Hacker started to eliminate tokens stolen from KuCoin

[bryant.coleman]

The last statement form Kucoin was released on 10th October and they were claiming that internal audit was underway. So hopefully after this audit, we will come to know how much of the stolen funds have been recovered. Anyway, I am glad that projects such as Tether and Ocean Protocol are helping in the recovery of stolen assets, by freezing suspicious assets. Having seen so many exchange hacks over the last 8 years, I have to say that the Kucoin users are relatively lucky...

[wxa7115]

This is a Very sad thing  for all of us. Hackers need to  be caught as soon as possible. Otherwise  today he is hacking KUcoins, another day he will  hack another coin.

It is not as easy as you make it out be to, hackers in order to steal as much money as they did from Kucoin for the most part need to dedicate years to explore the exchange and then being able to get away for long enough with this to withdraw huge amounts of money, some wonder how they can withdraw so much money and they think they received internal help and while that is possible the truth is that the hackers spent a huge amount of time thinking about how to do this and only perform the hack once they know how to do it.

I just hope that all the exchanges begin to revise and upgrade their security to try to diminish the instances of this happening, because this kind of hack ends up scaring new investors and delays a future bull run which is what all of us want to see.

[GreenStox]

i am not sure how they will track it, if he send LINK to an unknown address, that is the end for tracking?

hackers will be always there, and it is important for exchanges to take this issue seriously, although this industry is very young and most of mistakes are done by exchange team members, that ease job for hackers, education for operators should be better

it's decentralized of course you can trace it to the end if you intend to find it.
Besides, from the news I heard that the address was successfully frozen so that the transaction could not be carried out, I also don't know how they did it.

[hakertajniak]

I think they have sold some of the stolen tokens into ETH already, but still have not move the ETH yet.
The stolen ETH will be very hard to move without being traced and the hacker will be caught if we can trace their ETH address thoroughly.

[bryant.coleman]

I think they have sold some of the stolen tokens into ETH already, but still have not move the ETH yet.
The stolen ETH will be very hard to move without being traced and the hacker will be caught if we can trace their ETH address thoroughly.

Some of their tokens and ETH was frozen by the exchanges. So now they will be trying to liquidate them using the DEX sites. Anyway, it is going to be very difficult for them to convert these crypto assets to fiat cash. Converting from one cryptocurrency to another cryptocurrency is not that difficult. But that is not the case when you convert cryptocurrency to fiat cash. It is next to impossible to stay 100% anonymous.

[Warkop]

If this hacker is not caught and he is able to cashout the stolen money then more people will be encouraged to do so and every exchange will be under threat so it is very important to track and punish this hacker otherwise vulnerability can increase.

You are right about that, all of this should be well investigated and done over and over and don't let them just ignore it, because if this is not really investigated and left alone, maybe the hackers will do the same to do it again, but in my opinion Not only that, other exchanges will also be targeted by hackers if left unchecked.

[wxa7115]

I think they have sold some of the stolen tokens into ETH already, but still have not move the ETH yet.
The stolen ETH will be very hard to move without being traced and the hacker will be caught if we can trace their ETH address thoroughly.

Some of their tokens and ETH was frozen by the exchanges. So now they will be trying to liquidate them using the DEX sites. Anyway, it is going to be very difficult for them to convert these crypto assets to fiat cash. Converting from one cryptocurrency to another cryptocurrency is not that difficult. But that is not the case when you convert cryptocurrency to fiat cash. It is next to impossible to stay 100% anonymous.

True, but taking into account the size of the hack it is not as if they need to cash out that money now, they could just cash out small amounts until they figure out how to cash out the rest which means this is going to be a waiting game between the hackers and the authorities, the authorities will wait until the hackers make a single mistake while the hackers will wait until they can find a way to get away with this with no chance of being captured.

However taking into account the advancement of technology over time there is a chance the hackers can get away with this thanks to improvements  on the technology of many coins when it comes to their privacy, so we need to learn a lesson from this and that is to never leave our coins in an exchange for long.

[Francis Freeman]

If this hacker is not caught and he is able to cashout the stolen money then more people will be encouraged to do so and every exchange will be under threat so it is very important to track and punish this hacker otherwise vulnerability can increase.

You are right about that, all of this should be well investigated and done over and over and don't let them just ignore it, because if this is not really investigated and left alone, maybe the hackers will do the same to do it again, but in my opinion Not only that, other exchanges will also be targeted by hackers if left unchecked.

The hack is getting more and more ugly now. I thought kucoin had a hold.of the situation but the more it goes on the more it seems like the hacker is still on lose (moved about 4000 eth couple of days back ) and the Kucoin team isn't covering themselves in glory .

The VI team has written a pretty scathing article about the kucoin team handling of the hack and how they are forcing them to do token swap.

[bakasabo]

The hack is getting more and more ugly now. I thought kucoin had a hold.of the situation but the more it goes on the more it seems like the hacker is still on lose (moved about 4000 eth couple of days back ) and the Kucoin team isn't covering themselves in glory .

Hacker story continues? After reading KuCoin CEO claims hacking suspects identified I though it was just a matter of time when he will got caught. 2 weeks has passed actually. There were rumors, that the hackers was former or current employee. So catching him was not a long process. And if I were him, I would "be silent" for some period (he already have millions of dollars from first NOIA and DIA stolen tokens trades).

True, situation is turning more ugly now. Almost for 1 month KuCoin can not work in full strength and losing lots of money daily.