KUCOIN Hacked

[reza7777]

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.

Once again, cybersecurity is MANDATORY in the current crypto environment

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

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[MadeMen]

It feels really devastating reading that kucoin has been hacked. I'm only happy that the hack would not affect the users funds, but 157 million dollars is not a small sum to walk over. Something really needs to be done about these incessant hacks. It's less than a month since we heard EterbaseExchange was hacked. I'm really not finding this hack issue funny. Every exchange should guard their assets more this period.

[CoinSmash]

That's a shame because Kucoin is a good trading platform.  This drives home the point of why effective security is critical in the crypto industry.

[arayde]

People shoudn't store their money on the exchanges as we all said many times before. Good proof of it

[mirakal]

Bad for the exchange but good for the traders as they are not affected since all the hacked funds are replace by Kucoin.

That's the same news Binance had in the past, they were hack but they replace the funds lost through their SAFU funds, good thing Kucoin didn't lose everything. Now, they have to improve their security system to prevent this from happening again.

[TGD]

People shoudn't store their money on the exchanges as we all said many times before. Good proof of it

The user funds was safe because Kucoin will use there insurance fund to cover the loss. You are right that people should not store there money on exchange but the greatest lesson that I learned on this event was choose an exchange that has an insurance fund to cover loss in case this kind of emergency happens like Binance insurance.

I believe kucoin can easily recover this loss because they are catering DeFi coins that are not listed on some famous Centralized exchange.

[Saisher]

I thought Kucoin was one of the best crypto exchanges in terms of security. Maybe people will go to DEX because of this type of activity. Your wallets your funds you are responsible for its security. People can not blame others and hackers will not be able to hack that many wallets. We should think about a DEX that will be fully decentralized but can provide the same service and speed that a CEX dose.

I also thought that this is the first time that they are hacked, but Kucoin is a top exchange and regulated so all member's fund are safe, it's very unfortunate that this thing happen I always admire Kucoin for their top level security, hackers are really good to hacked a top exchange in the industry.

[ampu]

Kucoin is a cryptocurrency exchange of the same era as Binance and is loved by everyone. This exchange has a large and stable trading volume. After this attack, people may gradually shift their money to DEX more.
The 150 million dollars taken away is too big and this is bad news for the market. Hopefully, Bitcoin will not continue to fall in price.

[Malam90]

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.

Once again, cybersecurity is MANDATORY in the current crypto environment

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

I am a trader at Kucoin and i have checked my funds are safe. Kucoin team immediately locked deposit and withdraw but now the old word "Cyber Security" is must needed but where is that security? Probably there is no security yet that can prvent hack. As an investor, i always feel any time my tokens or balance can be hacked if exchange hacked.

[aioc]

Bad for the exchange but good for the traders as they are not affected since all the hacked funds are replace by Kucoin.

That's the same news Binance had in the past, they were hack but they replace the funds lost through their SAFU funds, good thing Kucoin didn't lose everything. Now, they have to improve their security system to prevent this from happening again.

Really bad for them bur this made us validate our belief and recommendation that we should only trade on the top exchange in the industry that will insured our coins in case there is a hacked in their platform, Kucoin is a highly reputable and one of the top exchange in the market, they can assured their traders that no traders's coins are lost, but this is the kind of news that newbies are fearing.

[lepbagong]

yes, on telegram they have explained the kuckoin problem;



means that we will wait for the latest news with the problems that occur.



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

[chikator]

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.

Once again, cybersecurity is MANDATORY in the current crypto environment

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

Luckily i can still see my coin in kucoin. But if ever i did lose my coins i want them to be replaced by the same coin and not by bitcoin. This Kucoin hacking scare really got me.

[Xxmodded]

yes, on telegram they have explained the kuckoin problem;



means that we will wait for the latest news with the problems that occur.



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

Why many exchange look easily hack by another? how their security system working to keep exchange keep secure and most safety when many investor trust and hold their assets on exchange market, we know how many exchange market close after hacking like cryptopia and will be Kucoin the next exchange will close their progress working? any one think how come hacker could take the market exchange fund and did you think team or exchange market it self doing this, they hacked and sold coin with higher amount and the give announcement with hacking.

[meanwords]

Really bad for them bur this made us validate our belief and recommendation that we should only trade on the top exchange in the industry that will insured our coins in case there is a hacked in their platform, Kucoin is a highly reputable and one of the top exchange in the market, they can assured their traders that no traders's coins are lost, but this is the kind of news that newbies are fearing.

It's really unfortunate that this happened but this will also serve as an example that the exchanges are responsible for our lost and fortunately enough, they are going to compensate the users. This is probably one of the reason why people should trade at the top exchanges because they have the means and funds to return the money as long as they are at fault. I hope Kucoin really learns from this and tighten their security as I am also a user who use their platform for trading Bitcoin.

[sarmrakib]

I have seen this news its a huge amount been hacked .I think they should need to take more steps on security to protect the attack .However, pleased to know that cold wallet are still safe .Hopefully they will recover soon.

[rodskee]

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.

Once again, cybersecurity is MANDATORY in the current crypto environment

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

have just read this recently about the said hacking in twitter,Kucoin is the best trading platform like Binance ,with the tight security of this exchange yet hackers come to penetrate ,so what about other Big exchange?
are we not safe as well?
this is the reason why we must not let our cryptos in exchange,for our own securities.

I have seen this news its a huge amount been hacked .I think they should need to take more steps on security to protect the attack .However, pleased to know that cold wallet are still safe .Hopefully they will recover soon.

actually not as big as how hackers of exchange targeting but this will reflect in the whole market now,because some users will surely panicked because of this incident .

[ryap12]

It feels really devastating reading that kucoin has been hacked. I'm only happy that the hack would not affect the users funds, but 157 million dollars is not a small sum to walk over. Something really needs to be done about these incessant hacks. It's less than a month since we heard EterbaseExchange was hacked. I'm really not finding this hack issue funny. Every exchange should guard their assets more this period.

I think Eterbase Exchange does not have a solid security and can be easily hacked by skilled hackers. Compared to Kucoin which is already a known exchange for 3 years now. Good thing for Kucoin that they are going to pay the stolen assets. I also hope whoever is behind the hack will be caught or will not able to use the funds.

Looking at the hackers wallet there are still small transactions coming in. I think the hacker uses bot and automatically withdraws from all the wallets which got access to it.

[mnporter2001]

It feels really devastating reading that kucoin has been hacked. I'm only happy that the hack would not affect the users funds, but 157 million dollars is not a small sum to walk over. Something really needs to be done about these incessant hacks. It's less than a month since we heard EterbaseExchange was hacked. I'm really not finding this hack issue funny. Every exchange should guard their assets more this period.

it is really difficult to stop hackers. Most of the big exchanges nowadays often have very high security, but hackers still find the vulnerability. hence I don't expect any security-optimized application, I just hope exchanges should adjust the ratio between hot and cold wallets. they should reduce the percentage of money in hot wallets and increase the rate on cold wallets.
As for us, we should divide the capital into many exchanges. When we get hacked, we only lose a part, this is the best way to protect our assets in the crypto market.

[optimisticcm]

That is a massive hack and obviously this money if they hacker is able to cash it out successfully will make him life changing financial turn around but recently i have seen that the cybercrime authorities have traced and tracked down such hackers wherre there is no option for hacker other than refunding or going to jail, so most people to refund the money and avoid punishment but the thing is that when all these exchanges will be able to secure the funds in a hack proof way. I think right now is the time otherwise they will lose vusiness and perhaps will be completely replaced by the decentralized exchanges.

[Yey09]

Not your keys... You all know that any exchange could be hacked sooner or later. Industry-specific risks

[jossiel]

Just like what Binance has done before, funds are safu for traders in Kucoin. But if this is just another exchange and not a reputable one, those funds were gone forever and there will be no accountability for that exchange.

Traders should keep their trading funds affordable in their exchange account. But if they treat it as a cold storage, your funds are never safe.

[cepot9]

Quite disappointed with kucoin, they are a huge exchange and almost on a binance equivalent but they don't seem to be strict on security. The funds that were stolen were really large and even though they made up for it, losing that much was painful and it was better to spend half of it on security than to lose it stolen.

[Raflesia]

This is very surprising news, of course with the top and safe exchanges before they finally get hit by hackers and the funds taken are quite a lot, of course they will experience very large losses.
With such a statement, traders don't need to worry because their funds will be safe and replaced by Kucoin, but this is an unexpected incident where hackers are able to easily break into their security.
Will this not happen again? security must be at the level again so that it is more secure from any attack.

[Jackl87]

I just saw this news and logged into to kucoin to see if my funds are still there, and they are.
To get hacked is one of the worst things that can happen to an exchange, but i think that kucoin handled the situation pretty well, with compensating everyone that lost money.
Also the price of kucoinshares hasn't dropped as much as i would have expected under this circumstances.

[Ridwan Fauzi]

Being a crypto currency trader/investor is highly risk, everyone not only have to facing the volatility price movement but the hacking event as well. You could loss your money without any guarantees, like this incident.

But yeah this incident will give a slightly effect for crypto currency price movement, especially ETH price movement. The hacker could dump to sell all the ETH that they got, be carefull and stay safe.

[Akiko]

I just saw this news and logged into to kucoin to see if my funds are still there, and they are.
To get hacked is one of the worst things that can happen to an exchange, but i think that kucoin handled the situation pretty well, with compensating everyone that lost money.
Also the price of kucoinshares hasn't dropped as much as i would have expected under this circumstances.

Its too early to say that it's cannot beaffected since this latest news  is not yet heard by everyone wait for one day if it's really not affect the price of it's own crypto  currency .the hacked amount is too big worth $150m and there is no way it will not affect the market price unless they already solve this today before users will got panic with this news.

[djmixen]

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.

Once again, cybersecurity is MANDATORY in the current crypto environment

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

Kucoin is not the only exchange platform that has been hacked, remember Binance hacked also before and recovered it.
If binance exchange before was being hacked where it was one of the top exchange in the market how much more kucoin, But of course
this exchange(Kucoin) can resolve this issue for sure. Let's give it time.

[AjithBtc]

Kucoin being one of the leading cryptocurrency exchange failing to secure its fund gives a fear among cryptocurrency users. From the official Twitter statement their hot wallet is declared as safe, so this won't make a big impact over the cryptocurrency market. If the hack has led to loss of funds, surely the market would've experienced a little crash by now.

[Bitstar_coin]

Very unfortunate to be honest,  I just read it on dia announcement channel and am shocked to read it, this hackers keep making life hard for investors, making investors feel uncomfortable to leave their assets on the exchange, i really doubt there will be a lasting solution to keep hackers at bay.

[pixie85]

It feels really devastating reading that kucoin has been hacked. I'm only happy that the hack would not affect the users funds, but 157 million dollars is not a small sum to walk over. Something really needs to be done about these incessant hacks. It's less than a month since we heard EterbaseExchange was hacked. I'm really not finding this hack issue funny. Every exchange should guard their assets more this period.

it is really difficult to stop hackers. Most of the big exchanges nowadays often have very high security, but hackers still find the vulnerability. hence I don't expect any security-optimized application, I just hope exchanges should adjust the ratio between hot and cold wallets. they should reduce the percentage of money in hot wallets and increase the rate on cold wallets.
As for us, we should divide the capital into many exchanges. When we get hacked, we only lose a part, this is the best way to protect our assets in the crypto market.

It's not dificult.

Their hot wallet wasn't hacked. It was the machine on which the wallet was hosted. Your wallets and keys stored in them are as secure as the machines used to operate them.

Probably someone clicked one link too much or used the computer to browse the Internet or answer emails.

[deathcode]

Very unfortunate to be honest,  I just read it on dia announcement channel and am shocked to read it, this hackers keep making life hard for investors, making investors feel uncomfortable to leave their assets on the exchange, i really doubt there will be a lasting solution to keep hackers at bay.

I think that's the job of the platform developer. they must perform regular maintenance regarding the security of their system. it was difficult, but when they worked harder and more carefully I thought everything could be resolved. we still can't find the right solution, but it's a big challenge for each platform to be the best.

[sayam]

This is undoubtedly another tragic moment. Again this incident proved that it's not safe to keep your funds on the exchanges. So if the exchange is to be used, it must be short-term, funds can't be left there for a longer period of time.

[YOSHIE]

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

This is bad news after all this happened to Binance exchange a few months ago, I think what happened to Binance, other exchanges like KuCoin etc, can increase the security of their exchange, and now it's happening again with the KuCoin exchange, indeed Hackers, no sleep in this.

I have used KuCoin exchange in 2018-19, but just selling, I never kept assets there, I immediately transferred it to my personal wallet safely, I hope this problem can be resolved as soon as possible, who withdrew the asset.

[Rafiqul]

Hacking a large exchange like Kucoin is really bad news for cryptocurrency. I trade there myself, fortunately my coins are safe there. EterbaseExchange and Binance  Exchange have been hacked a few days ago. I believe that Kucoin exchanges like Binance can easily recover this loss; But exchanges should take stronger action to prevent hacking, hopefully they will; I believe that at some point the cryptocurrency market may be threatened.

[Furious 7]

I have used KuCoin exchange in 2018-19, but just selling, I never kept assets there, I immediately transferred it to my personal wallet safely, I hope this problem can be resolved as soon as possible, who withdrew the asset.

It's the safest way to store assets in a personal wallet compared to having to store them in an exchange, I have thought of this before after many large exchanges being hacked so my belief is also right that hackers will happen again in the future and it's true I KuCoin become the target of the hackers and finally they are able to steal big money 150 million dollars.

After seeing this incident, I will not store assets for too long on this exchange, it will be very risky, of course, no matter how strong the security, hacks must have a more cunning way.

[Febo]

Yup it was obvious yesterday by just looking at Whale Alert at twitter. many altcoin wallets were emptied.  $157 million is a lot of money. They need to buy those coins now and not wait that their value increase and then a $157 million hack can turn into  a billion or more. Ignoring this sunk Mt.Gox.

[Jawhead999]

The user funds was safe because Kucoin will use there insurance fund to cover the loss. You are right that people should not store there money on exchange but the greatest lesson that I learned on this event was choose an exchange that has an insurance fund to cover loss in case this kind of emergency happens like Binance insurance.

It's better to store your coins on CEX has an insurance fund rather than CEX without insurance fund. But it's far far better to store your coins on non-custodial wallet than both of that. Hopefully Binance can recover all the loss when they're got hacked on 2019, but if the loss is very large and can't be recovered by SAFU nor other asset? Binance will bankrupt like MtGox. Now Kucoin act similar as Binance they can recover the loss because they have insurance fund since 2018, but we never know what will happen in the future... did Kucoin has a funds to recover the loss? or they only acting for not panic? no one knows.

Being a crypto currency trader/investor is highly risk, everyone not only have to facing the volatility price movement but the hacking event as well. You could loss your money without any guarantees, like this incident.

If they always move his coins to his non-custodial wallet after doing trade, then they will not facing this incident. That's why don't hold your coins on CEX because you don't have full control of your coins.

Will this not happen again? security must be at the level again so that it is more secure from any attack.

No system is safe in this world, even they already have a good security... it will not prevent hacker to find the system vulnerability. Not want to judge which exchange is good or bad, but IMO all CEX only waiting the time to get hacked.

tl;dr Not your keys, not your coins. CEX is not safe.

[dhemasm]

This was really bad, Damn dude $160 Mio is big amount. Even Kucoin Say they will be change the stolen asset with their reserve fund and Insurance but still it was really bad for their reputation, I mean it was big Exchange like binance. Just hope Kucoin team will Arrest the theft ASAP. Kucoin CEO was also held livestream, Did they already live? I live on different Timezone.

[CucakRowo]

It's better to store your coins on CEX has an insurance fund rather than CEX without insurance fund -snip-

True. At least your fund is SAFU when their system hacked. And indeed very true. Better to kept or funds in to our personal wallet. About binance, isn't the full refund already done, they took their SAFU funds and give back to their user?
And about kucoin, here's some update :
https://twitter.com/paoloardoino/status/1309771801581494272?s=19

i guess there's a benefit when we talk about centralized coin and exchanges.

[jrrsparkles]

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.

Once again, cybersecurity is MANDATORY in the current crypto environment

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

Luckily i can still see my coin in kucoin. But if ever i did lose my coins i want them to be replaced by the same coin and not by bitcoin. This Kucoin hacking scare really got me.

You will get the same coins as whatever presented in your wallet
Still there is no explanation about what caused the hack but for now they suspended the trading activities and withdrawals because they are taking complete overview of their security system to identify which got exploited by hackers.

[pilosopotasyo]

Not your keys... You all know that any exchange could be hacked sooner or later. Industry-specific risks

I am all praised on Kucoin's security measure they employed the best security email 2 Factor and security questions but even if they have the best security hackers are also upgrading their tools and their skills on how to hack these exchange we can consider hacking a multi million dollar business too, because there's a huge money to be made here.

[cryptoperkele]

Funny how crypto markets didn't took any hit even though it was a huge sum of money. Paradigm has shifted or something and people are not afraid that of hackers crash the charts by dumping the money, or people have just collectively decided that this is a bottom now.

[ven7net]

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.

Once again, cybersecurity is MANDATORY in the current crypto environment

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

Of course, this is very bad news for the crypto community and once again forces us all to think about protecting our funds and personal data. But the fact that one of the major cryptocurrency exchanges was hacked makes us look for other more reliable trading platforms. I believe that the administrations of crypto exchanges need to devote more time to security, since this is very important now.

[BayAngelo]

A good look at the wallet shows that the hacker made a series of attempt on different tokens listed on kucoin.  70% of the attacks yield returns while some failed resulting to those tokens appearing Zero in his/her wallet. it may appear that Kucoin responded Late when they discovered the withdrawal.  it reflects how unsafe it is to leave token on centralized echange. Kucon was one of the best to provide multiple means of security on their platform. shameful that they were exploited.

[alicea]

Holy 157 million that's a huge amount. There is no way to freeze an address on ethereum, right? Because if they don't then there could be a massive blood bath on the alt market.

[bassbity]

A good look at the wallet shows that the hacker made a series of attempt on different tokens listed on kucoin.  70% of the attacks yield returns while some failed resulting to those tokens appearing Zero in his/her wallet. it may appear that Kucoin responded Late when they discovered the withdrawal.  it reflects how unsafe it is to leave token on centralized echange. Kucon was one of the best to provide multiple means of security on their platform. shameful that they were exploited.

No one thought that Kucoin with a myriad of security could be hacked but there is power if it happens then you can't do anything except by adding even stronger security, after hearing this we are more afraid that storing large assets on this exchange can cause big risks. that we will experience.

[abel1337]

The amount stolen is just mindblowing, What if the hacker tries to dump half of the tokens    This is a big loss for Kucoin and for the crypto community as well. We see Kucoin as one of the best-centralized exchange today and when hacking incidents happen like this, It would make us think that even a well-known exchange that has good security can be hacked, What more if it is a small exchange. I don't know what Kucoin will do in this situation.

[Galley]

No one will ever be able to guarantee one hundred percent security of our assets on crypto-exchanges. Hackers find vulnerabilities and we are always at risk of loss. One thing reassures me that all the losses must be compensated, but the unpleasant aftertaste, nevertheless, remained.

[jrrsparkles]

Funny how crypto markets didn't took any hit even though it was a huge sum of money. Paradigm has shifted or something and people are not afraid that of hackers crash the charts by dumping the money, or people have just collectively decided that this is a bottom now.

Its just because of their announcement, no trader's fund will be lost due to the hack so users are really safe and its a loss for the exchange only, but it will have some effect on the prices for sure but not yet since not much people knew this hack and people will try to move their funds or cashout once they knew it.

[mamesso]

According to KuCoin Global CEO Johnny Lyu, he confirmed that the hack resulted in the loss of a number of Bitcoin (BTC), Ethereum (ETH) and a number of ERC20 type tokens from the company's hot wallet, KuCoin has contacted international law enforcement and offered bonuses of up to $100,000 to those who can provide a useful exchange of information about the case, This loss occurred due to leakage of KuCoin hot wallet private keys. And the good news is that Kucoin promises to reimburse the user money lost in the hack using his cold wallet. Hopefully the Kucoin party can improve the deposit and withdrawal functions in the near future.

[Shallow]

Another major exchange hacked which shows that no exchange is safe or totally secure as they claimed hence very mandatory that users take responsibility of their assets by saving it outside the exchange. Even if they are able to offer a solution to users, at least now it has proven to users to be extremely careful when trading on any exchange. In addition, with Kucoin planning on repaying users shows that indeed it is a major exchange as most exchanges which experienced hacks ends up going out of service.
However, on the other hand, issues like this is what keeps dragging the crypto space behind wherein it delays its mass adoption.

[flagpara]

Holy 157 million that's a huge amount. There is no way to freeze an address on ethereum, right? Because if they don't then there could be a massive blood bath on the alt market.

Right, probably now we couldn't see any bleeding cryptocurrency market. This time I was lucky that I had some Bitcoin on the kucoin exchange. I forgot to withdraw because I was busy. This is the main reason why we shouldn't trust any Exchange to hold our money. After the last hack Binance exchange returned all the money back to their users.

[iamaruf]

Oh, Shit man 157 Million is a big amount. Even hackers can dump the coin price. Though it will be for a short time but he can. I Read the Kucoin news and feels sad that one of the reputed exchangers hacked. but they told that users will not be going to lose their fund.

Please rest assured that if any user fund is affected by this incident, it will be covered completely by KuCoin and our insurance fund.

[forexandcryptoauditor]

This incident shows that no exchange or wallet is safe from hackers. Second part is Kucoin managed it very well and the hacked hot wallets were redeployed. As per the update, cold wallets are safe and if any user is affected, Kucoin's insurance will get it covered. This is what expected from a good exchange.

[Mulann2]

Waw! Can't believe this time it is Kucoin that got hit by this savage hackers, Can't believe when I saw the post, this is the reason I never hold anything on exchange no matter how secure the exchange claims to be because at the end this is when to know if a project is actually secure or not, i don't think the culprit will be caught.

[JeffBrad12]

Luckily i can still see my coin in kucoin. But if ever i did lose my coins i want them to be replaced by the same coin and not by bitcoin. This Kucoin hacking scare really got me.

As long as you can see your balance in your account and then you can do nothing rather than waiting for the developers to resume the withdrawal and deposit in the next week. They will not replace your money with bitcoin.

It's clearly stated by them and this time all of USDT that has already stolen has been frozen by tether's company and then it will be replaced with new tether.

in this case, the rolling back can't be used for a coin such BTC.

We have learned a lot of research.

[AmoreJaz]

Waw! Can't believe this time it is Kucoin that got hit by this savage hackers, Can't believe when I saw the post, this is the reason I never hold anything on exchange no matter how secure the exchange claims to be because at the end this is when to know if a project is actually secure or not, i don't think the culprit will be caught.

this time hackers tested the vulnerability of kucoin. more to come i guess.
 a testament that users should not store their coins to exchanges, even to these top exchanges. maybe ok for those that have insurance policies like BNB and coinbase. but if you have the capability to secure your coins or tokens, why not? all of these exchanges, whether big or small are vulnerable to attack. coz these hackers will not stop as most of them already made this as their mission in life!

[Johnyz]

This incident shows that no exchange or wallet is safe from hackers. Second part is Kucoin managed it very well and the hacked hot wallets were redeployed. As per the update, cold wallets are safe and if any user is affected, Kucoin's insurance will get it covered. This is what expected from a good exchange.

That’s why I don’t spend much money on any exchanges because I know they are vulnerable to the hackers, good thing they have supported funds for this and they are insured. The bit question here is, what if this happen to small exchanges which already happened and force the small exchanges to close their platform. Kucoin is one of the best cryptoexchange, someone is behind on this for sure.

[mirakal]

Bad for the exchange but good for the traders as they are not affected since all the hacked funds are replace by Kucoin.

That's the same news Binance had in the past, they were hack but they replace the funds lost through their SAFU funds, good thing Kucoin didn't lose everything. Now, they have to improve their security system to prevent this from happening again.

Really bad for them bur this made us validate our belief and recommendation that we should only trade on the top exchange in the industry that will insured our coins in case there is a hacked in their platform, Kucoin is a highly reputable and one of the top exchange in the market, they can assured their traders that no traders's coins are lost, but this is the kind of news that newbies are fearing.

If a newbie is knowledgeable, they should not fear as hack can happen in any exchange since exchanges are vulnerable to hack, if it happened to Binance which is the biggest in the list, then it could potentially happen to a smaller exchange but Kucoin survive this,  it pained them but just a bit only since they are still operating with a decent trading volume, which makes them easily recover that loses from trading fees.  

[jajorforce]

Oh, Shit man 157 Million is a big amount. Even hackers can dump the coin price. Though it will be for a short time but he can. I Read the Kucoin news and feels sad that one of the reputed exchangers hacked. but they told that users will not be going to lose their fund.

Please rest assured that if any user fund is affected by this incident, it will be covered completely by KuCoin and our insurance fund.

Maybe because of this news I have my tokens on kucoin exchange. To show the trust in front of users, kucoin announced that users will not lose their funds. Even though 157 million is a huge amount of money for an exchange. Actually over centralized exchange we don't have our funds control where we have full control on decentralized exchange.

[shinratensei_]

Holy 157 million that's a huge amount. There is no way to freeze an address on ethereum, right? Because if they don't then there could be a massive blood bath on the alt market.

The address can't be frozen but some tokens can't lock the tokens that have already stolen by the scammers. Just take a look at how tether has already helped kucoin to recover 33 million dollars from there.
All of the exchange sites have already cooperated to trace the hackers and the hackers can't send the funds anywhere as it will always ask the KYC.

The hacker can be traced.

There's no way for the hacker to withdraw their money.

[ipanks]

Oh, Shit man 157 Million is a big amount. Even hackers can dump the coin price. Though it will be for a short time but he can. I Read the Kucoin news and feels sad that one of the reputed exchangers hacked. but they told that users will not be going to lose their fund.

Please rest assured that if any user fund is affected by this incident, it will be covered completely by KuCoin and our insurance fund.

Maybe because of this news I have my tokens on kucoin exchange. To show the trust in front of users, kucoin announced that users will not lose their funds. Even though 157 million is a huge amount of money for an exchange. Actually over centralized exchange we don't have our funds control where we have full control on decentralized exchange.

It is their responsibility to convince their users not too worried because of the hacked. I think that can make some users of them are lost their half trust to that exchange. But if we take a look at history, many exchanges got hacked, and it is not the first time. We need to have a concern with our account in the exchange and don't store the coin in the exchange.

[blockchainponzi]

Very sad. Kucoin was actually a nice exchange.

But it is also essential to remember, " Not your keys, Not your funds"!

[btc_angela]

Holy 157 million that's a huge amount. There is no way to freeze an address on ethereum, right? Because if they don't then there could be a massive blood bath on the alt market.

The address can't be frozen but some tokens can't lock the tokens that have already stolen by the scammers. Just take a look at how tether has already helped kucoin to recover 33 million dollars from there.
All of the exchange sites have already cooperated to trace the hackers and the hackers can't send the funds anywhere as it will always ask the KYC.

The hacker can be traced.

There's no way for the hacker to withdraw their money.

They already contacted majority of exchanges already to block the deposits of the hackers crypto addresses, so everyone is already watching. Yes they have assured that everything is covered by their insurance so this is reassuring their users already.

But what is scary is though the exploit come from the vulnerability of the private key or their wallets. How can the hackers were able to access that? We do hope that they will come up with a good root cause analysis so that this kind of exploits can be prevented by any exchange in the future.

[$anounimus$]

And it happens again. This means that there are many things that need to be strengthened about the performance and workings of the blockchain itself, where the increase in the security factor is the most important factor to avoid being attacked by hackers again.

Hopefully, it will finish quickly, perhaps  KUCUKOIN have an alternative win-win solution to insure the funds of the customers before this happens.

[maryanti]

I hate hackers the most. The good news is that the Kucoin exchange is replacing hacked funds.

It shows the kucoin exchange platform is responsible for its members and proves that kucoin is truly trusted.

Stay vigilant with wallet security. Love your funds from hackers.

[robelneo]

I hate hackers the most. The good news is that the Kucoin exchange is replacing hacked funds.

It shows the kucoin exchange platform is responsible for its members and proves that kucoin is truly trusted.

Stay vigilant with wallet security. Love your funds from hackers.

But it's still a loss for Kucoin, they are regulated so they should make a refund and secure their trader's funds, I have a post where I praised and even congratulate Kucoin for having tough and secured security, now two of the top exchange were hacked and this is indeed bad news for the industry but I don't see the market going down as Kucoin already made an announcement that traders funds are secured.  

[stadus]

I hate hackers the most. The good news is that the Kucoin exchange is replacing hacked funds.

It shows the kucoin exchange platform is responsible for its members and proves that kucoin is truly trusted.

Stay vigilant with wallet security. Love your funds from hackers.

But it's still a loss for Kucoin, they are regulated so they should make a refund and secure their trader's funds, I have a post where I praised and even congratulate Kucoin for having tough and secured security, now two of the top exchange were hacked and this is indeed bad news for the industry but I don't see the market going down as Kucoin already made an announcement that traders funds are secured.  

That's correct, they assured that the funds are correct so investors and traders will not be disappointed. I guess soon we will see another exchange getting hack as hackers tried to break the security of exchanges, big or small, they don't exempt one.

[xOdiumNostrumx]

A huge bummer for sure regardless the fact that users will get their funds back. I know that Kucoin is not the biggest exchange and listing there is not an event that would be broadly celebrated, but I love it, I use it always when I have to tether my ETH or vice versa, it is super easy and fast and I have had zero issues with them so far, so it is really unfortunate that this happened to them.

[coin-investor]

Very sad. Kucoin was actually a nice exchange.

But it is also essential to remember, " Not your keys, Not your funds"!

Traders have nothing to worry about they assured their traders that their coins are safe they have nothing to worry the amount is huge but not enough to make them go bankrupt, they will stay in this business, this is the second hacked for this month the first one was Eterbase.exchange
but it's good that it has no negative impact on the market.

[tvplus006]

The fact that hackers were able to withdraw such an amount from the exchange is the fault of the Kucoin exchange, which ignored the security rules. A cryptocurrency exchange must store its funds in cold wallets. And if Kucoin followed these rules, then stealing $157 Million in cryptocurrency would be impossible.

[Falconer]

The fact that hackers were able to withdraw such an amount from the exchange is the fault of the Kucoin exchange, which ignored the security rules. A cryptocurrency exchange must store its funds in cold wallets. And if Kucoin followed these rules, then stealing $157 Million in cryptocurrency would be impossible.

Every exchange should have standard rules for keeping funds in cold wallets and without exception, although they have ensured traders funds will not be lost but hackers have diverted more than $ 1 million in trading on dex, the bad impacts for coins recently traded on uniswap.

[Francis Freeman]

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.

Once again, cybersecurity is MANDATORY in the current crypto environment

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

It's really sad to see such a huge amount of money getting hacked. But what I see it looks more like a inside job or by some one who has access to hot wallets rather than a hack.

[Vishnu.Reang]

It feels really devastating reading that kucoin has been hacked. I'm only happy that the hack would not affect the users funds, but 157 million dollars is not a small sum to walk over. Something really needs to be done about these incessant hacks. It's less than a month since we heard EterbaseExchange was hacked. I'm really not finding this hack issue funny. Every exchange should guard their assets more this period.

Well.. there is no quick fix solution. Exchange hacks have been regular occurrences ever since the first cryptocurrency exchange came online and it will continue to be so in the near future. The semi-anonymous nature of cryptocurrency and the ease of transferring funds from one country to another makes recovering the stolen amount even more difficult. And this, in turn attracts even more hackers and thieves.

[kapalmabur]

This is one of the worst news I have heard this year, I did not expect Kucoin to be hit by a hacker attack,
obviously this will make new investors and traders think again about plunging into the world of cryptocurrencies,
if hack cases occur frequently this will make people scared

[matchi2011]

This is one of the worst news I have heard this year, I did not expect Kucoin to be hit by a hacker attack,
obviously this will make new investors and traders think again about plunging into the world of cryptocurrencies,
if hack cases occur frequently this will make people scared

Every hacking activities brings awareness to every traders, not a good news but it will open the idea that keeping your assets inside any places where you don't control the security key is really unsafe. KuCoin is one of the good exchange that traders use after this hacking incidence for sure trust issue will take place from each traders who uses this platform.

[Yamifoud]

I say that no safe at all in online business. Every exchanger creates a very strong password that we never think that it can be hacked but the look is somewhat different. Anything we do, hackers could still crack it. I can't imagine how they did it, they are smarter than those who create the codes before then. If I've into a business like this, I'd rather have to hire these scammers...

Hope this will not fueling more the declining scenario and those who have funds left at the KuCoin exchanger will keep their trust and faith.

[TopT3ns]

This is one of the worst news I have heard this year, I did not expect Kucoin to be hit by a hacker attack,
obviously this will make new investors and traders think again about plunging into the world of cryptocurrencies,
if hack cases occur frequently this will make people scared

Every hacking activities brings awareness to every traders, not a good news but it will open the idea that keeping your assets inside any places where you don't control the security key is really unsafe. KuCoin is one of the good exchange that traders use after this hacking incidence for sure trust issue will take place from each traders who uses this platform.

I am also still confused about why this can happen because if you realize the Kucoin exchange has very high security even though it does not have gradual security like the Binane exchange, after a very large amount of funds transfer occurs on the telegram chat I read an admin who said that all funds are still safe, I don't know for sure it was hacked or just moved to a new wallet.

[wxxyrqa]

The Kucoin administration assures its clients that it will reimburse all losses incurred due to the hacking of the exchange. This is, of course, a very good indicator of the responsibility of the administration of the cryptocurrency exchange, and besides, it will positively affect future prospects so that users do not turn away from Kucoin because of this event.

[warg2017]

Once again,every year,the hack thing happen all the time,and next trading platform being hacked was which?I had traded on Kucoin before,that experience i felt Kucoin was a very good crypto platform,all operations were very user-friendly, convenient to trade.But even though Kucoin is a such good platform,i dont store my coin on it,the same is true for other platforms.

[Tamim121]

Kucoin is one of the most popular and good trading platform. A good crypto exchanger. How it can possible? I'm going mad by thinking of it.  I think that Kucoin team must improve their security and check bugs Everytime.

[Gumbo88]

wow, i don't hope after Kucoin was hacked, crypto market will be gone down. Trader need to carefull.

[Kupid002]

Kucoin is one of the most popular and good trading platform. A good crypto exchanger. How it can possible? I'm going mad by thinking of it.  I think that Kucoin team must improve their security and check bugs Everytime.

They are still new and it's only 3 years since they open up that exchange its not yet late if they will improve security of thier exchange for convenience of users and to also users will not  afraid  that there are hack that can happen again in the future.


Is there a message. from owner  exchange how they going to giveback all the lost money from this hacks incident,?

[Devss]

This incident shows that no exchange or wallet is safe from hackers. Second part is Kucoin managed it very well and the hacked hot wallets were redeployed. As per the update, cold wallets are safe and if any user is affected, Kucoin's insurance will get it covered. This is what expected from a good exchange.

That’s why I don’t spend much money on any exchanges because I know they are vulnerable to the hackers, good thing they have supported funds for this and they are insured. The bit question here is, what if this happen to small exchanges which already happened and force the small exchanges to close their platform. Kucoin is one of the best cryptoexchange, someone is behind on this for sure.

Best example bitgrail nano hack. $170M worth of crypto stolen and the company went bankrupt.

[lousie9]

at that time Binance and now Kucoin?  really crazy that the hackers have pocketed an estimated $157 million? but fortunately the Kucoin company can be responsible for compensating for the loss of assets of its users. but it is unfortunate that the top exchanges have always been the main target of hackers.

[XCANA]

I thought Kucoin was one of the best crypto exchanges in terms of security. Maybe people will go to DEX because of this type of activity. Your wallets your funds you are responsible for its security. People can not blame others and hackers will not be able to hack that many wallets. We should think about a DEX that will be fully decentralized but can provide the same service and speed that a CEX dose.

I also thought that this is the first time that they are hacked, but Kucoin is a top exchange and regulated so all member's fund are safe, it's very unfortunate that this thing happen I always admire Kucoin for their top level security, hackers are really good to hacked a top exchange in the industry.

Hackers always find something good to battle with: they understand that more difficulties with more gains and this was just  what happened to KuCoin cryptocurrency exchange. The top cryptocurrency exchanges should sit tight for their security to avoid thus type of hack in future. This hack wasn't good even though the hack doesn't affect traders and investors on their crypto exchange. KuCoin cryptocurrency exchange is my favourite but now am afraid of this exchange sincerely.

[tvplus006]

Hackers always find something good to battle with: they understand that more difficulties with more gains and this was just  what happened to KuCoin cryptocurrency exchange. The top cryptocurrency exchanges should sit tight for their security to avoid thus type of hack in future. This hack wasn't good even though the hack doesn't affect traders and investors on their crypto exchange. KuCoin cryptocurrency exchange is my favourite but now am afraid of this exchange sincerely.

The Kucoin team acted professionally, promptly reporting on the withdrawal of cryptocurrency by hackers to various wallets,which were subsequently blocked. At the moment, $129160000 in cryptocurrency has already been returned to the exchange's wallets. Hackers should now know that they will not be able to escape with the stolen cryptocurrency.

[fvb]

This is good news.  It means that everything will be returned to everyone and users have not lost anything.  The exchange keeps its brand and reputation will not suffer.  But caution and safety are most important.

[XCANA]

Hackers always find something good to battle with: they understand that more difficulties with more gains and this was just  what happened to KuCoin cryptocurrency exchange. The top cryptocurrency exchanges should sit tight for their security to avoid thus type of hack in future. This hack wasn't good even though the hack doesn't affect traders and investors on their crypto exchange. KuCoin cryptocurrency exchange is my favourite but now am afraid of this exchange sincerely.

The Kucoin team acted professionally, promptly reporting on the withdrawal of cryptocurrency by hackers to various wallets,which were subsequently blocked. At the moment, $129160000 in cryptocurrency has already been returned to the exchange's wallets. Hackers should now know that they will not be able to escape with the stolen cryptocurrency.

That's a plus for KuCoin team and the entire cryptocurrency exchange for that prompt response from them about the hack. They should now understand that they're not as smart as before now, kudos to them. Out of the $150M which was reportedly announced by the team and $129,160,000 recovered is plausible. Thanks for this enlightenment.

[ololajulo]

Eterbase got the same issue and the fund was moved to exchanges ( Binance and Huobi), the exchange got high chances of fund recovery. I am of the opinion of allowing transfer to exchange account with KYC to allow the culprit apprehended. Kucoin hack didnt affect the market but I feel the control of the transfer reduced the effect in the market dump. Recent hack look loose and unprofessional, can we say the wallets are safer or the hackers are incompetent?

[jacafbiz]

$157 million is a huge thing, something tells me that most of these exchange hacks are inside job, there has been no thorough investigation into any allege hack in the space. I read that some of their Bitcoin wallet was also compromised, that one can't be recovered buy some of these ERC20 tokens could we know that some of these projects developers can activate their God mode and recover some of these tokens

[pixie85]

Holy 157 million that's a huge amount. There is no way to freeze an address on ethereum, right? Because if they don't then there could be a massive blood bath on the alt market.

It will take time before themy manage to sell it all. I don't believe they'll just dump it like that but rather go through a number of altcoins to make it harder to trace.

Also many of those centralized coins can be stopped. Like he stole 20 million in USDt which is a balloon coin. They can choose to redeem it or not. Many of those ERC220 shitcoins are like IOU slips. He can get something or nothing.

[SaShiRaJaVu]

The Kucoin administration assures its clients that it will reimburse all losses incurred due to the hacking of the exchange. This is, of course, a very good indicator of the responsibility of the administration of the cryptocurrency exchange, and besides, it will positively affect future prospects so that users do not turn away from Kucoin because of this event.

It is no doubt a good gesture to reimburse the lost coins to its customers and when binance was hacked they too took the same decision and what i do not understand is that none of the hacks that happened in several exchanges in the past 8 years the authorities nor the exchanges was not able to recover those lost coins which is not a good sign in the long run.

[Fakhrulenclix]

The Kucoin administration assures its clients that it will reimburse all losses incurred due to the hacking of the exchange. This is, of course, a very good indicator of the responsibility of the administration of the cryptocurrency exchange, and besides, it will positively affect future prospects so that users do not turn away from Kucoin because of this event.

Responsible exchanges, that's why i check my balance on kucoin and all safe. Kucoin must think to add extra security for their platform so can to prevent the next similar case. So what about our coins?? Better to withdraw it to another exchange or store it there??

[pixie85]

The Kucoin administration assures its clients that it will reimburse all losses incurred due to the hacking of the exchange. This is, of course, a very good indicator of the responsibility of the administration of the cryptocurrency exchange, and besides, it will positively affect future prospects so that users do not turn away from Kucoin because of this event.

Responsible exchanges, that's why i check my balance on kucoin and all safe. Kucoin must think to add extra security for their platform so can to prevent the next similar case. So what about our coins?? Better to withdraw it to another exchange or store it there??

They stole it from their hot wallet so your balance did not change.

Your balance on the account is just numbers. There are no coins in your personal wallet it's all in big hot and cold wallets.

To know if you have the money you have to make a withdrawal and see if it is processed.

[samcrypto]

The Kucoin administration assures its clients that it will reimburse all losses incurred due to the hacking of the exchange. This is, of course, a very good indicator of the responsibility of the administration of the cryptocurrency exchange, and besides, it will positively affect future prospects so that users do not turn away from Kucoin because of this event.

Responsible exchanges, that's why i check my balance on kucoin and all safe. Kucoin must think to add extra security for their platform so can to prevent the next similar case. So what about our coins?? Better to withdraw it to another exchange or store it there??

They stole it from their hot wallet so your balance did not change.

Your balance on the account is just numbers. There are no coins in your personal wallet it's all in big hot and cold wallets.

To know if you have the money you have to make a withdrawal and see if it is processed.

Try to withdraw that funds and you’ll have peace of mind if you receive it on your wallet, but if not then you have to alarmed us as well.

Anyway, Kucoin can handle this one and I’m confident that they will not die just because of this hacked and I know they also have a plan when an incident like this happened, they should learn from the past hacking incidents.

[Danslip]

The only hot wallet has been compromised and all funds are safe in cold wallets. Almost all tokens are frozen by teams and the Tether team has decided to make the stolen USDT useless with deploying contract code. The tokens are useless, so anonymous altcoins will be the only exit gate of hackers to continue the devil activity.

[krisnajsadrak]

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.

Once again, cybersecurity is MANDATORY in the current crypto environment

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

another bad story in ccryptocurrency world
i hope all exchange will increasing their security to reduce the risk of being hacked

[marks1976]

another bad story in ccryptocurrency world
i hope all exchange will increasing their security to reduce the risk of being hacked

Basically, the private key of kucoin got stolen due to the phishing. There was no problem in the security that has already used by kucoin as it's clearly stated by the kucoin itself if they have already disabled all of system when the hackers were moving the amounts into the new wallets.

The problem is how can the kucoin be a victim for the phishing link? Im feeling curious about this.

[imstillthebest]

another bad story in ccryptocurrency world
i hope all exchange will increasing their security to reduce the risk of being hacked

Basically, the private key of kucoin got stolen due to the phishing. There was no problem in the security that has already used by kucoin as it's clearly stated by the kucoin itself if they have already disabled all of system when the hackers were moving the amounts into the new wallets.

The problem is how can the kucoin be a victim for the phishing link? Im feeling curious about this.

your question is also my question . how the f this happen when they are a reputable exchange or a big company , they supposed to be aware of the phishing schemes as much as common individual do  .

 only noobs got phished right now because of how easy it is to know and why will they use a single wallet for all of the funds that they held  . if let say im the owner or not but as long as i have huge funds  , ill seperate them on a different number of wallets  .

[southerngentuk]

My money has been locked up in kucoin , I can't withdraw it since 26th, they say they resume withdraws in a week but I don't think it happens that soon , they need to fix that bug or it could happen again, I always remind myself, don't keep your money in exchange but still sometimes I forget it!

[3meek]

Yes, excellent protection of the exchange, but they can become a victim of phishing! LOL! This reminds me of a cartoon like this!
You still believe about hacking exchanges?

[WiND33]

It is precisely because of such news that people have a negative opinion about cryptocurrencies. Sometimes it seems that in the field of cryptocurrencies there are no honest people, everyone wants to somehow cheat or steal. A sad reputation, this slows down development and leads to bans in different states.

[Traderbtcc]

I think it's about time everyone know that keeping their crypto in exchanges is a bad idea, just take a look at kucoin a reputable exchange still got hacked, no exchange is safe from hackers, luckily kucoin have enough money to replace the stolen one, imagine if they didn't have that much amount of money, traders would have just lost their funds without any hope of getting them back, we should just stop trusting that this exchanges will keep our crypto safe, it's no longer safe with them we should always use our wallet instead of letting our crypto remain in exchanges.

Exchange hacks are inevitable

[Renampun]

My money has been locked up in kucoin , I can't withdraw it since 26th, they say they resume withdraws in a week but I don't think it happens that soon , they need to fix that bug or it could happen again, I always remind myself, don't keep your money in exchange but still sometimes I forget it!

I hope we can all learn from this incident...
Storing coins in an exchange wallet is actually not safe because the exchange is potentially exposed to hacker attacks. currently, there are many universal wallets that are complete and have good security, such as MEW, Atomic, and Exodus.

[casperBGD]

My money has been locked up in kucoin , I can't withdraw it since 26th, they say they resume withdraws in a week but I don't think it happens that soon , they need to fix that bug or it could happen again, I always remind myself, don't keep your money in exchange but still sometimes I forget it!

I hope we can all learn from this incident...
Storing coins in an exchange wallet is actually not safe because the exchange is potentially exposed to hacker attacks. currently, there are many universal wallets that are complete and have good security, such as MEW, Atomic, and Exodus.

it is not safe nowhere, if you do not keep your credentials safe, and exchange hacks happen, but that could also happen to your credentials
one has to be careful and keep his belongings on a safe place, but it is not easy in this world, where there are hackers everywhere

nevertheless, this is a good lesson

[TastyChillySauce00]

security is definitely the most important thing when a company dealing with someone else's money and for many times centralizing asset in a hot wallet is definitely a bad idea though as we can we still have no solution to that hat's practical and efficient.
But, as the saying "no system is safe" goes maybe means we gonna see another hacking like this if the security is not tightened and the exchange not investing into security heavily or maybe start decentralizing their asset?

[iTradeChips]

At first I was confident that Kucoin was a good exchange and good in a way that you will have the best arrangements when it comes to security. I guess more and more people will be dealing with DEX now since hacks are becoming more common. We are going to be more responsible when it comes to securing and protecting our assets and our funds. There would be no blame games and hackers not really that many wallets to hack. I think that a DEX that is fully decentralized will be able to provide the security an investor needs and also the speed of the transactions are fast too.

[bakasabo]

My money has been locked up in kucoin , I can't withdraw it since 26th, they say they resume withdraws in a week but I don't think it happens that soon , they need to fix that bug or it could happen again, I always remind myself, don't keep your money in exchange but still sometimes I forget it!

Did you have a lot of cryptocurrency stuck on KuCoin? At least it is good that they announce they resume withdrawals. Heard that they promised to compensate users losses. But I just dont know how it will be made.

I know that significant amount NOIA tokens were stolen during this hack. Such amount can heavily influence projects reputation (already did) and hackers can impact on the market price. Token price has already dropped for 40% in 1 day. And team has created a token swap based on blockchain snapshot.

In other words - I had tokens worth 200$. Their value dropped to 120$ in 24h, but they still could be traded (if I was able to deposit them). Team send me "new" tokens, that currently are not traded and not movable. I had 200$, now I have tokens worth 0$ with potential of growth.

[lienfaye]

My money has been locked up in kucoin , I can't withdraw it since 26th, they say they resume withdraws in a week but I don't think it happens that soon , they need to fix that bug or it could happen again, I always remind myself, don't keep your money in exchange but still sometimes I forget it!

I have few coins also in kucoin then heard about the news of hacking.
I just check my account and my money is still there but unable to withdraw. Hoping everything went to normal again, its just shows that even the exchange has high security it is not safe from hacking. Thats why its not advisable to keep your coins in an exchange, well im planning to already trade my coins thats why its in there but this incident happened.

[stadus]

My money has been locked up in kucoin , I can't withdraw it since 26th, they say they resume withdraws in a week but I don't think it happens that soon , they need to fix that bug or it could happen again, I always remind myself, don't keep your money in exchange but still sometimes I forget it!

I have few coins also in kucoin then heard about the news of hacking.
I just check my account and my money is still there but unable to withdraw. Hoping everything went to normal again, its just shows that even the exchange has high security it is not safe from hacking.

How did we know that they have a high security? Are we assuming only? Because it's the internal control and we have no idea what they are doing inside, there are a lot of possibilities, it could be an inside job or I don't know but we just don't believe what the exchange are saying, we sure have regulators investigating on the matter and an information coming from a third party is more accurate as it's non bias information.

Thats why its not advisable to keep your coins in an exchange, well im planning to already trade my coins thats why its in there but this incident happened.

It's okay to keep if you are trading actively but up to the certain amount of what you can only afford to lose.

[Zemomtum]

Waoh, this is devastating. Kucoin has been a very solid exchange from inception. This is bad news for the crypto space. When are we going to have a save environment on crypto space? Time will surely tell

[BChydro]

My money has been locked up in kucoin , I can't withdraw it since 26th, they say they resume withdraws in a week but I don't think it happens that soon , they need to fix that bug or it could happen again, I always remind myself, don't keep your money in exchange but still sometimes I forget it!

Are they allowing you to trade, whatever it may be the situation is really shitty. Every few months we will be seeing a major exchange hack and i am thinking whether all these exchanges are designed by one team so that every few months the hackers will exploit the weakness  .

The coins are on the move and what is the total loss and hopefully you will be getting you coins, what is their response regarding customer funds, will they be refunding everyone.

[asriloni]

When are we going to have a save environment on crypto space? Time will surely tell

You can do nothing about this and the only exchange site itself who can save the funds of its users from the hacked case like this. Remember if anything was under control of the exchange site.

As the party who has been holding the user's fund and kucoin should take all of the responsibility about this.
How can you save the environment if you have no power to do that?

There must be regulation about this and then people can take action about that.

[Traderbtcc]

I think it's about time everyone know that keeping their crypto in exchanges is a bad idea, just take a look at kucoin a reputable exchange still got hacked, no exchange is safe from hackers, luckily kucoin have enough money to replace the stolen one, imagine if they didn't have that much amount of money, traders would have just lost their funds without any hope of getting them back, we should just stop trusting that this exchanges will keep our crypto safe, it's no longer safe with them we should always use our wallet instead of letting our crypto remain in exchanges.

Exchange hacks are inevitable

Agree, exchangers with good reputation will always be targeted because of the large transaction value and this invites malicious hackers to steal crypto stored in exchange wallets. Even though Kucoin has announced that it will compensate all customer losses, it is better if we store our crypto in a wallet that we hold the private key.

Of course, storing our crypto in our wallet is the best choice we can ever make, lately unpredictable events happen in the crypto world no one can tell which exchange is getting hacked next, so the best we can do is to store our large amount of crypto in our own wallet, then leave a very small or insignificant amount of our crypto on exchanges, reputable exchange or not, keeping large amount of crypto on any exchange is a bad idea.

[themohit]

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.
Once again, cybersecurity is MANDATORY in the current crypto environment
Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

Right after they went into partnership with poloniex.
Hopefully, kucoin won't struggle to compensate lost funds

[jacafbiz]

I am not in support of any hack especially the black hat hack, but the way things has gone with this Kucoin hack has brought about a lot of questions marks, not just for the Kucoin team but also some of these projects that their tokens was hacked, frozen this tokens and issuing another for project that claim they are Decentralised is very disturbing

[lepbagong]

what do you think about this : https://www.linkedin.com/posts/ruben-merre_ruben-merre-ceo-of-ngrave-bitcoincom-activity-6716273773655449600-BibO

Had a great time on the Bitcoin.com podcast talking with Dustin Plantholt about pushing the boundaries of security and UX in #crypto wallets! Especially now in the wake of last week's $150 MILLION hack of the 6th most secure exchange in the world (according to Hacken Cybersecurity Services), #Kucoin, I do recommend having a listen. #OwnYourAssets #StartTrulyOwningWhatIsYours #blockchain #dlt #digitalassets #digitalassetmanagement #cryptoexchange #cybersecurity #bitcoin #btcnews

https://lnkd.in/eGMgPsQ

[stadus]

I thought that Kucoin was one of the most secured and advanced crypto exchanges but I am surprised that it is also hacked and the huge fund is withdrawn by hackers. Although Kucoin has cold storage wallet how the hackers have stolen this huge fund.

Kucoin is a regulated exchange, any regulated exchange is expected to be secured and safe as they have requirements to follow from the regulators, it's just that exchange are just too prone to hacking even how secured it is, and this incident prove it right.

[luckyflop]

I don't think it can get trusted easily after that, very soon kcs would fall and the volume of kucoin would decrease , I have money locked in it also some of my friends, I know some big money has been locked in there, yesterday they enabled ORN withdrawal but the price is 10% higher in kucoin than any other exchange and it shows people can't wait to leave this shit exchange .

[bobyhodob]

what do you think about this : https://www.linkedin.com/posts/ruben-merre_ruben-merre-ceo-of-ngrave-bitcoincom-activity-6716273773655449600-BibO

Had a great time on the Bitcoin.com podcast talking with Dustin Plantholt about pushing the boundaries of security and UX in #crypto wallets! Especially now in the wake of last week's $150 MILLION hack of the 6th most secure exchange in the world (according to Hacken Cybersecurity Services), #Kucoin, I do recommend having a listen. #OwnYourAssets #StartTrulyOwningWhatIsYours #blockchain #dlt #digitalassets #digitalassetmanagement #cryptoexchange #cybersecurity #bitcoin #btcnews

https://lnkd.in/eGMgPsQ

it is inconceivable for such a large and secure exchange to be hacked which is very detrimental to the exchange, so it can be said that just as the biggest exchange Binance could have been hacked, you should be careful when you want to trade on an exchange.

[poodle63]

I thought that Kucoin was one of the most secured and advanced crypto exchanges but I am surprised that it is also hacked and the huge fund is withdrawn by hackers. Although Kucoin has cold storage wallet how the hackers have stolen this huge fund.

None of these exchanges could be the "most secured" or have any absolute security. There's always bug hidden in their code that's unknown by them and might be discovered by the hackers and it's exactly why this hack happens to kucoin. Also, cold storage wallet are used to store asset that's not gonna be used anytime soon and for serving the withdrawal request they have this so called hot wallet to send the money to their client so it makes sense if they could still be hacked CMIIW.
But it seems the users in this exchange haven't got affected tho so it's still fortunate for most of kucoin users.

[sedov1966]

I don't think it can get trusted easily after that, very soon kcs would fall and the volume of kucoin would decrease , I have money locked in it also some of my friends, I know some big money has been locked in there, yesterday they enabled ORN withdrawal but the price is 10% higher in kucoin than any other exchange and it shows people can't wait to leave this shit exchange .

Thats true, things like this don't vanish from people's memory overnight.
But the fact that they're going to compensate lost funds for each user is certainly a good thing

[Kunnu]

I was shocked to hear this news, first I thought this is fud until I have confirmed anyways I believe after this hack KuCoin didn't lose its reputation because the exchange has fulfilled the loss immediately with the help of reserve funds now Kucoin team need to focus on the security of the exchange to stop this kind of incident in future. This is the first time the exchange got hacked if next time it happens then it won't be a good sign for kucoin.

[Pamadar]

I thought that Kucoin was one of the most secured and advanced crypto exchanges but I am surprised that it is also hacked and the huge fund is withdrawn by hackers. Although Kucoin has cold storage wallet how the hackers have stolen this huge fund.

They are one of those trusted exchange but even so they are also not safe in the eyes of the hackers, everything is possible since a lots of possibilities that hackers can penetrate even in a much secure system. That's the fact which most of us always say, not your private key not your assets. There's always a risk so storing is not really advise especially with huge amount of value.

[chikator]

The news of kucoin being hacked really gave me a scare. I was lucky enough to grab a hold of these coins that are really promising at such a good price and the thought that they might get lost was just really disappointing. Good thing Kucoin's going to return the token lost and not in dollars.

[3meek]

I am not in support of any hack especially the black hat hack, but the way things has gone with this Kucoin hack has brought about a lot of questions marks, not just for the Kucoin team but also some of these projects that their tokens was hacked, frozen this tokens and issuing another for project that claim they are Decentralised is very disturbing

This is a great reason to think about trusting any tokens! Their creators can make money out of the air, and users don't even know it!
And if your funds can be frozen - this is definitely not decentralization!

[MCobian]

News about KuCoin being hacked become a hot topic right now, almost the entire crypto community is talking about this.
This will make crypto users have the awareness to be wiser in storing the coins they have. It can also prove dangerous
by storing all the coins we have on exchanges, because not all exchanges are willing to take responsibility like KuCoin,
by returning all hacked funds to users who lost their coins.

[stadus]

News about KuCoin being hacked become a hot topic right now, almost the entire crypto community is talking about this.
This will make crypto users have the awareness to be wiser in storing the coins they have. It can also prove dangerous
by storing all the coins we have on exchanges, because not all exchanges are willing to take responsibility like KuCoin,
by returning all hacked funds to users who lost their coins.

I am not surprise, hacked in an exchange seems normal in the crypto space, with the number of exchange already hacked, sure people can easily move on and forget this, and the good news is Kucoin still survive and for sure they can recover that loses as they continue their operation.

[seoincorporation]

I am not in support of any hack especially the black hat hack, but the way things has gone with this Kucoin hack has brought about a lot of questions marks, not just for the Kucoin team but also some of these projects that their tokens was hacked, frozen this tokens and issuing another for project that claim they are Decentralised is very disturbing

This is a great reason to think about trusting any tokens! Their creators can make money out of the air, and users don't even know it!
And if your funds can be frozen - this is definitely not decentralization!

It's really easy for anyone to create a token, the smart contract to create them is opensource and anyone can find it on github. The value of the token will be the value that people want to give it, it depends on the markets, but this can be easily manipulated. But tokens are not coins, as the name says is just something trying to represent a coin. Trust them is a bad idea. and as you say, most of them are centralized projects.

[Spaffin]

News about KuCoin being hacked become a hot topic right now, almost the entire crypto community is talking about this.
This will make crypto users have the awareness to be wiser in storing the coins they have. It can also prove dangerous
by storing all the coins we have on exchanges, because not all exchanges are willing to take responsibility like KuCoin,
by returning all hacked funds to users who lost their coins.

I am not surprise, hacked in an exchange seems normal in the crypto space, with the number of exchange already hacked, sure people can easily move on and forget this, and the good news is Kucoin still survive and for sure they can recover that loses as they continue their operation.

At least the Kucoin administration has announced to all of its customers that it will refund all their losses. In addition, if you take a good look at the historical news, then even binance was subjected to hacker attacks, as a result of which they lost a significant amount of cryptocurrency funds. Of course, binance has reimbursed its customers. I think Kucoin will have the same situation.

[budi691]

very sad when KUCOIN got hacked,
$ 150 million is not small money and it could be a beginner who owns it,
but KUCOIN guarantees that their funds will be replaced, that's good news for investors who save their funds in KUCOIN,
I am sure this will be fixed soon for KUCOIN's cyber security and we should all be more careful in protecting our wallets because it can happen to all of us who have and are big in our wallets.

[peterpanda]

KuCoin is a very popular exchanger at the present time.  Personally, I like to trade here.  But the kucoin team needs more concern about their security.

[rajakulam]

Kucoin is very responsible for losing trader's assets, for now more and more markets can be hacked by hackers, because some time ago the Binance market has also been hacked, for now it's safer to store our assets in wallets that have private keys

[Jeger.Kiting]

Actually, I am not surprised to hear this kind of news, I have even heard from year to year that it is not only Kukoin, even before that many large markets like Poloniex, for example, were hacked for several thousand dollars, there should be an insider who must be responsible for this matter. , because everyone has put their trust in the Kucoin exchange ..

If there are errors in the words please correct them !!

[pankowri]

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.

Once again, cybersecurity is MANDATORY in the current crypto environment

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

Yes true and it's not surprising to me. Because I have become habituated to see such things from the last few years. It's very shocking news for the investor and traders for getting hacked their assets from an exchange, on the other hand, it is a matter of joy that Kucoin announced that the affected  fund will be covered completely.

[ololajulo]

I am really disappointed in the inability to prevent the sale of the coin after the stolen wallet had been discovered. Even if the team has enough to cater for the loss like Binance, the level of connection should help to freeze the coin. The complain was for DEX this time and Binance allowed the conversion of coin to fiat for Eterbase stolen fund. I dont know what to believe sometimes with the exchanges, if they cant protect themselves as exchange who is really safe with them.

[maartenhaha]

Hackers have withdrawn large sums of funds close to 50 million dollars has been sold, hackers every day make large token deposits and sell them on exchanges and dex that do not block hackers addresses, he has enjoyed a long fortune and possibly collecting luxury Lambo.

[mersal]

I am really disappointed in the inability to prevent the sale of the coin after the stolen wallet had been discovered. Even if the team has enough to cater for the loss like Binance, the level of connection should help to freeze the coin. The complain was for DEX this time and Binance allowed the conversion of coin to fiat for Eterbase stolen fund. I dont know what to believe sometimes with the exchanges, if they cant protect themselves as exchange who is really safe with them.

Some exchanges manually blacklist the addresses but hacker might cashed out that coin already before the exchange find out it, but here decentralized exchange has been used as the platform for the conversion so no one can really do anything but if the hacker cash out them into fiat they he will get caught for sure.

[CarnagexD]

I am really disappointed in the inability to prevent the sale of the coin after the stolen wallet had been discovered. Even if the team has enough to cater for the loss like Binance, the level of connection should help to freeze the coin.

They can't just simply freeze the coin even if they are friends with the maker of the coin, that's what makes the decentralization so powerful. Besides, investigation might take just enough time for the hackers to send it to another address in another form of coin. What they can only do is trace wherever the stolen funds are going, by that they can entrap the hackers using state laws.

The complain was for DEX this time and Binance allowed the conversion of coin to fiat for Eterbase stolen fund. I dont know what to believe sometimes with the exchanges, if they cant protect themselves as exchange who is really safe with them.

You should know how these entities  are working, they can't simply tag each coin and just make them freeze. They can only do freezing of accounts whenever someone is looking suspicious to them. Actually no one is really safe.

[South Park]

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.

Once again, cybersecurity is MANDATORY in the current crypto environment

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

And there are still people out there saying that it is better to keep your funds in an exchange than to keep your funds yourself, it is nice they are taking responsibility and they are going to pay their affected customers but still this shows that no matter how perfect you think is your security the risk of being hacked is never zero, this means that it is important to never tell anyone how much crypto we are holding that way the chances we are the target of hackers or scammers goes down dramatically.

[kayvie]

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.

Once again, cybersecurity is MANDATORY in the current crypto environment

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

And there are still people out there saying that it is better to keep your funds in an exchange than to keep your funds yourself, it is nice they are taking responsibility and they are going to pay their affected customers but still this shows that no matter how perfect you think is your security the risk of being hacked is never zero, this means that it is important to never tell anyone how much crypto we are holding that way the chances we are the target of hackers or scammers goes down dramatically.

Yes, even if there are so many times they were told that keeping funds in exchange is too risky, they still continue to keep doing the same thing. This is what we are talking about, that's why we should avoid it. It's good for the victims of hacking that kucoin will replace their funds but not all exchange will do the same thing.

[Danslip]

Hackers have withdrawn large sums of funds close to 50 million dollars has been sold, hackers every day make large token deposits and sell them on exchanges and dex that do not block hackers addresses, he has enjoyed a long fortune and possibly collecting luxury Lambo.

Was there no suspicion when selling the hacked money? Even though it is a large number and should be investigated, I am more and more confused by what is happening now, as if it were left alone.

If the user has washed the altcoins and gets a new one with different mechanisms, it is hard to catch him by TX id or history. The crypto swap websites will do everything for you and DEXs are the first gate to get a fresh BTC. Binance hackers have used Bitcoin for withdrawal and they never felt trapped because of anonymous exchanges. Investigating each user will cost time and money, Uniswap team should apply a time delay for each transaction which is not good for the DEX model. 

[vermigerous]

It's a pity on the part of Kucoin team. There are some valuable tokens that is already sold by hackers, such as DIA token. The hacked DIA token on Kucoin seems to be sold and also the hacker now has liquidated the rest of stolen DIA tokens. Maybe after the selling of the hacker, it can traced out where and who the hacker is.

[Google+]

Kucoin is very responsible for losing trader's assets, for now more and more markets can be hacked by hackers, because some time ago the Binance market has also been hacked, for now it's safer to store our assets in wallets that have private keys

I hope what you say is true because if you lose that many assets it will make it difficult for me to get that much money, while for Binance it wasn't too much because only a few accounts were hacked. From this incident I think I have to be careful because even though the security at the exchange is very good, it does not guarantee that the assets are still safe.

[3meek]

It seems to me that all these hackings can be a manipulation... Recently hacked Kucoin, yesterday the CFTC accused BitMex of illegal trading... It is possible that now there is a targeted campaign against the exchanges!
The real reasons are certainly not known to us!

[ameliana]

I always tell anyone not to keep all assets on any exchange because of the risk of losing them in case of a hack even if it is a top platform like Kucoin or Binance. yes, maybe they can cover up all the lost user assets but still keeping assets on the platform is very risky. and for this I hope Kucoin will soon tighten the security of assets and this can be used as a lesson not to store assets on the exchange.

[skarais]

I always tell anyone not to keep all assets on any exchange because of the risk of losing them in case of a hack even if it is a top platform like Kucoin or Binance. yes, maybe they can cover up all the lost user assets but still keeping assets on the platform is very risky. and for this I hope Kucoin will soon tighten the security of assets and this can be used as a lesson not to store assets on the exchange.

It is never recommended that you and others keep all crypto assets on an exchange because it is very risky. I think all trader know this risk, but they do it anyway because they are active in day trading and control their asset every day.

I only remember a few tips in crypto and they are really worth considering and implementing to increase asset security. "Not your key, not your asset", "Don't keep the eggs in one basket, because if he falls all the eggs will break".

[nomenclatur]

I saw a hacker so easily take tokens of value in exchange kucoin I see all the tokens are taken so much and the top coin is also on the list I saw in the channel telegram hackers have managed to sell tokens at uniswap and transfer funds of around $ 11k usdt to binance is certainly would be a problem if the hacker dare withdraw to the original wallet.

[Natalim]

I always tell anyone not to keep all assets on any exchange because of the risk of losing them in case of a hack even if it is a top platform like Kucoin or Binance. yes, maybe they can cover up all the lost user assets but still keeping assets on the platform is very risky. and for this I hope Kucoin will soon tighten the security of assets and this can be used as a lesson not to store assets on the exchange.

It is never recommended that you and others keep all crypto assets on an exchange because it is very risky. I think all trader know this risk, but they do it anyway because they are active in day trading and control their asset every day.

I only remember a few tips in crypto and they are really worth considering and implementing to increase asset security. "Not your key, not your asset", "Don't keep the eggs in one basket, because if he falls all the eggs will break".

You don't store your money in exchange for safekeeping, though they are regulated but they are not bank where our deposits are insured, it's different in exchange, risk is too high, so I agree that diversifying or not putting eggs in one basket would minimize the risk, in this case, investors/traders who stored their money in kucoin were not affected as it was reimbursed.

[Debonaire217]

I saw a hacker so easily take tokens of value in exchange kucoin I see all the tokens are taken so much and the top coin is also on the list I saw in the channel telegram hackers have managed to sell tokens at uniswap and transfer funds of around $ 11k usdt to binance is certainly would be a problem if the hacker dare withdraw to the original wallet.

Perhaps, they have already diversified the funds to smaller amount so that it will be hard for Binance and the people to notice this activity. If I am not mistaken, they have used tornado cash, a kind of ethereum based ETH mixer to mix their ETH. That way, they have run away easily with all the funds untrackable.

I wonder how you said that you saw it being transferred to binance.

[judeafante]

I always tell anyone not to keep all assets on any exchange because of the risk of losing them in case of a hack even if it is a top platform like Kucoin or Binance. yes, maybe they can cover up all the lost user assets but still keeping assets on the platform is very risky. and for this I hope Kucoin will soon tighten the security of assets and this can be used as a lesson not to store assets on the exchange.

They have a very tight security but we all know hackers are now good on what they are doing it's hard to prevent these hackers from doing their deeds it was only weeks ago that they managed to hacked Eterbase.exchange, unless other exchange increase their security, they could be next in line.

[Cekerula]

Kucoin is a big exchange. but they seem that the security of the Kucoin exchange is not yet tight, the act can still be hacked. .Yes, it can be said that the stolen funds were huge and even though they made up for it, losing that much was very sad, and hopefully the merchants there weren't disappointed by this incident.

[Natalim]

It was terrible and it happened again. I never transacted there again. but this shows that it is very dangerous to store assets there. I think everyone will move their assets.

We have lots of bad news on exchanges lately. Just recently, we have some bad news about Bitmex exchange.

you can find the news here ;https://bitcointalk.org/index.php?topic=5279466.msg55301590#msg55301590

Though this is not about hacking but it will certainly create some panic, maybe it's bigger as it does reflect to the market with a price dump.

ALL red now, https://coinmarketcap.com/

[lienfaye]

Kucoin is a big exchange. but they seem that the security of the Kucoin exchange is not yet tight, the act can still be hacked.

They are tight I used to trade here, and there's aways an update about their security, it just happens that hackers are good to make a breakthrough on their system these hackers are a big headache to the industry, and the industry should set up a system or a defense ro combat this hacking to end this once and for all.

Indeed no matter how high the security is, hackers will find way to succeed on their plan. Thats why its not really safe to use an exchange as wallet, its a risky thing to do. Im using kuCoin for years already and never had any problem until this happened. But based on them all lost funds will be return to the affected users thus there's nothing to worry about.

[Gayong88]

The security factor is especially important for service providers. That means, there is something weak at some point. I'm sure Kucoin can handle it.

[isaac_clarke22]

Kucoin is a big exchange. but they seem that the security of the Kucoin exchange is not yet tight, the act can still be hacked.

They are tight I used to trade here, and there's aways an update about their security, it just happens that hackers are good to make a breakthrough on their system these hackers are a big headache to the industry, and the industry should set up a system or a defense ro combat this hacking to end this once and for all.

From my recent reads that were published 3 days ago, they are still in the middle of freezing user's wallets for now. Not sure what happens to it today, but all I know is that there will be a lot of exits from KuCoin, well unless people would still get back and trust it again. This is why people aren't advised to keep their funds held at an exchange. A percentage of APY isn't that worth.

[CucakRowo]

Some update about kucoin. Source taken from kucoin CEO (Johnny Lyu) tweet.


The actions taken by Kucoin CEO were extremely fast (and its normal from business perspective). They cooperate with several projects and institutions to limit the hacker funds. And if traced from his tweet, there have been several coins that have swapped as part of security measure. But what about Kucoin's side? Will they give bonuses to their members or how? And i can't wait waiting their update about this hacker identity.

[BITCOIN4X]

The actions taken by Kucoin CEO were extremely fast (and its normal from business perspective). They cooperate with several projects and institutions to limit the hacker funds.

This is a good step taken by Kucoin's side. Even though the hacker have succeeded in taking a number of assets from the exchange, not all assets can be sold because they have been restricted. Salute for the kucoin exchange.

And if traced from his tweet, there have been several coins that have swapped as part of security measure. But what about Kucoin's side? Will they give bonuses to their members or how?

I don't think they need to because even without the bonus, users will get their full funds back. If possible, it's always a good idea to to give user bonuses and it's for those who are loyal.

And i can't wait waiting their update about this hacker identity.

I don't think this will affect anything on the exchange, it's just that if they manage to express it it deserves appreciation. I think Kucoin just needs to upgrade their security system after the hack and try to restore customer trust.

[CucakRowo]

I don't think this will affect anything on the exchange, it's just that if they manage to express it it deserves appreciation. I think Kucoin just needs to upgrade their security system after the hack and try to restore customer trust.

You are correct. Kucoin needs to upgrade their security system layer. So this breached system activities can avoided and would never happen again.
About hacker's identity disclosure (if caught), well.. true.. it will not bring any affect. But at least my curiosity and peoples who followed this news can be relieved.

[khimer_rangers]

I've never traded on Kucoin and i was quite surprised by the news of kucoin exchange hack,it can be a proof to increase security on each exchange and the actions taken by kucoin are good enough and to cultivate the trust of their merchants or customers.

[zidanw]

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.

Once again, cybersecurity is MANDATORY in the current crypto environment

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

Good thing that the KuCoin was able to replace the hacked amount. Even big exchanges like KuCoin was vulnerable to hacked threats what more the small exchange websites also it shows that we should be really careful of letting our coin sit in exchanges since they're the ones who are really immune to hackers.

[bigcash2011]

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.

Once again, cybersecurity is MANDATORY in the current crypto environment

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

The positive update is that the CEO of kucoin has announced that they have caught the hacker and recovered most of the funds, I do not have more details and i hope they will update us with the identity details of the hacker in next updates but it is encouraging to know that funds are recovered so that in future such people will be discouraged to do such crimes.

[malikg18]

It is bad for crypto that after every year one exchange got hacked. Exchange should think so. I think hacking is a big hurdle for popularizing crypto. Along with It is good that exchange got recovered immediately and have some special funds for users.

[bitkanu]

The positive update is that the CEO of kucoin has announced that they have caught the hacker and recovered most of the funds, I do not have more details and i hope they will update us with the identity details of the hacker in next updates but it is encouraging to know that funds are recovered so that in future such people will be discouraged to do such crimes.

Im not sure if the team will publish the identity of the hacker consider the regulation about privacy protection. I don't care so much about that as long as I can get my funds back lol.
The problem is on the kucoin itself as it was getting stolen caused by someone from the team was opening the phishing link.

You should watch the whole story and that means the kucoin must never try to do that again.
At least so many coins have already recovered and I have withdrawn my money from there.

[Danslip]

It is bad for crypto that after every year one exchange got hacked. Exchange should think so. I think hacking is a big hurdle for popularizing crypto. Along with It is good that exchange got recovered immediately and have some special funds for users.

AFAIK, the insurance has covered the total loss and the Kucoin administration has frozen all financial operations right after the incident. The social media was full of supporters from different well-known project teams, so the hacker was not able to spend the rest of the funds due to the new contract address. The phishing link must be prepared professionally, otherwise, it is impossible to be trick the poor team member of Kucoin exchange. Anyway, no one has been hurt seriously in this event except the mental side.

[Francis Freeman]

It is bad for crypto that after every year one exchange got hacked. Exchange should think so. I think hacking is a big hurdle for popularizing crypto. Along with It is good that exchange got recovered immediately and have some special funds for users.

 AFAIK, the insurance has covered the total loss and the Kucoin administration has frozen all financial operations right after the incident. The social media was full of supporters from different well-known project teams, so the hacker was not able to spend the rest of the funds due to the new contract address. The phishing link must be prepared professionally, otherwise, it is impossible to be trick the poor team member of Kucoin exchange. Anyway, no one has been hurt seriously in this event except the mental side.

The projects have helped out kucoin a lot by re-issuing the tokens and rendering the stolen tokens useless. But it raises me a question is it fair to re-issue decentralized token for a hack ? Where does it leave decentralization.

[Valzador]

The projects have helped out kucoin a lot by re-issuing the tokens and rendering the stolen tokens useless. But it raises me a question is it fair to re-issue decentralized token for a hack ? Where does it leave decentralization.

You are questioning whether it is fair or not because your money is not involved in the hack, I'm sure if your money is hacked, it doesn't matter whether the coin is decentralized or not, you will force the developer team to freeze their contract address.

[Teraboy]

The projects have helped out kucoin a lot by re-issuing the tokens and rendering the stolen tokens useless. But it raises me a question is it fair to re-issue decentralized token for a hack ? Where does it leave decentralization.

you will force the developer team to freeze their contract address.

I guess if that's the true story. It's better if the dev can do something with it to make sure if we can back our money rather than try to give it with the hackers even when the exchange site itself who is responsible with the amounts that have already stolen by scammers but this is the best solution.

More than 200 millions have already recovered and that's a big success. In another case, decentralized is not always anything in crypto.
The dev was also issuing the stolen assets and frozen the stolen asset forever.

[puremage111]

Cyber-security is indeed important and mandatory for basically every Online Business

Anyhow from twitter, seems like they already figure out on the details of the hacker
Let's see how they would deal with it

[crypto1010]

KuCoin CEO announced that they have founded the culprits and recovered most of the funds.

[khiholangkang]

KuCoin CEO announced that they have founded the culprits and recovered most of the funds.

Has KuCoin really found the culprit, or is it just to keep investors from panicking? I see that the funds that are recovered are only funds from projects that have swapped or forked, but most of them are still not recovered.

[giammangiato]

Fortunatelly all the funds now are safe. More than 200Milion, it's amazing how fast they were. At the moment are locked BTC, ETH and USDT deposit and withdraw but a lot of other coins opened. They managed the situation very well, but this is only my opinion

[bakasabo]

Fortunatelly all the funds now are safe. More than 200Milion, it's amazing how fast they were. At the moment are locked BTC, ETH and USDT deposit and withdraw but a lot of other coins opened. They managed the situation very well, but this is only my opinion

I've read that KuCoin informed, that their "safe fund" did not have enough money to cover the losses. They are lucky they caught this hacker and stopped stolen funds from being sold. Also, KuCoin are not the only one to thank. Actually most of protection work was done by the projects of stolen funds. These projects simply swapped stolen altcoins to new contract based on exchange and network snapshots. The major tasks were done by them. While KuCoin just froze all exchange movements and started investigation work.

[Vishnu.Reang]

I've read that KuCoin informed, that their "safe fund" did not have enough money to cover the losses. They are lucky they caught this hacker and stopped stolen funds from being sold. Also, KuCoin are not the only one to thank. Actually most of protection work was done by the projects of stolen funds. These projects simply swapped stolen altcoins to new contract based on exchange and network snapshots. The major tasks were done by them. While KuCoin just froze all exchange movements and started investigation work.

There is still not much clarity on this subject. KuCoin claims to have "identified" the thieves and they have stated that law enforcement authorities are involved. But there is no indication that these people were arrested. Similarly, they have traced back more than 70% of the stolen funds. But in order to recover at least a part of this, they need to put in a lot more effort.

All that said, it looks to me that the hackers were composed of some inexperienced guys. They made the mistake of moving the funds and trying to cash out too soon. They even used DeFi platform such as KyberSwap and Uniswap for this purpose. This made it possible to identify them.

[Altryist]

I've read that KuCoin informed, that their "safe fund" did not have enough money to cover the losses. They are lucky they caught this hacker and stopped stolen funds from being sold. Also, KuCoin are not the only one to thank. Actually most of protection work was done by the projects of stolen funds. These projects simply swapped stolen altcoins to new contract based on exchange and network snapshots. The major tasks were done by them. While KuCoin just froze all exchange movements and started investigation work.

There is still not much clarity on this subject. KuCoin claims to have "identified" the thieves and they have stated that law enforcement authorities are involved. But there is no indication that these people were arrested. Similarly, they have traced back more than 70% of the stolen funds. But in order to recover at least a part of this, they need to put in a lot more effort.

All that said, it looks to me that the hackers were composed of some inexperienced guys. They made the mistake of moving the funds and trying to cash out too soon. They even used DeFi platform such as KyberSwap and Uniswap for this purpose. This made it possible to identify them.

We can say that the KuCoin is lucky that the hackers made a few mistakes. I think that the statement about the identity of the hackers is just to calm the public. After all, not a single person has been arrested now, and it will be very difficult to prove guilt without a confession. In this situation, Kucoin was still lucky that the funds were identified and frozen. And now they have a chance to improve their security by learning from their mistakes.

[South Park]

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.

Once again, cybersecurity is MANDATORY in the current crypto environment

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

And there are still people out there saying that it is better to keep your funds in an exchange than to keep your funds yourself, it is nice they are taking responsibility and they are going to pay their affected customers but still this shows that no matter how perfect you think is your security the risk of being hacked is never zero, this means that it is important to never tell anyone how much crypto we are holding that way the chances we are the target of hackers or scammers goes down dramatically.

Yes, even if there are so many times they were told that keeping funds in exchange is too risky, they still continue to keep doing the same thing. This is what we are talking about, that's why we should avoid it. It's good for the victims of hacking that kucoin will replace their funds but not all exchange will do the same thing.

What I wonder is when people are going to learn? I know that if you want to trade you have no option but to deposit your coins in an exchange but that does not mean that you need to keep your coins there for the long term, just make your trade and then get your coins out of there, this is going to cost you in terms of transactions but if your capital is big enough that should not be a problem at all, and if your capital is too small then maybe you need to increase the size of you capital to avoid to leave their coins in an exchange and incur the huge risk that signifies.

[AlexAtom]

OMG, i thought kucoin exchange is enough safe to be used by cryptocurrency users, unfortunately it is not.
Well, even top exchange like binance has been hacked in the past, it was not impossible for kucoin too.
Any cryptocurrency exchange should have routine security maintenance to update their security, otherwise the hackers will be more updated than them.

[giammangiato]

Tomorrow probably they will open again the deposit for BTC, ETH and USDT. In my opinion the problem was managed very well. In less than 10 days they solved all the security problems and i read that they also found the hacker

[bitcoinjesus2020]

Fuck these losers, I for one am happy they got hacked after the way they treated me, karma is a bitch.  Fuck you kucoin.

[Godwinpaul]

I was impressed on how the hack issue was dealt with by kucoin and users funds were not affected, neither was the exchange shut down. I'm also glad that a substantial amount of the stolen funds have been recovered and hopefully everything would be recovered in due course.

[MadeMen]

The thought of hearing that an exchange has been hacked is scary owing to the fact that it makes one gel) realise that all exchange are susceptible to hack. I have always seen kucoin as a big exchange which is global in nature. I expect that the exchange would put all the right machinery in place to ensure that issues of this nature does not repeat itself.

[H1N1]

If you look at the kucoin hacker address now, you will see the Ether has been moved to another address.
It is involved with tornado cash and i don't know what is tornado cash.
I guess the hacker still find a way to conceal their transactions by mixing or transfer into other address using 3rd party platform.

[vermigerous]

With regards to kucoin was hacked, many DeFi projects now are target by the hackers. Kucoin now is back and promises their investors and holders to compensate the lost tokens with their insurance. But now, Okex exchange rumors also hacked, the key fund was kept by co-founder and heis now investigated in china. I hope the hacking for DeFi projects would end now soon.

[WalkerIVIV]

With regards to kucoin was hacked, many DeFi projects now are target by the hackers. Kucoin now is back and promises their investors and holders to compensate the lost tokens with their insurance. But now, Okex exchange rumors also hacked, the key fund was kept by co-founder and heis now investigated in china. I hope the hacking for DeFi projects would end now soon.

The problem that has faced by kucoin is has already solved and there's not complaints regarding the hacked case that was happening with kucoin. The problem is about the regulation and it can't be solved in a short time. That means okex was fully centralized as how is it possible for the key to the wallet being hold by someone? There must be an urgent access for to the funds.
What a scam exchange site.

[Oneandpure]

Even though Kucoin is hacked, they still have good service and investors who still have balances in Kucoin don't need to worry. Now the withdrawal process at Kucoin is back to normal, different from OKEX, which until now has been unable to do anything for two weeks, because all withdrawal processes are frozen and our assets cannot be withdraw at all. Do not know why have different service from one exchange with another exchange after got hacked and most confused how come bigger exchange could hacker easily and what for they have IT team to make exchange most secure, any one have opinion who is hacked an exchange account market is their team self or not?

[khiholangkang]

Even though Kucoin is hacked, they still have good service and investors who still have balances in Kucoin don't need to worry. Now the withdrawal process at Kucoin is back to normal, different from OKEX, which until now has been unable to do anything for two weeks, because all withdrawal processes are frozen and our assets cannot be withdraw at all. Do not know why have different service from one exchange with another exchange after got hacked and most confused how come bigger exchange could hacker easily and what for they have IT team to make exchange most secure, any one have opinion who is hacked an exchange account market is their team self or not?

I think KuCoin and OKEx have different cases, KuCoin was hacked and money was transferred to the hacker's wallet, we can all see that. But OKEx, isn't the CEO arrested for money laundering?

[bitkanu]

If you look at the kucoin hacker address now, you will see the Ether has been moved to another address.
It is involved with tornado cash and i don't know what is tornado cash.
I guess the hacker still find a way to conceal their transactions by mixing or transfer into other address using 3rd party platform.

Im not sure about this as almost all of the exchange sites have already worked together with kucoin to block the transaction that will be coming from the hacker's address.
It's quite impossible for the hacker to withdraw all of his money.

The only possible thing to withdraw it through using the CEX which was having very huge liquidity. So many eyes are also watching the address too.

[laredo7mm]

If you look at the kucoin hacker address now, you will see the Ether has been moved to another address.
It is involved with tornado cash and i don't know what is tornado cash.
I guess the hacker still find a way to conceal their transactions by mixing or transfer into other address using 3rd party platform.

Im not sure about this as almost all of the exchange sites have already worked together with kucoin to block the transaction that will be coming from the hacker's address.
It's quite impossible for the hacker to withdraw all of his money.

The only possible thing to withdraw it through using the CEX which was having very huge liquidity. So many eyes are also watching the address too.

That hacker already sells a lot of money by using DEX like uniswap. Many projects already change their smart contract for preventing hackers from selling their token. But the good news is Kucoin already recovered 204$ million dollars and the hacker has been identified and taken care of by the police. But it affects kucoin reputation as one of the secure crypto exchanges in the crypto space.

[NewRanger]

If you look at the kucoin hacker address now, you will see the Ether has been moved to another address.
It is involved with tornado cash and i don't know what is tornado cash.
I guess the hacker still find a way to conceal their transactions by mixing or transfer into other address using 3rd party platform.

Im not sure about this as almost all of the exchange sites have already worked together with kucoin to block the transaction that will be coming from the hacker's address.
It's quite impossible for the hacker to withdraw all of his money.

The only possible thing to withdraw it through using the CEX which was having very huge liquidity. So many eyes are also watching the address too.

That hacker already sells a lot of money by using DEX like uniswap. Many projects already change their smart contract for preventing hackers from selling their token. But the good news is Kucoin already recovered 204$ million dollars and the hacker has been identified and taken care of by the police. But it affects kucoin reputation as one of the secure crypto exchanges in the crypto space.

although kucoin hacked , but because of this reason now they known as good exchanges due money recovering from insurance. traders that use kucoin services now feel comfort after this case, no more worry about their money if someday its happen to them again. binance and kucoin now proven as best exchanges when face hacking accident, they could recover customer's money only in near time.

[trauchot]

Even the most top cryptocurrency exchanges can be hacked and, unfortunately, nothing can be done about it, and therefore no need to store your money on any cryptocurrency exchange and it is good that kucoin exchange will return stolen money to its customers from their own pocket, otherwise the exchange would have to close because of this, but kucoin is very popular cryptocurrency exchange and the income of this exchange is incredibly huge.

[Reatim]

Even though Kucoin is hacked, they still have good service and investors who still have balances in Kucoin don't need to worry. Now the withdrawal process at Kucoin is back to normal, different from OKEX, which until now has been unable to do anything for two weeks, because all withdrawal processes are frozen and our assets cannot be withdraw at all. Do not know why have different service from one exchange with another exchange after got hacked and most confused how come bigger exchange could hacker easily and what for they have IT team to make exchange most secure, any one have opinion who is hacked an exchange account market is their team self or not?

I think KuCoin and OKEx have different cases, KuCoin was hacked and money was transferred to the hacker's wallet, we can all see that. But OKEx, isn't the CEO arrested for money laundering?

Yups they are different cases and not can be compared and besides Okex case now is in clearing while KuCoin still in process though i believe that there are already hints in which who's involved in this hacking and the fund still not completely transferred .

Even the most top cryptocurrency exchanges can be hacked and, unfortunately, nothing can be done about it, and therefore no need to store your money on any cryptocurrency exchange and it is good that kucoin exchange will return stolen money to its customers from their own pocket, otherwise the exchange would have to close because of this, but kucoin is very popular cryptocurrency exchange and the income of this exchange is incredibly huge.

This is the reason why we need to prevent our Coins stays in Exchange for long time not unless we are in need of waiting to Buy something in that said exchange.

[darkphoenix2610]

Kucoin hacking issue was being resolved and back to normal operation a few weeks ago. Although this brought some serious issues about their security, they assured their users that it is still safe to use their platform. The issue of Okex is too far different from Kucoin. Okex has issues with hacking and also the alleged case of their Founder which was being arrested by the Chinese Police although this case was being denied by the management of Okex. On their statement, one of their private key holders was out of touch until now. There's no solid explanation yet from Okex why they suspended their withdrawals so everyone has their own speculation about it. Well. let's just wait and see in the coming days how will Okex resolve their issue.

[Rafiqul123]

We all know that Kucoin exchange was hacked, Kucoin exchange has solved the problem again through the hard work of strong team management.
 Many customer funds have been hacked but recovered.
 This is definitely good news.
 We ordinary customers deposit funds in different exchanges, so hacking is a cause of panic for us.
Of course, now the exchanges have improved a lot. But it is also believed that hackers have improved.
 Anyway, I hope the various exchanges will strengthen their security day by day.
 Thanks.

[ttcsalam]

It was a lot of old news and it was expected to have a huge effect. However, he did not have any effect and recovered in a short time.In my opinion, this is a good news for coin customers.No small trader or investor is disappointed with their investment.

[bitcoinguy111]

Use Huobi Safe and Secure since 201333333333333333333333333333333333333333

[Kopetunto]

It's over the case of hacked Kucoin, Kucoin and the crypto market have left the case, and slowly recovery,
especially now that Kucoin is still in great demand by traders, I believe Kucoin is already responsible for this incident.
but if you want to leave Kucoin, go ahead, there are still many secure exchanges, such as Binance, Huobi and Bittrex.

[Natalim]

It's over the case of hacked Kucoin, Kucoin and the crypto market have left the case, and slowly recovery,
especially now that Kucoin is still in great demand by traders, I believe Kucoin is already responsible for this incident.
but if you want to leave Kucoin, go ahead, there are still many secure exchanges, such as Binance, Huobi and Bittrex.

The demand is not anymore as good as before, with this kind of news, I believe people will be looking to trade on bigger exchange only.
As what we have seen, there's a little FOMO that is happening but I'm surprise that overall trading volume of Kucoin is still below $100 million which is unusual.

[Francis Freeman]

It's over the case of hacked Kucoin, Kucoin and the crypto market have left the case, and slowly recovery,
especially now that Kucoin is still in great demand by traders, I believe Kucoin is already responsible for this incident.
but if you want to leave Kucoin, go ahead, there are still many secure exchanges, such as Binance, Huobi and Bittrex.

The demand is not anymore as good as before, with this kind of news, I believe people will be looking to trade on bigger exchange only.
As what we have seen, there's a little FOMO that is happening but I'm surprise that overall trading volume of Kucoin is still below $100 million which is unusual.

While most projects have certainly helped kucoin by doing a token swap and reissue there are few projects which haven't done because of decentralized aspect of things and sadly kucoin is leaving them out to hang for dry.

It has been well over a month and they have not started withdrawal or come up with any plans to refund those users.

[TastyChillySauce00]

I think this is the first time that kucoin got hacked if I'm not wrong. I thought kucoin has a solid security but still hacker destroyed it. Damn 150 million dollars was lost, lucky hacker that money is too much for living. Seems inside job because how hacker broke the security easily?...

It's better if you can get the latest update about that. This is an old case that has fully recovered by kucoin. All of the trading activities have already performed very well on kucoin exchange site and almost all of the projects in kucoins have been doing a swap to recover the stolen coins.
This problem has recovered since last week and so many people have started to trade on kucoin again. You must get the latest news about that and said the hackers are not stolen $150 million dollars. Tether has even frozen more than 15 million dollars on the hacker's wallet.

[1l1l11ll1l]

I think this is the first time that kucoin got hacked if I'm not wrong. I thought kucoin has a solid security but still hacker destroyed it. Damn 150 million dollars was lost, lucky hacker that money is too much for living. Seems inside job because how hacker broke the security easily?...

Iam sure not that easy, but yeah this is super huge, it's 3rd largest hack in crypto industry so far. I hope this is the last and will not happen again. Even though all customer funds can be recovered, things like this still show that there are still gaps that can be penetrated. No security is perfect, but all in all there will be better preventive measures in the future

[Cvetik56]

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.

Once again, cybersecurity is MANDATORY in the current crypto environment

Even though real users most probably haven't lose anything. It surely did hurt kucoin's respectability and reliance for a long time

[palukritik]

never use it..
i choose huobi because they never get hacked

[mirakal]

never use it..
i choose huobi because they never get hacked

Kucoin got hacked but no users are affected, all the lost money was reimbursed, that is why they are still here.

The exchange still has millions of trading volume, so they are still making millions in their operation.

as you can see https://coinmarketcap.com/exchanges/kucoin/.. though the volume has dropped a bit, but they still have a decent volume.

[_IRMAN]

never use it..
i choose huobi because they never get hacked

All centralized exchanges could be hacked, Huobi could also be hit at some point. So never use centralized exchanges to store long term money, use personal wallets.

[GelatikKembar]

Kucoin is a big exchange, it doesn't mean that if they get hit by hackers then they will close, you are wrong,
they have a good team, and I am sure they will compensate, the volume of Kucoin is still large and traders are still active there,
this is not the end Kucoin, keep hodl KCS, and you can win.

[paglarhat]

I was very worried after the Kucoin Exchange was hacked.
 Since my 1000 $ BTC was on the Kucoin exchange.
 However, I did not suffer any loss due to the quick action of the team management.

[amarmurgi]

Why is kucoin hacked even after a good exchange, and because it has been hacked, they will leave their exchange, big people work with their kucoin exchange, so kucoin exchange can never escape, I think the lost dollar may be ours. The powerful team of kucoin exchange can give back because this time they will work with much better protection. Thanks

[Teraboy]

never use it..
i choose huobi because they never get hacked

It could happen anytime coz we didn't even know whether there's a security branch on huobi that's not yet discovered.
BTW any exchange can be hacked anytime as long as there's a vulnerable feature or just like the kucoin's case when it was getting hacked by phishing email.

Anything can happen in crypto. I hope that huobi will never be hacked. This is why security is the most important part in centralized exchange site.

[kasakola]

Allah protected me even after kucoin exchange was hacked because I had some BTC in kucoin inshallah team management could not take my BTC easily, and I think kucoin exchange management is corrosive they will work again to protect from hack because I think kucoin Exchange is a crypto market.

[Marma Kalari]

I hope this is the last and will not happen again. Even though all customer funds can be recovered, things like this still show that there are still gaps that can be penetrated. No security is perfect, but all in all there will be better preventive measures in the future

Throughout the short history of cryptocurrency market we have seen many hacks and you hope that this is the last hack to happen  . The security is not up to the mark and hence the hackers are able to find the loophole, the positive aspect is that the owner revealed that they have the information regarding the culprit and hopefully we sill see some arrest in the near future.

[Febo]

never use it..
i choose huobi because they never get hacked

All centralized exchanges could be hacked, Huobi could also be hit at some point. So never use centralized exchanges to store long term money, use personal wallets.

Yes. The best you can do it to deposit coins, trade them and withdraw. This way you minimise chance they rob you out of your coins. You would be very unlucky that hack happen in that hour you are doing your trade. You would be so unlucky to be able to win a lottery.

[dhaldanga]

The Kucoin Exchange was hacked, many lost their funds.
 I also had 2000 $ ETH in Kucoin exchange.
 However, due to the quick action of the team management, I did not suffer any loss.

[rahmatullah9305]

never use it..
i choose huobi because they never get hacked

It's not never, it's just that it can't be hacked because hackers are smart people who always take advantage of opportunities on every exchange whose security is not improved, so I don't think the words have never been hacked are suitable for use.

[palukritik]

never use it..
i choose huobi because they never get hacked

It's not never, it's just that it can't be hacked because hackers are smart people who always take advantage of opportunities on every exchange whose security is not improved, so I don't think the words have never been hacked are suitable for use.

as far as they establish, they never gets hack...
even binance gets hacks..

[maldini]

You are correct that individuals ought not store there cash on trade yet the best exercise that I learned on this occasion was pick a trade. I think right this is the ideal opportunity else they will lose business and maybe will be totally supplanted by the decentralized trades.

[Natalim]

The Kucoin Exchange was hacked, many lost their funds.
 I also had 2000 $ ETH in Kucoin exchange.
 However, due to the quick action of the team management, I did not suffer any loss.

You stated that "many lost their funds" but that's not true, nobody lost funds actually. Kucoin was able to recover most of the funds hacked according to them, thanks to advanced tracking and team efforts. However, Kucoin and all exchanges need to advance their security, this is because hackers keep devising new means to hack. All these hacks on CEX is the major reason why we shouldn't keep funds on exchanges long term, only for trading purpose.

Yeah, they do, they recover "84% of Funds Stolen in $280 Million Hack", that's according to the news.

Kucoin Recovers 84% of Funds Stolen in $280 Million Hack


However, they still loss 16% or 44 million usd, that's a huge money, and even if we say some of these are from customers deposits, but Kucoin were able to refund everything, so we did not hear complains from traders and investors.