KUCOIN Hacked

[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.

[1714898461]

1714898461

[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one of the most secured and advanced crypto exchanges but I am surprised that it is also hacked and the huge fund is withdrawn by hackers.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.