KUCOIN Hacked

[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.

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[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.