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

[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