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

[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.

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[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.