Kucoin hacker moved the stolen BTC.

[dunfida]

Foolish people who trust tokens ERC20! Such "freezing" indicates that there is no decentralization...
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

People would have different sentiments to these and this indeed shows that decentralized is totally bullshit with some projects that do really able to block out transfers or even revert or freeze and thats not how decentralization works.It might have its pro's but this one shows the reality on which one is truly decentralized.

Kucoin is one of the favorite coin for me. I use it for regular basis. I don't know what was the lack behind this. But kucoin team should more conscious about their security system.

Not only for kucoin but on every platforms/projects out there on tightening up their security if they dont like the similar thing happened here.
Hackers are just lurking in the dark and just waiting for the right opportunity if they do able to find a hole.

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[GreatArkansas]

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?

For sure, the hacker/s got some idea about this part, is mixing the Bitcoins they hacked on Kucoin. They already have done the difficult part, which is getting inside the system of Kucoin, for sure the latter part will become easy for them.
Maybe they will first wait for the issue of this hack will be somehow forgotten for a moment or another issue will pop up and this Kucoin hack will somehow lay low before the hacker/s will start another move again on how they will make those Bitcoins fresh or converted to cash or other cryptocurrencies.

[Sadlife]

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.

Thankfully exchanges and third party has some measures towards this, it would affect the Bitcoin price significantly if ever this was liquidated by the hackers to Fiat. That's why, you should trade money with every asset you had, because data breach could happen at any moment regardless how popular or secured you think the exchange you're using.

[tippytoes]

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?

For sure, the hacker/s got some idea about this part, is mixing the Bitcoins they hacked on Kucoin. They already have done the difficult part, which is getting inside the system of Kucoin, for sure the latter part will become easy for them.
Maybe they will first wait for the issue of this hack will be somehow forgotten for a moment or another issue will pop up and this Kucoin hack will somehow lay low before the hacker/s will start another move again on how they will make those Bitcoins fresh or converted to cash or other cryptocurrencies.

Typical precaution from hackers. They will let the situation die down before moving their stolen stash. Would be stupid if they will not use any of those mixer services. But the addresses can be tag and don't know how they can get away from it. But definitely, they will get something out of it even if some hacked coins are frozen.

A reminder for all crypto users that no matter how secure an exchange is, they will be vulnerable to hackers as softwares are getting sophisticated these days.

[Yamifoud]

I'm not saying this a smart thing to do but I was then thinking that they are planning this.  Every transaction can be traceable but it was very unfortunate that we don't have a way to stop it earlier before they completely transferred it to their wallet. I was wondering if there is a certain tool or a group of people focusing on this kind of scheme and freeze the said transactions. Because until now, we only have just a raw record of its transfer and it was still hard to find the holders of these especially when it runs into mixers.

[Yatsan]

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.

I agree. Those hackers are not that stupid to be said for they have intercepted the security of Kucoin but badly taken away mostly ERC20 tokens and just a handy amount of Bitcoin. Badly, they have unexpected and even underestimated that the action to prevent the hacker on disseminating the ERC20 gone wrong for project owners easily make their action against the hacking being done to tokens involved on the said scenario. This was really an interesting news that many are surely keeping on update since many have been using Kucoin and they are waiting to see what will happen to the hacked tokens and if the hacker will be successful on executing his plan now that project owners are freezing their tokens and the addresses are being blacklisted to prevent the successful transferring of the hacked cryptos.

[serjent05]

It is funny how the sentiments shifted from blaming the kucoin hacker to feeling sorry for them aside from throwing stones on cryptocurrency being centralized and be able to freeze and saves people's funds.  I do hate centralization but in time like this, it is a good thing to be able to freeze addresses and disable transfer of hacked items in order to prevent the hacker to gain maximum profit of their crimes and at the same time save the stolen fund from being spend at least.

Centralization and decentralization both have their pros and cons.  Besides, I believe that absolute decentralization is just a wishful thinking.

[lepbagong]

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?  

questions and answers that might explain that if it is not valuable, of course there will be no transaction and no recognition, especially if you want to pay something that is of no value. this seems like a misperception no one wants to waste money just like that if it is of no value.

--snip--

[mk4]

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

Yea they can leave it as is as long as they want, but it would make more sense(in my opinion) if they just mix/coinjoin them right now and let the coins sleep for a certain amount of time, and just move out the coins in small increments as to not raise suspicion.

[shoreno]

Kucoin is one of the favorite coin for me. I use it for regular basis.  But kucoin team should more conscious about their security system.

exchange not a coin but if your a fan of it you should be aware now that your fav exchange is hackable but dont fret just yet because team are now also aware and will do thier best to avoid further happenings simillar to this  .

I don't know what was the lack behind this.

security . now you know

These hackers are stupid enough to take away a handful of Bitcoin and mostly ERC20 tokens.

they never realized that but now they also know that tokens can be manipulated . the next thing they hack all they gonna get was full of btc's and no tokens involved , thats more scary but token owners / exchange / and users wont just allow their coins or thier costumers coins to get hack because its a loss for them and for thier reputation .

[verita1]

KuCoin is a reputable exchange platform that is responding to its users from the get-go.
It is true that there are users who are frustrated by the incident like others who have supported KuCoin.
This attack has shocked us so it is so important to review the vulnerability of the platforms and correct them to make them more secure. Kucoin will cover the funds of users that may have been affected by the attacker.

https://www.google.com/amp/s/www.financemagnates.com/cryptocurrency/news/kucoin-says-user-funds-will-be-covered-completely-after-fridays-150m-hack/amp/

[bryant.coleman]

Yea they can leave it as is as long as they want, but it would make more sense(in my opinion) if they just mix/coinjoin them right now and let the coins sleep for a certain amount of time, and just move out the coins in small increments as to not raise suspicion.

The PlusToken scammers have been liquidating their stolen stash using exchanges such as Huobi, and no one is able to freeze those funds. The problem is that stolen KYC information is available relatively cheaply in the dark market and it is not that difficult to set up a fake exchange account. Coins will be traded using fake exchange accounts, and the funds will be withdrawn using fake bank accounts. No one can do anything about it.

[zasad@]

https://decrypt.co/43066/130-million-of-kucoin-hackers-haul-to-be-frozen-by-crypto-projects

"Orion Protocol has updated its smart contract to render $8.5 million stolen tokens obsolete, Covesting has frozen the $520,000 stolen, and KardiaChain has invalidated $9 million worth of tokens.

Crypto company Velo Labs announced that it will invalidate all of the 122 million VELO tokens stolen in the hack, worth about $76 million. VIDT Datalink will freeze 14 million VIDT, worth about $6.4 million. SilentNotary will replace all of its tokens, including the $94,692 affected, and Ocean Protocol paused its smart contract after $8.6 million was lost.

Tether, the stablecoin company that produces an eponymous US dollar-pegged coin, froze $22 million worth of the cryptocurrency. (No word yet on what will happen to the penis.finance, PUMPANOMICS, RETARD TOKEN, The Hunger Game and Dino Token that ended up in the hacker's wallet)."

Is it bad when the crypto community took action so quickly to combat theft?

[3meek]

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? 

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" 

That's the thing, that there are a lot of tokens, which have a high cost, but are garbage!

Yes, it's really very convenient to be able to freeze or arrest your money by pressing one button "sign"!
Before, you need to wear shoes and go to the bank!

[sheryllanka]

very disappointing that scammers is a criminal and very demonic ways  to earn ,kucoin is one of the best believers in exchange top users to trade altcoins etc.but now it is move stolen btc

[o_e_l_e_o]

I do hate centralization but in time like this, it is a good thing to be able to freeze addresses and disable transfer of hacked items in order to prevent the hacker to gain maximum profit of their crimes and at the same time save the stolen fund from being spend at least.

The ends do not justify the means, though. Sure, no one wants the hacker to get away with it and freezing all their stolen coins seems like a good outcome, but the very fact that an anonymous person can unilaterally decide just to freeze some funds or lock down some addresses with zero oversight and zero ability for the affected parties to appeal or contest the decision is the complete opposite of decentralization. It's even worse than fiat banks. At least banks have rules they must follow, if they lock your account for some reason there are set processes you can go through to reverse the decision and have your account unlocked, and there are banking regulators you can appeal to if you disagree with your bank's decision. As much as I prefer decentralized systems, and as much as I dislike centralized fiat banks, they are at least regulated. Centralized scam coins like this are the worst of both worlds - zero decentralization and zero oversight. All the power in the hands of one person who can do whatever they like.

These scam coins can lock your coins at any time, for any reason, and there is nothing you can do about it.

[serjent05]

I do hate centralization but in time like this, it is a good thing to be able to freeze addresses and disable transfer of hacked items in order to prevent the hacker to gain maximum profit of their crimes and at the same time save the stolen fund from being spend at least.

The ends do not justify the means, though. Sure, no one wants the hacker to get away with it and freezing all their stolen coins seems like a good outcome, but the very fact that an anonymous person can unilaterally decide just to freeze some funds or lock down some addresses with zero oversight and zero ability for the affected parties to appeal or contest the decision is the complete opposite of decentralization. It's even worse than fiat banks. At least banks have rules they must follow, if they lock your account for some reason there are set processes you can go through to reverse the decision and have your account unlocked, and there are banking regulators you can appeal to if you disagree with your bank's decision. As much as I prefer decentralized systems, and as much as I dislike centralized fiat banks, they are at least regulated. Centralized scam coins like this are the worst of both worlds - zero decentralization and zero oversight. All the power in the hands of one person who can do whatever they like.

These scam coins can lock your coins at any time, for any reason, and there is nothing you can do about it.

I do agree with your point of view and the way you state your pov implies that cryptocurrency needs regulation to be able to at least safeguard peoples fund which I also think is necessary.  But, I still believe that cryptocurrency even though isn't fully regulated is still under the grasp of the existing law.  So whenever something unusual happen, authority can always step in to investigate and process disputes between parties and penalize crypto-criminals as long as the case is brought to the authority.

[o_e_l_e_o]

I do agree with your point of view and the way you state your pov implies that cryptocurrency needs regulation to be able to at least safeguard peoples fund which I also think is necessary.

Actually, I think the exact opposite.

An argument can be made for regulating centralized exchanges as the businesses that they are - these exchanges are often holding millions of dollars of their customers' money, often with no oversight. They frequently lock, freeze, shutdown or seize customers' coins and accounts, and offer little to no mechanisms for customers to challenge their decisions. Time and time again we see exchanges simply lock accounts and steal coins stating vague reasons or the triggering of unspecified algorithms, and the customer simply has to take the loss. It is one of the many reasons I have never used a centralized exchange, and I encourage others also to stop using these exchanges. You shouldn't be trusting a centralized exchange to look after your money, but if you are going to go against all good advice and do that anyway, then you should at least have some legal recourse available to you when that exchange decides to steal your coins or lock your account.

However, bitcoin itself does not need regulating, and governments, tax agencies, fiat banks, and all the rest should stop sticking their prying noses and grubby fingers where they don't belong. The whole point of bitcoin is to be decentralized and not to rely on third parties (which includes not relying on centralized exchanges).

So whenever something unusual happen, authority can always step in to investigate and process disputes between parties and penalize crypto-criminals as long as the case is brought to the authority.

Sure, I have nothing against law enforcement stepping in to try to track down a hacker and thief as in this case. What I do have a problem with is centralized scam coins which can unilaterally and without recourse lock a user's money. That's even worse than fiat.

[AakZaki]

Several Stablecoin assets such as USDT worth $ 33 million have also been frozen by the Bitfinex and Tether platforms which have centralized control over USDT so that the funds will not be transferred, this also applies to other ERC20 tokens. Hackers seem to lose fast with some parties who have complete control.

The Kucoin team regarding this border issue will also be responsible for fully replacing the funds that were stolen. The Kucoin team is also working on fixing the withdrawal of funds, but currently it is still in the "waiting" stage.
The restrictions that occur in Kucoin also create discussion and urgency about a centralized platform security system that must continue to be developed so that it does not happen a second time.

[pokeronlinestatus]

Every exchange will tell you that they are the more advanced and secure exchange, but then you will keep seeing news of hack on these same exchanges. I believed that by now a lot of these exchanges must have realized that they are the main targets for hackers and tightened their security level. I really am expecting more from these exchanges.

Keeping platform secure  should always be the priority for them, they shouldn’t be making the cryptocurrency market an easy place for hackers to zoom off with huge amounts of money like this. I hope they do something about these hackers in future.