KUCOIN Hacked

[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.

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[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Hackers have withdrawn large sums of funds close to 50 million dollars has been sold, hackers every day make large token deposits and sell them on exchanges and dex that do not block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.