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

[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.

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[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?