KUCOIN Hacked

[Tamim121]

Kucoin is one of the most popular and good trading platform. A good crypto exchanger. How it can possible? I'm going mad by thinking of it.  I think that Kucoin team must improve their security and check bugs Everytime.

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[Gumbo88]

wow, i don't hope after Kucoin was hacked, crypto market will be gone down. Trader need to carefull.

[Kupid002]

Kucoin is one of the most popular and good trading platform. A good crypto exchanger. How it can possible? I'm going mad by thinking of it.  I think that Kucoin team must improve their security and check bugs Everytime.

They are still new and it's only 3 years since they open up that exchange its not yet late if they will improve security of thier exchange for convenience of users and to also users will not  afraid  that there are hack that can happen again in the future.


Is there a message. from owner  exchange how they going to giveback all the lost money from this hacks incident,?

[Devss]

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.

Best example bitgrail nano hack. $170M worth of crypto stolen and the company went bankrupt.

[lousie9]

at that time Binance and now Kucoin?  really crazy that the hackers have pocketed an estimated $157 million? but fortunately the Kucoin company can be responsible for compensating for the loss of assets of its users. but it is unfortunate that the top exchanges have always been the main target of hackers.

[XCANA]

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.

Hackers always find something good to battle with: they understand that more difficulties with more gains and this was just  what happened to KuCoin cryptocurrency exchange. The top cryptocurrency exchanges should sit tight for their security to avoid thus type of hack in future. This hack wasn't good even though the hack doesn't affect traders and investors on their crypto exchange. KuCoin cryptocurrency exchange is my favourite but now am afraid of this exchange sincerely.

[tvplus006]

Hackers always find something good to battle with: they understand that more difficulties with more gains and this was just  what happened to KuCoin cryptocurrency exchange. The top cryptocurrency exchanges should sit tight for their security to avoid thus type of hack in future. This hack wasn't good even though the hack doesn't affect traders and investors on their crypto exchange. KuCoin cryptocurrency exchange is my favourite but now am afraid of this exchange sincerely.

The Kucoin team acted professionally, promptly reporting on the withdrawal of cryptocurrency by hackers to various wallets,which were subsequently blocked. At the moment, $129160000 in cryptocurrency has already been returned to the exchange's wallets. Hackers should now know that they will not be able to escape with the stolen cryptocurrency.

[fvb]

This is good news.  It means that everything will be returned to everyone and users have not lost anything.  The exchange keeps its brand and reputation will not suffer.  But caution and safety are most important.

[XCANA]

Hackers always find something good to battle with: they understand that more difficulties with more gains and this was just  what happened to KuCoin cryptocurrency exchange. The top cryptocurrency exchanges should sit tight for their security to avoid thus type of hack in future. This hack wasn't good even though the hack doesn't affect traders and investors on their crypto exchange. KuCoin cryptocurrency exchange is my favourite but now am afraid of this exchange sincerely.

The Kucoin team acted professionally, promptly reporting on the withdrawal of cryptocurrency by hackers to various wallets,which were subsequently blocked. At the moment, $129160000 in cryptocurrency has already been returned to the exchange's wallets. Hackers should now know that they will not be able to escape with the stolen cryptocurrency.

That's a plus for KuCoin team and the entire cryptocurrency exchange for that prompt response from them about the hack. They should now understand that they're not as smart as before now, kudos to them. Out of the $150M which was reportedly announced by the team and $129,160,000 recovered is plausible. Thanks for this enlightenment.

[ololajulo]

Eterbase got the same issue and the fund was moved to exchanges ( Binance and Huobi), the exchange got high chances of fund recovery. I am of the opinion of allowing transfer to exchange account with KYC to allow the culprit apprehended. Kucoin hack didnt affect the market but I feel the control of the transfer reduced the effect in the market dump. Recent hack look loose and unprofessional, can we say the wallets are safer or the hackers are incompetent?

[jacafbiz]

$157 million is a huge thing, something tells me that most of these exchange hacks are inside job, there has been no thorough investigation into any allege hack in the space. I read that some of their Bitcoin wallet was also compromised, that one can't be recovered buy some of these ERC20 tokens could we know that some of these projects developers can activate their God mode and recover some of these tokens

[pixie85]

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.

It will take time before themy manage to sell it all. I don't believe they'll just dump it like that but rather go through a number of altcoins to make it harder to trace.

Also many of those centralized coins can be stopped. Like he stole 20 million in USDt which is a balloon coin. They can choose to redeem it or not. Many of those ERC220 shitcoins are like IOU slips. He can get something or nothing.

[SaShiRaJaVu]

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.

It is no doubt a good gesture to reimburse the lost coins to its customers and when binance was hacked they too took the same decision and what i do not understand is that none of the hacks that happened in several exchanges in the past 8 years the authorities nor the exchanges was not able to recover those lost coins which is not a good sign in the long run.

[Fakhrulenclix]

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.

Responsible exchanges, that's why i check my balance on kucoin and all safe. Kucoin must think to add extra security for their platform so can to prevent the next similar case. So what about our coins?? Better to withdraw it to another exchange or store it there??

[pixie85]

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.

Responsible exchanges, that's why i check my balance on kucoin and all safe. Kucoin must think to add extra security for their platform so can to prevent the next similar case. So what about our coins?? Better to withdraw it to another exchange or store it there??

They stole it from their hot wallet so your balance did not change.

Your balance on the account is just numbers. There are no coins in your personal wallet it's all in big hot and cold wallets.

To know if you have the money you have to make a withdrawal and see if it is processed.

[samcrypto]

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.

Responsible exchanges, that's why i check my balance on kucoin and all safe. Kucoin must think to add extra security for their platform so can to prevent the next similar case. So what about our coins?? Better to withdraw it to another exchange or store it there??

They stole it from their hot wallet so your balance did not change.

Your balance on the account is just numbers. There are no coins in your personal wallet it's all in big hot and cold wallets.

To know if you have the money you have to make a withdrawal and see if it is processed.

Try to withdraw that funds and you’ll have peace of mind if you receive it on your wallet, but if not then you have to alarmed us as well.

Anyway, Kucoin can handle this one and I’m confident that they will not die just because of this hacked and I know they also have a plan when an incident like this happened, they should learn from the past hacking incidents.

[Danslip]

The only hot wallet has been compromised and all funds are safe in cold wallets. Almost all tokens are frozen by teams and the Tether team has decided to make the stolen USDT useless with deploying contract code. The tokens are useless, so anonymous altcoins will be the only exit gate of hackers to continue the devil activity.

[krisnajsadrak]

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

another bad story in ccryptocurrency world
i hope all exchange will increasing their security to reduce the risk of being hacked

[marks1976]

another bad story in ccryptocurrency world
i hope all exchange will increasing their security to reduce the risk of being hacked

Basically, the private key of kucoin got stolen due to the phishing. There was no problem in the security that has already used by kucoin as it's clearly stated by the kucoin itself if they have already disabled all of system when the hackers were moving the amounts into the new wallets.

The problem is how can the kucoin be a victim for the phishing link? Im feeling curious about this.

[imstillthebest]

another bad story in ccryptocurrency world
i hope all exchange will increasing their security to reduce the risk of being hacked

Basically, the private key of kucoin got stolen due to the phishing. There was no problem in the security that has already used by kucoin as it's clearly stated by the kucoin itself if they have already disabled all of system when the hackers were moving the amounts into the new wallets.

The problem is how can the kucoin be a victim for the phishing link? Im feeling curious about this.

your question is also my question . how the f this happen when they are a reputable exchange or a big company , they supposed to be aware of the phishing schemes as much as common individual do  .

 only noobs got phished right now because of how easy it is to know and why will they use a single wallet for all of the funds that they held  . if let say im the owner or not but as long as i have huge funds  , ill seperate them on a different number of wallets  .