Hacker started to eliminate tokens stolen from KuCoin

[target]

Honestly hacks and stolen funds are the major reason why I'm so against dex exchanges, they give users way too much freedom to get away with any crypto crime, the only way this hacker can sell some stolen coins and tokens is through decentralized exchanges, it's a haven for criminal activities, I think Centralized exchanges are one step ahead decentralized exchanges in this part.

Decentralize exchanges are also the reason for hacks so which do you want to prevent, the hackers getting away with hacking or simply eliminate hacking?

So far I have not heard of any dex getting hacked yet although its still very under when it will happen but definitely has a reason why a DEX will be a hack and probably because its not entirely a DEX. Cryptocurrency is supposed to be for decentralization which is what satoshi hoped for.

[jrrsparkles]

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.

But this is a decentralized trading platform which couldn't be shutdown by anyone! But some hackers never spend their cryptos because they afraid they they will be traced from their spending so I guess there are chances to trace the scammer and find them if they keep doing this for a while, Kucoin probably started their investigation about the conversion.

[pandanaran]

Looks like it already started, It's gonna hard to trace since they using DEX and basically they also will hard to spend stolen crypto expect using it on some anonym market to buy some stuff or converting through anonym service, Well i'm not really sure how they will works but it's was my opinion.

Yes, I'm also not sure if hackers can cash out all the stolen coins. Hackers also will not easily withdraw money especially hundreds of millions of Dollars is not easy. Hopefully this incident will not happen again, security must come first, for the sake of asset security and user trust too.

[reza7777]

Until now I see he is still trying to exchange the coins in the wallet, now the assets in the wallet are 125 million dollars left which previously was 147 million dollars

[Insomnia family]

I am not sure if hackers can sell entire tokens or withdraw assets from the kucoin platform. they have to go through a KYC based process and of course this goes against the hacker's data. so there was no way they could withdraw all the assets they stole. it's the same as suicide. and hackers will one day be exposed.

[StephenJH]

The hacker sold:
320k OCEAN (worth $ 120K).
578k SNX ($ 2.9M)
10K COMP ($ 1.35M)
203k LINK ($ 2.16M)
10k DIA on the go

Not good, at least DEX management should be able to filter the request from such people. The hackers are skillful and they know how to make an effective decision with minimum loss. Trading in the centralised excahgnes will give them headaches and they try to avoid personal verification at all costs. Anyway, not a bad result for hackers compared to other attacks.

[JeffBrad12]

Until now I see he is still trying to exchange the coins in the wallet, now the assets in the wallet are 125 million dollars left which previously was 147 million dollars

The hackers have already started to liquidated his tokens into the ethereum, as far as i can see if the first coin that started to be liquidated by the hackers were LINK as it has a big daily trade volume. The hackers were also trying to withdraw the money from selling the LINK.
So many tokens have been doing the swap to make sure the tokens that has owned by the hacker were useless token.
It will decrease even more.

this hacker needs money and he was aiming to cash out the money. Im also still watching the address too.

[7788bitcoin]

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.

Throughout the history of cryptocurrency exchange hacks do you have any idea how many hackers were caught. I bet these might be sophisticated teams who knows what they are doing. They know that if they keep on holding these tokens that are marked they cannot do anything with it and hence they are dumping as fast as they can.

The only solution is that the exchanges should be careful with their security and if they are not capable of that then they need to shut down.

[CaVO32]

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.

Throughout the history of cryptocurrency exchange hacks do you have any idea how many hackers were caught. I bet these might be sophisticated teams who knows what they are doing. They know that if they keep on holding these tokens that are marked they cannot do anything with it and hence they are dumping as fast as they can.

The only solution is that the exchanges should be careful with their security and if they are not capable of that then they need to shut down.

Exchanges should always upgrade their security protocol. As some are already outdated, and new softwares are available, they need to invest on this, otherwise, these hackers will always use these advanced softwares to attack their system. So the security department of crypto-exchanges is really important and should allocate good amount to security. Or what they can do is arrange some kind of insurance like the SAFU of Binance, so the users will be at peace having their funds on their exchanges. But of course, exchanges should see to it that their cold storage is also safe from potential break-ins.

[Shasha80]

Like the hackers who stole from KuCoin were smart enough to eliminate tokens that were stolen, I think it's hard to trace it
if hackers are using decentralized exchanges. It's enough to piss us off, especially those who have become victims. We can
only see the hackers selling the tokens they stole, without being able to do anything. Hopefully this hacker makes a mistake,
so KuCoin can track him down.

[Doranile432]

Like the hackers who stole from KuCoin were smart enough to eliminate tokens that were stolen, I think it's hard to trace it
if hackers are using decentralized exchanges. It's enough to piss us off, especially those who have become victims. We can
only see the hackers selling the tokens they stole, without being able to do anything. Hopefully this hacker makes a mistake,
so KuCoin can track him down.

The hacker can sell the tokens through dex for sure but how will he or she sell for FIAT without getting caught? This is the main point that I'm trying to figure out, there is no exchange or platform that swap coins to fiat that won't request for users National I. D card (KYC)

[Francis Freeman]

Like the hackers who stole from KuCoin were smart enough to eliminate tokens that were stolen, I think it's hard to trace it
if hackers are using decentralized exchanges. It's enough to piss us off, especially those who have become victims. We can
only see the hackers selling the tokens they stole, without being able to do anything. Hopefully this hacker makes a mistake,
so KuCoin can track him down.

The hacker can sell the tokens through dex for sure but how will he or she sell for FIAT without getting caught? This is the main point that I'm trying to figure out, there is no exchange or platform that swap coins to fiat that won't request for users National I. D card (KYC)

I think there are exchanges where you can exchange to FIAT without needing to do KYC surely although there are limitations on the withdrawal limits of FIAT without KYC being done.

For example in Switzerland you can exchange up to 5000 Swiss Francs without having the KYC done.

Also have a look at this article

  https://cointelegraph.com/news/new-platform-converts-crypto-to-fiat-without-know-your-customer-requirements

But as far as the large amount of money that the hacker has it would be impossible to do it without using the hacked coins at Dark web use I believe.

The hacker must have surely though about it before going ahead with the head or maybe he is hoping to reach some settlement with Kucoin .

[TIDOVEE]

I have issues with this story, because, it's not that I don't believe that hackers are real but I should trust the fact that it is professionals that are handling this Kucoin account and they know what hackers could do before starting, so If the hacking is not around them, I  expected them to have made necessary securities for the wallet. Dubious people are everywhere. Personal opinion.

[Dariusburst]

Like the hackers who stole from KuCoin were smart enough to eliminate tokens that were stolen, I think it's hard to trace it
if hackers are using decentralized exchanges. It's enough to piss us off, especially those who have become victims. We can
only see the hackers selling the tokens they stole, without being able to do anything. Hopefully this hacker makes a mistake,
so KuCoin can track him down.

The hacker can sell the tokens through dex for sure but how will he or she sell for FIAT without getting caught? This is the main point that I'm trying to figure out, there is no exchange or platform that swap coins to fiat that won't request for users National I. D card (KYC)

There are few platforms that accepts crypto as digital payments and also I heard some people are using fake I.D for KYC, I don't see how this will help in apprehending this hacker, the best strategy is to blacklist the hackers address, what I'm still confused about is kucoin, aren't the one that approve the funds before sending them out? Anyways, only God knows what really happened.

[rz20]

Some hacker often sends back stolen funds to avoid police drama but, I don't think this hacker has any intentions of sending back the funds because he is continuously transferring tokens from the address. In the last several hours he has transferred YFI, AAVE, and Enjin.

[bitcoinst]

The hacker sold:
320k OCEAN (worth $ 120K).
578k SNX ($ 2.9M)
10K COMP ($ 1.35M)
203k LINK ($ 2.16M)
10k DIA on the go

Not good, at least DEX management should be able to filter the request from such people. The hackers are skillful and they know how to make an effective decision with minimum loss. Trading in the centralised excahgnes will give them headaches and they try to avoid personal verification at all costs. Anyway, not a bad result for hackers compared to other attacks.

How? These are decentralized exchanges, which means they have neither filters nor any kind of control. It's blockchain.
The only control in this case is from the centralized coins, which can be rolled back, canceled or blocked, which was done with some stolen coins.

[damberg]

The hacker progresses very carefully, not dumping the price to a large extent. It is a good story to follow - we have some really clever man or group here   (That being said I do not advocate such hacks in any way, it is just fun to see how these people find solutions for dispersing stolen coins etc.)

[shoreno]

I am not sure if hackers can sell entire tokens or withdraw assets from the kucoin platform. they have to go through a KYC based process and of course this goes against the hacker's data. so there was no way they could withdraw all the assets they stole. it's the same as suicide. and hackers will one day be exposed.

when they hack that means they already transfered the coins to thier own wallet and are ready to sell those on other exchange not on the kuckoin platform . i heard that some tokens are blocked , that means they cant sell all what they got .

they dont need kyc because they use decentralized exchange upon selling the coins but its still possible to get these hackers as there are also hackers that got arrested on the past .

[molsewid]

There are few platforms that accepts crypto as digital payments and also I heard some people are using fake I.D for KYC, I don't see how this will help in apprehending this hacker, the best strategy is to blacklist the hackers address, what I'm still confused about is kucoin, aren't the one that approve the funds before sending them out? Anyways, only God knows what really happened.

That's what I'm confused too Kucoin still approves this transfer. We, the owner of our Kucoin accounts, hard to transfer sometimes our funds to our wallets because of the security verifications on our Kucoin account. But the hackers are smart enough to move many tokens to their wallet and intelligence to breach the security of Kucoins. Let us hope the hacker will make a mistake in converting these funds.

[Bitstar_coin]

sometimes am really brainstorming how it is easy for hackers to gain access to exchange which i know must have implement some tough security measures to prevent any outside attempt, how long does it really take a hacker to succeed! do they keep trying untill they succeed? this must be something that have been premeditated over the cause of time otherwise it won't come as easy as it seems, and am still wondering is there really no one time solution to this?
becaue the seems that almost all exchange have to experience hack at some point, who maybe the rest exchange that have not been hacked yet are on the list of one hacker somewhere, this is very disheartening to say the list.