KUCOIN Hacked

[pilosopotasyo]

Not your keys... You all know that any exchange could be hacked sooner or later. Industry-specific risks

I am all praised on Kucoin's security measure they employed the best security email 2 Factor and security questions but even if they have the best security hackers are also upgrading their tools and their skills on how to hack these exchange we can consider hacking a multi million dollar business too, because there's a huge money to be made here.

[cryptoperkele]

Funny how crypto markets didn't took any hit even though it was a huge sum of money. Paradigm has shifted or something and people are not afraid that of hackers crash the charts by dumping the money, or people have just collectively decided that this is a bottom now.

[ven7net]

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

Of course, this is very bad news for the crypto community and once again forces us all to think about protecting our funds and personal data. But the fact that one of the major cryptocurrency exchanges was hacked makes us look for other more reliable trading platforms. I believe that the administrations of crypto exchanges need to devote more time to security, since this is very important now.

[BayAngelo]

A good look at the wallet shows that the hacker made a series of attempt on different tokens listed on kucoin.  70% of the attacks yield returns while some failed resulting to those tokens appearing Zero in his/her wallet. it may appear that Kucoin responded Late when they discovered the withdrawal.  it reflects how unsafe it is to leave token on centralized echange. Kucon was one of the best to provide multiple means of security on their platform. shameful that they were exploited.

[alicea]

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.

[bassbity]

A good look at the wallet shows that the hacker made a series of attempt on different tokens listed on kucoin.  70% of the attacks yield returns while some failed resulting to those tokens appearing Zero in his/her wallet. it may appear that Kucoin responded Late when they discovered the withdrawal.  it reflects how unsafe it is to leave token on centralized echange. Kucon was one of the best to provide multiple means of security on their platform. shameful that they were exploited.

No one thought that Kucoin with a myriad of security could be hacked but there is power if it happens then you can't do anything except by adding even stronger security, after hearing this we are more afraid that storing large assets on this exchange can cause big risks. that we will experience.

[abel1337]

The amount stolen is just mindblowing, What if the hacker tries to dump half of the tokens    This is a big loss for Kucoin and for the crypto community as well. We see Kucoin as one of the best-centralized exchange today and when hacking incidents happen like this, It would make us think that even a well-known exchange that has good security can be hacked, What more if it is a small exchange. I don't know what Kucoin will do in this situation.

[Galley]

No one will ever be able to guarantee one hundred percent security of our assets on crypto-exchanges. Hackers find vulnerabilities and we are always at risk of loss. One thing reassures me that all the losses must be compensated, but the unpleasant aftertaste, nevertheless, remained.

[jrrsparkles]

Funny how crypto markets didn't took any hit even though it was a huge sum of money. Paradigm has shifted or something and people are not afraid that of hackers crash the charts by dumping the money, or people have just collectively decided that this is a bottom now.

Its just because of their announcement, no trader's fund will be lost due to the hack so users are really safe and its a loss for the exchange only, but it will have some effect on the prices for sure but not yet since not much people knew this hack and people will try to move their funds or cashout once they knew it.

[mamesso]

According to KuCoin Global CEO Johnny Lyu, he confirmed that the hack resulted in the loss of a number of Bitcoin (BTC), Ethereum (ETH) and a number of ERC20 type tokens from the company's hot wallet, KuCoin has contacted international law enforcement and offered bonuses of up to $100,000 to those who can provide a useful exchange of information about the case, This loss occurred due to leakage of KuCoin hot wallet private keys. And the good news is that Kucoin promises to reimburse the user money lost in the hack using his cold wallet. Hopefully the Kucoin party can improve the deposit and withdrawal functions in the near future.

[Shallow]

Another major exchange hacked which shows that no exchange is safe or totally secure as they claimed hence very mandatory that users take responsibility of their assets by saving it outside the exchange. Even if they are able to offer a solution to users, at least now it has proven to users to be extremely careful when trading on any exchange. In addition, with Kucoin planning on repaying users shows that indeed it is a major exchange as most exchanges which experienced hacks ends up going out of service.
However, on the other hand, issues like this is what keeps dragging the crypto space behind wherein it delays its mass adoption.

[flagpara]

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.

Right, probably now we couldn't see any bleeding cryptocurrency market. This time I was lucky that I had some Bitcoin on the kucoin exchange. I forgot to withdraw because I was busy. This is the main reason why we shouldn't trust any Exchange to hold our money. After the last hack Binance exchange returned all the money back to their users.

[iamaruf]

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.

[forexandcryptoauditor]

This incident shows that no exchange or wallet is safe from hackers. Second part is Kucoin managed it very well and the hacked hot wallets were redeployed. As per the update, cold wallets are safe and if any user is affected, Kucoin's insurance will get it covered. This is what expected from a good exchange.

[Mulann2]

Waw! Can't believe this time it is Kucoin that got hit by this savage hackers, Can't believe when I saw the post, this is the reason I never hold anything on exchange no matter how secure the exchange claims to be because at the end this is when to know if a project is actually secure or not, i don't think the culprit will be caught.

[JeffBrad12]

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.

As long as you can see your balance in your account and then you can do nothing rather than waiting for the developers to resume the withdrawal and deposit in the next week. They will not replace your money with bitcoin.

It's clearly stated by them and this time all of USDT that has already stolen has been frozen by tether's company and then it will be replaced with new tether.

in this case, the rolling back can't be used for a coin such BTC.

We have learned a lot of research.

[AmoreJaz]

Waw! Can't believe this time it is Kucoin that got hit by this savage hackers, Can't believe when I saw the post, this is the reason I never hold anything on exchange no matter how secure the exchange claims to be because at the end this is when to know if a project is actually secure or not, i don't think the culprit will be caught.

this time hackers tested the vulnerability of kucoin. more to come i guess.
 a testament that users should not store their coins to exchanges, even to these top exchanges. maybe ok for those that have insurance policies like BNB and coinbase. but if you have the capability to secure your coins or tokens, why not? all of these exchanges, whether big or small are vulnerable to attack. coz these hackers will not stop as most of them already made this as their mission in life!

[Johnyz]

This incident shows that no exchange or wallet is safe from hackers. Second part is Kucoin managed it very well and the hacked hot wallets were redeployed. As per the update, cold wallets are safe and if any user is affected, Kucoin's insurance will get it covered. This is what expected from a good exchange.

That’s why I don’t spend much money on any exchanges because I know they are vulnerable to the hackers, good thing they have supported funds for this and they are insured. The bit question here is, what if this happen to small exchanges which already happened and force the small exchanges to close their platform. Kucoin is one of the best cryptoexchange, someone is behind on this for sure.

[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.

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.

If a newbie is knowledgeable, they should not fear as hack can happen in any exchange since exchanges are vulnerable to hack, if it happened to Binance which is the biggest in the list, then it could potentially happen to a smaller exchange but Kucoin survive this,  it pained them but just a bit only since they are still operating with a decent trading volume, which makes them easily recover that loses from trading fees.  

[jajorforce]

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.