, i had 2FA autentication on,in may account the security level is listed: high, i didnt visit pishing sites, but the same day of the haked of kucoin someone haked my account e stoled my coin.

I guess the user data, including passwords and userids were stolen by the hackers. Then they disabled the 2FA requirement for all the accounts and gained access to your funds using the stolen userid/password. In such cases, there is hardly anything you can do to prevent the robbery. It is not your fault, but the fault of the exchange. I hope that they'll reimburse the funds.

[gildatoscamimi1]

Tankyou for your answer, i appreciate very much.
My stoled coins wort a little amount of 0,055 BTC.
The interesting think is that this amount of less than 600$ was totally in Kucoins, but the hacker did a withdrawal of BTC and in my account there is the evidence of the withdrawal but there is no evidence of the transaction Kucoin-BTC. More, i dont understand how the could have the trading password too.
The customer care told me that they will not want to use their insurance for my account and to go to local police.
I went to the police but they told me that they will not do investigation for  a so little amount of money.
I really think that Kucoin is doing an unfair think.

It looks shady since they already stated to refund all the stolen funds from the hackers with their insurance funds. It will be easily to pay since it's small amount, I don't see any reason why they refuse it.

You need to wait Kucoin enable the deposit and withdrawal option first, if your funds still gone you can open accusation with proper format in this Scam accusation board [1]

[1] https://bitcointalk.org/index.php?board=83.0

Thanks a lot for the information.
How many days do you think i have to wait before open an accusation?

[gildatoscamimi1]

What do you know about my haked account?
My password was not weak, i didnt let know the password to others, i had 2FA autentication on,in may account the security level is listed: high, i didnt visit pishing sites, but the same day of the haked of kucoin someone haked my account e stoled my coin.

I guess the user data, including passwords and userids were stolen by the hackers. Then they disabled the 2FA requirement for all the accounts and gained access to your funds using the stolen userid/password. In such cases, there is hardly anything you can do to prevent the robbery. It is not your fault, but the fault of the exchange. I hope that they'll reimburse the funds.

I wrote a lots of time to the Kucoin customer service in chat too, they dont want to use their insurance to restore my account.
They told me a lots of time to go to local police.
Wen i went to the police they told me very clearly that for a so poor amount of money the dont do investigation.
When i told this to the customer service the answered that they are truly sorry form my experience and that its not their fault.

I dont think is fair.

[Findingnemo]

Tankyou for your answer, i appreciate very much.
My stoled coins wort a little amount of 0,055 BTC.
The interesting think is that this amount of less than 600$ was totally in Kucoins, but the hacker did a withdrawal of BTC and in my account there is the evidence of the withdrawal but there is no evidence of the transaction Kucoin-BTC. More, i dont understand how the could have the trading password too.
The customer care told me that they will not want to use their insurance for my account and to go to local police.
I went to the police but they told me that they will not do investigation for  a so little amount of money.
I really think that Kucoin is doing an unfair think.

It looks shady since they already stated to refund all the stolen funds from the hackers with their insurance funds. It will be easily to pay since it's small amount, I don't see any reason why they refuse it.

You need to wait Kucoin enable the deposit and withdrawal option first, if your funds still gone you can open accusation with proper format in this Scam accusation board [1]

[1] https://bitcointalk.org/index.php?board=83.0

He mentioned his account was hacked and the funds were moved but this is not going to happen when the exchange's hot wallet hacked.People already cofnriemd that they can see their funds on the kucoin even after the hack so this is not something to do with Kucoin's hotwallet hack.

@gildatoscamimi1 can you exactly mention when your account got hacked and funds were moved?

[gildatoscamimi1]

Tankyou for your answer, i appreciate very much.
My stoled coins wort a little amount of 0,055 BTC.
The interesting think is that this amount of less than 600$ was totally in Kucoins, but the hacker did a withdrawal of BTC and in my account there is the evidence of the withdrawal but there is no evidence of the transaction Kucoin-BTC. More, i dont understand how the could have the trading password too.
The customer care told me that they will not want to use their insurance for my account and to go to local police.
I went to the police but they told me that they will not do investigation for  a so little amount of money.
I really think that Kucoin is doing an unfair think.

It looks shady since they already stated to refund all the stolen funds from the hackers with their insurance funds. It will be easily to pay since it's small amount, I don't see any reason why they refuse it.

You need to wait Kucoin enable the deposit and withdrawal option first, if your funds still gone you can open accusation with proper format in this Scam accusation board [1]

[1] https://bitcointalk.org/index.php?board=83.0

He mentioned his account was hacked and the funds were moved but this is not going to happen when the exchange's hot wallet hacked.People already cofnriemd that they can see their funds on the kucoin even after the hack so this is not something to do with Kucoin's hotwallet hack.

@gildatoscamimi1 can you exactly mention when your account got hacked and funds were moved?

Yes, my account got hacked the same day of the hot walker of kucoin. I know that are different thinks but three truth is simply this.
I do Not have answers Joe Coulthard happen. The day of the hacked of hot dalle of kucoin i logged in my account, some hours later i logged in again and i realizza what happenef. Show the pasdbthe 2FA autenticazione, who they hot my trading password.
I always have had high level of acvuracy on presente security oh all My password and its the first Time i have a so bad experience. I know i will never revolver my coins, but i dont have fault.

[Mahanton]

Tankyou for your answer, i appreciate very much.
My stoled coins wort a little amount of 0,055 BTC.
The interesting think is that this amount of less than 600$ was totally in Kucoins, but the hacker did a withdrawal of BTC and in my account there is the evidence of the withdrawal but there is no evidence of the transaction Kucoin-BTC. More, i dont understand how the could have the trading password too.
The customer care told me that they will not want to use their insurance for my account and to go to local police.
I went to the police but they told me that they will not do investigation for  a so little amount of money.
I really think that Kucoin is doing an unfair think.

It looks shady since they already stated to refund all the stolen funds from the hackers with their insurance funds. It will be easily to pay since it's small amount, I don't see any reason why they refuse it.

You need to wait Kucoin enable the deposit and withdrawal option first, if your funds still gone you can open accusation with proper format in this Scam accusation board [1]

[1] https://bitcointalk.org/index.php?board=83.0

He mentioned his account was hacked and the funds were moved but this is not going to happen when the exchange's hot wallet hacked.People already cofnriemd that they can see their funds on the kucoin even after the hack so this is not something to do with Kucoin's hotwallet hack.

@gildatoscamimi1 can you exactly mention when your account got hacked and funds were moved?

Maybe this do happen earlier or few weeks back before the hack happens or can we say that this is a different case scenario which isnt related on the current Kucoin hacking incident.
It would be better if he would clarify on when it did happen. so at least we have the slightest idea if this one correlated on the recent hack or not.
As you mentioned funds that there are users who do said that funds are still there after the hack which might be totally different case.

As i had read up recently that hacked funds came from Kucoin had moved into several decentralized platforms.Seems like this hacker wont really leave out any trace.

[Findingnemo]

snip....

@gildatoscamimi1 can you exactly mention when your account got hacked and funds were moved?

Yes, my account got hacked the same day of the hot walker of kucoin. I know that are different thinks but three truth is simply this.
I do Not have answers Joe Coulthard happen. The day of the hacked of hot dalle of kucoin i logged in my account, some hours later i logged in again and i realizza what happenef. Show the pasdbthe 2FA autenticazione, who they hot my trading password.
I always have had high level of acvuracy on presente security oh all My password and its the first Time i have a so bad experience. I know i will never revolver my coins, but i dont have fault.

I think this is just a coincidence, and you can't claim that kucoin steal your funds because you only know your passwords and Kucoin has no reason to leak that to someone and let your funds to steal because it is not a shady kind of exchange, this is something similar to binance.

If the hacker entered all the login details correct then you must be phished.

[gildatoscamimi1]

snip....

@gildatoscamimi1 can you exactly mention when your account got hacked and funds were moved?

Yes, my account got hacked the same day of the hot walker of kucoin. I know that are different thinks but three truth is simply this.
I do Not have answers Joe Coulthard happen. The day of the hacked of hot dalle of kucoin i logged in my account, some hours later i logged in again and i realizza what happenef. Show the pasdbthe 2FA autenticazione, who they hot my trading password.
I always have had high level of acvuracy on presente security oh all My password and its the first Time i have a so bad experience. I know i will never revolver my coins, but i dont have fault.

I think this is just a coincidence, and you can't claim that kucoin steal your funds because you only know your passwords and Kucoin has no reason to leak that to someone and let your funds to steal because it is not a shady kind of exchange, this is something similar to binance.

If the hacker entered all the login details correct then you must be phished.

But how they get the 2FA autentication and the trading password?

[Warkop]

snip....

@gildatoscamimi1 can you exactly mention when your account got hacked and funds were moved?

Yes, my account got hacked the same day of the hot walker of kucoin. I know that are different thinks but three truth is simply this.
I do Not have answers Joe Coulthard happen. The day of the hacked of hot dalle of kucoin i logged in my account, some hours later i logged in again and i realizza what happenef. Show the pasdbthe 2FA autenticazione, who they hot my trading password.
I always have had high level of acvuracy on presente security oh all My password and its the first Time i have a so bad experience. I know i will never revolver my coins, but i dont have fault.

I think this is just a coincidence, and you can't claim that kucoin steal your funds because you only know your passwords and Kucoin has no reason to leak that to someone and let your funds to steal because it is not a shady kind of exchange, this is something similar to binance.

If the hacker entered all the login details correct then you must be phished.

Yes, in my opinion from the past until now exchanges like kucoin or other exchanges will never leak secret codes when registering there, all personal data will definitely be secured with them for all their users, in my opinion it might also be his fault that he always clicks the link carelessly or he opens the exchange elsewhere, when he was in a hurry he forgot to close his exchange account there.

[Findingnemo]

But how they get the 2FA autentication and the trading password?

Social engineering attack is the best possible way to bypass 2FA authentication!

Did you entered into your kucoin account recently but failed to get access to it for short term? If yes then you entered into a fake website so the hacker used the code you entered into your real account and get the access of it.