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Author Topic: Kucoin hacker moved the stolen BTC.  (Read 405 times)
TrevorS
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September 28, 2020, 10:02:17 AM
Merited by vapourminer (2)
 #1

Until the hype around Kucoin subsided, the hacker moved some of the bitcoins, as you can see in the screenshot how they are distributed.



https://bitaps.com/48898311016b2001e87a71478f625109e322e9282b72ac19bde17f049501eed4/1NRsEQRg5EjmJHbPUX7YADVPcPzCQBkyU7

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September 28, 2020, 11:23:39 AM
Merited by vapourminer (2)
 #2

The attack was to transfer bitcoin, but the ERC20 token was intercepted by the project owner in various ways such as freezing or converting the project token to another token. Kucoin's attack was a big hit, but with a timely interception from all sides, the damage was significantly reduced.
These hackers are stupid enough to take away a handful of Bitcoin and mostly ERC20 tokens.

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September 28, 2020, 11:51:48 AM
 #3

The attack was to transfer bitcoin, but the ERC20 token was intercepted by the project owner in various ways such as freezing or converting the project token to another token. Kucoin's attack was a big hit, but with a timely interception from all sides, the damage was significantly reduced.
These hackers are stupid enough to take away a handful of Bitcoin and mostly ERC20 tokens.

I think they are not stupid but I think they choose to do that since they know they can make some choices upon distributing the ERC20 tokens to different wallets but suddenly it was intercepted faster as they expect that's why we can see that it didn't affect to much to the price of bitcoin as well to those tokens affected by the hackings. But I want to know the further more updates since this is so interesting issue happen this days.

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September 28, 2020, 01:02:04 PM
Merited by bitmover (1)
 #4

The attack was to transfer bitcoin, but the ERC20 token was intercepted by the project owner in various ways such as freezing or converting the project token to another token. Kucoin's attack was a big hit, but with a timely interception from all sides, the damage was significantly reduced.
These hackers are stupid enough to take away a handful of Bitcoin and mostly ERC20 tokens.

Foolish people who trust tokens ERC20! Such "freezing" indicates that there is no decentralization... Wink
And hackers are good (if they existed at all!)

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September 28, 2020, 01:16:22 PM
 #5

Foolish people who trust tokens ERC20! Such "freezing" indicates that there is no decentralization... Wink
And hackers are good (if they existed at all!)

Exactly
As they will probably be able to really get money only from bitcoin we can now clearly see what is decentralized and what is not.

Remember that blocking a hacker is good, but govermentmaydecide to block money from common people

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September 28, 2020, 01:32:20 PM
Merited by vapourminer (2)
 #6

It also try to move $500,000 worth of USDT but was unsuccessful because the address has been blacklisted on the contract to call transfer (), hence the transaction is reverted.



https://etherscan.io/tx/0x9f8aab73768737882476cf75c665320cb0b73274196fc1d337d91ef28a282846

Unfortunately, there is one address that is not yet blacklisted,

https://etherscan.io/address/0x710da7a06b0c66a18fed27dfa53d937c69ed3b2c

Which is moving funds just right now swapping it using Uniswap.

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September 28, 2020, 01:51:33 PM
 #7

Foolish people who trust tokens ERC20! Such "freezing" indicates that there is no decentralization... Wink
And hackers are good (if they existed at all!)
I think they are not stupid but I think they choose to do that since they know they can make some choices upon distributing the ERC20 tokens to different wallets but suddenly it was intercepted faster as they expect that's why we can see that it didn't affect to much to the price of bitcoin as well to those tokens affected by the hackings. But I want to know the further more updates since this is so interesting issue happen this days.
Hackers could not have imagined that the tokens they took away were frozen so quickly by project owners.
The source code is owned by the project owner. CEO Oyster previously printed more tokens and dumped them on Kucoin.
We need to realize that decentralization is something impractical because projects are developed by a group of people. It is better to make the source code public and self-developed communities like Bitcoin.

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September 28, 2020, 02:02:49 PM
 #8

Based on me Googling for a minute, it seems like surprisingly this KuCoin hacker didn't even mix or coinjoin the coins(at least yet). What is it with successful exchange hackers and them not mixing/CoinJoining their coins? It seems to be the obvious move lmao; or am I missing something on why they don't do it?

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September 28, 2020, 02:05:54 PM
 #9

The attack was to transfer bitcoin, but the ERC20 token was intercepted by the project owner in various ways such as freezing or converting the project token to another token. Kucoin's attack was a big hit, but with a timely interception from all sides, the damage was significantly reduced.
These hackers are stupid enough to take away a handful of Bitcoin and mostly ERC20 tokens.

Foolish people who trust tokens ERC20! Such "freezing" indicates that there is no decentralization... Wink
And hackers are good (if they existed at all!)

bull's eye! now who will believe this decentralisation thing? or are we just going to forget this scenario and pretend nothing happened? where everyone just seemed to move on and forget what has been obviously exposed to us? but on a serious note, i dont think people will stop trusting these erc20 tokens. now that a lot are awaiting this eth 2.0
 even hackers need to learn their lesson here. i guess  Roll Eyes

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September 28, 2020, 02:18:45 PM
Last edit: September 28, 2020, 02:29:57 PM by 20kevin20
Merited by vapourminer (2), o_e_l_e_o (2)
 #10

I'm kinda sad to see some people bragging ERC20 token creators for freezing funds. You don't get that yours could be frozen as well, do you? Seems nice when it's a hacker that is being stopped, but when you're affected yourself it doesn't look that well anymore. We're supposed to be decentralized.

Based on me Googling for a minute, it seems like surprisingly this KuCoin hacker didn't even mix or coinjoin the coins(at least yet). What is it with successful exchange hackers and them not mixing/CoinJoining their coins? It seems to be the obvious move lmao; or am I missing something on why they don't do it?
They probably do not feel like being in a rush - holding your BTC in the wallet you've initially transferred hacked coins to or moving the coins to another wallet is about the same thing unless they want to cash out, right? Like Mt Gox, there's plenty of time during which they have to take care of probably almost all aspects of their lives from a security perspective, lol.

Edit: Maybe they're looking to exchange their BTC through Bisq? In that case, I guess it doesn't even matter whether you've mixed your coins anymore.





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September 28, 2020, 02:41:06 PM
 #11

If we talk about the things that the hackers will do with the bitcoin, we can give them an idea of what they will do because they will figure out how they can do to get the money without other people knows. The hacker is smart enough to know what they suppose to do to avoid tracking from others. We will see the next thing that they will do because we can track the transaction.

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September 28, 2020, 02:51:03 PM
 #12

Based on me Googling for a minute, it seems like surprisingly this KuCoin hacker didn't even mix or coinjoin the coins(at least yet). What is it with successful exchange hackers and them not mixing/CoinJoining their coins? It seems to be the obvious move lmao; or am I missing something on why they don't do it?

Does it make any difference to instant mix them or wait a few days, or even years?

They can mix those coins at any given time.  Except is some consensus rules changes  which is unlikely

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Fundamentals Of
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September 28, 2020, 02:59:03 PM
 #13

The attack was to transfer bitcoin, but the ERC20 token was intercepted by the project owner in various ways such as freezing or converting the project token to another token. Kucoin's attack was a big hit, but with a timely interception from all sides, the damage was significantly reduced.
These hackers are stupid enough to take away a handful of Bitcoin and mostly ERC20 tokens.

Foolish people who trust tokens ERC20! Such "freezing" indicates that there is no decentralization... Wink
And hackers are good (if they existed at all!)

They're good but not the best. They won the battle when they successfully broken the security of KuCoin's hot wallets and got some coins. But they've lost the next one when they decided to diversify their loot to include a number of ERC20 tokens.

At least the steps taken by the altcoin developers or owners were able to contain the impact of the hack of KuCoin. The exchange won't be suffering from a very heavy blow to their finances.

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o_e_l_e_o
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September 28, 2020, 03:47:33 PM
 #14

You don't get that yours could be frozen as well, do you?
"I don't mind using centralized coins because they have never frozen my coins." - Everyone who has had their coins frozen, before their coins were frozen.
"I don't mind using centralized exchanges, because they have never frozen my account." - Everyone who has had their account frozen, before their account was frozen.
"I don't mind using centralized web wallets, because my wallet has never been hacked." - Everyone who has had their wallet hacked, before their wallet was hacked.

Same old story. It seems that endless amounts of warnings and countless numbers of other victims are not enough for people these days. They need to experience person loss before they start taking things seriously.

They probably do not feel like being in a rush - holding your BTC in the wallet you've initially transferred hacked coins to or moving the coins to another wallet is about the same thing unless they want to cash out, right?
Yeah, if they are not in a rush to cash out, then why start trying to offload the coins now when they are all over the news and all eyes are on them? Just wait a few months until the next exchange hack hits the headlines, and then you can move/mix/coinjoin/trade/sell/offload them when people are all looking elsewhere.

Vatimins
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September 28, 2020, 04:01:17 PM
 #15

     I kinda feel bad for the hacker(s) for this though. All the efforts that they have invested into hacking the exchange (kucoin) all went to waste. And all because of their impatience. What a shame. They already had it, byt lost it. Had they waited a few months or even a year, when talks about the hacking has cooled down and people are not looking into it that much, they would've pulled it off. Tsk tsk. Great job for kucoin tho.

Bitcoinislife09
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September 28, 2020, 04:04:07 PM
 #16

I'm kinda sad to see some people bragging ERC20 token creators for freezing funds. You don't get that yours could be frozen as well, do you? Seems nice when it's a hacker that is being stopped, but when you're affected yourself it doesn't look that well anymore. We're supposed to be decentralized.

Based on me Googling for a minute, it seems like surprisingly this KuCoin hacker didn't even mix or coinjoin the coins(at least yet). What is it with successful exchange hackers and them not mixing/CoinJoining their coins? It seems to be the obvious move lmao; or am I missing something on why they don't do it?
They probably do not feel like being in a rush - holding your BTC in the wallet you've initially transferred hacked coins to or moving the coins to another wallet is about the same thing unless they want to cash out, right? Like Mt Gox, there's plenty of time during which they have to take care of probably almost all aspects of their lives from a security perspective, lol.

Edit: Maybe they're looking to exchange their BTC through Bisq? In that case, I guess it doesn't even matter whether you've mixed your coins anymore.

Hack in Kucoin is still ongoing maybe since the hacking is already obvious there is no reason any more to hide it from everyone. For sure they are trying to rush the cashout of the fund because Kucoin knows it already but until now the hack is still going. But it might be easier to track every transaction if they don't use any mixer with the help of the authorities there might be a small chance to catch these scammers in my opinion. Cashing out these funds is not easy to do for sure. But these hacking news is going to have a big impact on Kucoin as a lot of their users and investors are going to panic and cash out their funds on the website.

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September 28, 2020, 04:40:09 PM
 #17

Who else believes in decentralization tales?
I already wrote that all smart contacts have the function of blocking funds.
https://bitcointalk.org/index.php?topic=5247581
From the one side, it is a good practice when the owners of smart contracts block the stolen funds, then issue new tokens and transfer them to their owners.
But on the other hand, not all companies can take advantage of this privilege, but only large ones.





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September 28, 2020, 07:16:11 PM
 #18

Who else believes in decentralization tales?
I already wrote that all smart contacts have the function of blocking funds.
https://bitcointalk.org/index.php?topic=5247581
From the one side, it is a good practice when the owners of smart contracts block the stolen funds, then issue new tokens and transfer them to their owners.
But on the other hand, not all companies can take advantage of this privilege, but only large ones.

Probably it's not the lack of decentralization, but the fact that for the most part all these ERC20 tokens are of no value at all!
What is this cryptocurrency that can be additionally printed or frozen? And then how does it differ from banks and cash?

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zasad@
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September 28, 2020, 08:08:39 PM
 #19

Probably it's not the lack of decentralization, but the fact that for the most part all these ERC20 tokens are of no value at all!
If tokens are of no value at all, then why is money paid for them?  Cheesy

What is this cryptocurrency that can be additionally printed or frozen? And then how does it differ from banks and cash?
Is it about cryptocurrency or tokens?
If we are talking about tokens, then the most important difference is that we do not need banks and other intermediaries.
 We do not need to wait for long responses to inquiries, to receive extracts from the registers. Now most of the questions can be solved by pressing 1 button: "sign"  Cheesy





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September 28, 2020, 10:02:12 PM
 #20

Too bad the hackers made a wrong choice in picking those ERC20 tokens, but seeing the ERC20 token owners freezing the coins is really not what decentralization is all about, imagine waking up one faithful day and they decide to to freeze everyone's token, that's really bad, it shows that there is no such thing as decentralization in ERC20  Embarrassed, but I know alot people won't stop using ERC20 tokens,even after what we saw the owners did right before our eyes, everyone will just be glad that the hackers didn't get away with the money.

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