KUCOIN Hacked

[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!

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[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 .