KUCOIN Hacked

[jossiel]

Just like what Binance has done before, funds are safu for traders in Kucoin. But if this is just another exchange and not a reputable one, those funds were gone forever and there will be no accountability for that exchange.

Traders should keep their trading funds affordable in their exchange account. But if they treat it as a cold storage, your funds are never safe.

[cepot9]

Quite disappointed with kucoin, they are a huge exchange and almost on a binance equivalent but they don't seem to be strict on security. The funds that were stolen were really large and even though they made up for it, losing that much was painful and it was better to spend half of it on security than to lose it stolen.

[Raflesia]

This is very surprising news, of course with the top and safe exchanges before they finally get hit by hackers and the funds taken are quite a lot, of course they will experience very large losses.
With such a statement, traders don't need to worry because their funds will be safe and replaced by Kucoin, but this is an unexpected incident where hackers are able to easily break into their security.
Will this not happen again? security must be at the level again so that it is more secure from any attack.

[Jackl87]

I just saw this news and logged into to kucoin to see if my funds are still there, and they are.
To get hacked is one of the worst things that can happen to an exchange, but i think that kucoin handled the situation pretty well, with compensating everyone that lost money.
Also the price of kucoinshares hasn't dropped as much as i would have expected under this circumstances.

[Ridwan Fauzi]

Being a crypto currency trader/investor is highly risk, everyone not only have to facing the volatility price movement but the hacking event as well. You could loss your money without any guarantees, like this incident.

But yeah this incident will give a slightly effect for crypto currency price movement, especially ETH price movement. The hacker could dump to sell all the ETH that they got, be carefull and stay safe.

[Akiko]

I just saw this news and logged into to kucoin to see if my funds are still there, and they are.
To get hacked is one of the worst things that can happen to an exchange, but i think that kucoin handled the situation pretty well, with compensating everyone that lost money.
Also the price of kucoinshares hasn't dropped as much as i would have expected under this circumstances.

Its too early to say that it's cannot beaffected since this latest news  is not yet heard by everyone wait for one day if it's really not affect the price of it's own crypto  currency .the hacked amount is too big worth $150m and there is no way it will not affect the market price unless they already solve this today before users will got panic with this news.

[djmixen]

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

Kucoin is not the only exchange platform that has been hacked, remember Binance hacked also before and recovered it.
If binance exchange before was being hacked where it was one of the top exchange in the market how much more kucoin, But of course
this exchange(Kucoin) can resolve this issue for sure. Let's give it time.

[AjithBtc]

Kucoin being one of the leading cryptocurrency exchange failing to secure its fund gives a fear among cryptocurrency users. From the official Twitter statement their hot wallet is declared as safe, so this won't make a big impact over the cryptocurrency market. If the hack has led to loss of funds, surely the market would've experienced a little crash by now.

[Bitstar_coin]

Very unfortunate to be honest,  I just read it on dia announcement channel and am shocked to read it, this hackers keep making life hard for investors, making investors feel uncomfortable to leave their assets on the exchange, i really doubt there will be a lasting solution to keep hackers at bay.

[pixie85]

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.

It's not dificult.

Their hot wallet wasn't hacked. It was the machine on which the wallet was hosted. Your wallets and keys stored in them are as secure as the machines used to operate them.

Probably someone clicked one link too much or used the computer to browse the Internet or answer emails.

[deathcode]

Very unfortunate to be honest,  I just read it on dia announcement channel and am shocked to read it, this hackers keep making life hard for investors, making investors feel uncomfortable to leave their assets on the exchange, i really doubt there will be a lasting solution to keep hackers at bay.

I think that's the job of the platform developer. they must perform regular maintenance regarding the security of their system. it was difficult, but when they worked harder and more carefully I thought everything could be resolved. we still can't find the right solution, but it's a big challenge for each platform to be the best.

[sayam]

This is undoubtedly another tragic moment. Again this incident proved that it's not safe to keep your funds on the exchanges. So if the exchange is to be used, it must be short-term, funds can't be left there for a longer period of time.

[YOSHIE]

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

This is bad news after all this happened to Binance exchange a few months ago, I think what happened to Binance, other exchanges like KuCoin etc, can increase the security of their exchange, and now it's happening again with the KuCoin exchange, indeed Hackers, no sleep in this.

I have used KuCoin exchange in 2018-19, but just selling, I never kept assets there, I immediately transferred it to my personal wallet safely, I hope this problem can be resolved as soon as possible, who withdrew the asset.

[Rafiqul]

Hacking a large exchange like Kucoin is really bad news for cryptocurrency. I trade there myself, fortunately my coins are safe there. EterbaseExchange and Binance  Exchange have been hacked a few days ago. I believe that Kucoin exchanges like Binance can easily recover this loss; But exchanges should take stronger action to prevent hacking, hopefully they will; I believe that at some point the cryptocurrency market may be threatened.

[Furious 7]

I have used KuCoin exchange in 2018-19, but just selling, I never kept assets there, I immediately transferred it to my personal wallet safely, I hope this problem can be resolved as soon as possible, who withdrew the asset.

It's the safest way to store assets in a personal wallet compared to having to store them in an exchange, I have thought of this before after many large exchanges being hacked so my belief is also right that hackers will happen again in the future and it's true I KuCoin become the target of the hackers and finally they are able to steal big money 150 million dollars.

After seeing this incident, I will not store assets for too long on this exchange, it will be very risky, of course, no matter how strong the security, hacks must have a more cunning way.

[Febo]

Yup it was obvious yesterday by just looking at Whale Alert at twitter. many altcoin wallets were emptied.  $157 million is a lot of money. They need to buy those coins now and not wait that their value increase and then a $157 million hack can turn into  a billion or more. Ignoring this sunk Mt.Gox.

[Jawhead999]

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.

It's better to store your coins on CEX has an insurance fund rather than CEX without insurance fund. But it's far far better to store your coins on non-custodial wallet than both of that. Hopefully Binance can recover all the loss when they're got hacked on 2019, but if the loss is very large and can't be recovered by SAFU nor other asset? Binance will bankrupt like MtGox. Now Kucoin act similar as Binance they can recover the loss because they have insurance fund since 2018, but we never know what will happen in the future... did Kucoin has a funds to recover the loss? or they only acting for not panic? no one knows.

Being a crypto currency trader/investor is highly risk, everyone not only have to facing the volatility price movement but the hacking event as well. You could loss your money without any guarantees, like this incident.

If they always move his coins to his non-custodial wallet after doing trade, then they will not facing this incident. That's why don't hold your coins on CEX because you don't have full control of your coins.

Will this not happen again? security must be at the level again so that it is more secure from any attack.

No system is safe in this world, even they already have a good security... it will not prevent hacker to find the system vulnerability. Not want to judge which exchange is good or bad, but IMO all CEX only waiting the time to get hacked.

tl;dr Not your keys, not your coins. CEX is not safe.

[dhemasm]

This was really bad, Damn dude $160 Mio is big amount. Even Kucoin Say they will be change the stolen asset with their reserve fund and Insurance but still it was really bad for their reputation, I mean it was big Exchange like binance. Just hope Kucoin team will Arrest the theft ASAP. Kucoin CEO was also held livestream, Did they already live? I live on different Timezone.

[CucakRowo]

It's better to store your coins on CEX has an insurance fund rather than CEX without insurance fund -snip-

True. At least your fund is SAFU when their system hacked. And indeed very true. Better to kept or funds in to our personal wallet. About binance, isn't the full refund already done, they took their SAFU funds and give back to their user?
And about kucoin, here's some update :
https://twitter.com/paoloardoino/status/1309771801581494272?s=19

i guess there's a benefit when we talk about centralized coin and exchanges.

[jrrsparkles]

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.

You will get the same coins as whatever presented in your wallet
Still there is no explanation about what caused the hack but for now they suspended the trading activities and withdrawals because they are taking complete overview of their security system to identify which got exploited by hackers.