Hacker started to eliminate tokens stolen from KuCoin

[rajakulam]

Hackers are getting smarter in hacking the top exchange sites at this time, hopefully the other exchange teams improve their security systems to make trading more comfortable for traders, because some time ago the Binance exchange site was also hacked.

[semobo]

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.

Its not really that much easy to hack things especially the crypto exchange where security will be at the top all the time but a simple mistake from an employee could cause a huge loss that is what happened with the recent twitter hack and it executed by social engineering attack so I believe the same kind if attack on this hack as well.

[bonjouros]

This is a little bit of problem as this move will likely to create an impact to those tokens that were being sold, like it's price will likely to go down because of the  big dump coming from the hacker.

SNX has the highest which is $2.9M, I will just hope that this kind of happenings will not continue as it can surely affect the trust of  investors in putting their money in big exchanges as they cannot assure that their money is 100% safe from the hackers.

[maartenhaha]

It's sad to see that a lot of investors' money has been squandered by hackers so easily, but I still have a question for Kucoin, why did Kucoin have full access to that address and didn't anticipate sending it to other wallets before hackers sell tokens, previously hackers only sold them with an accumulation of around $1 million

[DabsPoorVersion]

This is a little bit of problem as this move will likely to create an impact to those tokens that were being sold, like it's price will likely to go down because of the  big dump coming from the hacker.

SNX has the highest which is $2.9M, I will just hope that this kind of happenings will not continue as it can surely affect the trust of  investors in putting their money in big exchanges as they cannot assure that their money is 100% safe from the hackers.

That is to be expected,

The hacker is holding a huge amount of different coins and he suddenly sold it at the same time. The total value is also huge which will really affect the current price of the said coin. Now, I am wondering how he will convert it all into cash

[nelson4lov]

We'll see more sell-off as the hacker is actively cashing out and what makes it interesting is that he's using DEXs to do so (funds would be frozen if a centralized exchange is used). That way, he can easily clean off the funds and maybe put them in a yield farming venture, get farmed tokens and sell off on centralized exchanges without them knowing /suspecting. This is one of the disadvantage of decentralized exchanges. I'm wondering whether regulatory bodies will put uniswap and other DEXs on their radar after this incident.

By the way, SNX founder has since said they won't be issuing new tokens just as other projects whose tokens were also stolen. So the price might take some heat but should be a nice opportunity to pick up a few and yield farm with it.

[sayulita]

Even with more of these hacks we still face a major problem in finding out the real culprit behind these hacks and now more and more people are doing these hacks so as to get rich quick because of the challenges that the investigators face in differentiating the addresses associated with the hacker and that of a normal customer after the funds have been mixed on a high volume mixer. I hardly think that the hacker would ever be caught and be punished for his actions and if not punished then he will be doing more of these hacks in the future.

[wxa7115]

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.

While it is obvious I agree with this at the same time the hacker is being really smart and it is taking a very slow approach to liquidate his coins, which means that it is going to be even more difficult to catch him.

After all despite stealing almost 200 millions he is taking his time and only selling a small amount which means that if he keeps being this careful then there is a significant chance he gets away with it and he can enjoy all that money for the rest of his life.

[rz20]

Just read on some crypto news website that the hacker has sold all of the stolen synthetix, DIA, chainlink, YFI, and many other tokens.

Did Kucoin make any new comments about how to they are planning to reimburse the stolen funds to its users?

[StyleForceOne]

Hackers are getting smarter in hacking the top exchange sites at this time, hopefully the other exchange teams improve their security systems to make trading more comfortable for traders, because some time ago the Binance exchange site was also hacked.

I personally believe that the crypto industry is that young - it has a little to no protection, but the one built in the coin itself.
Its not much alike banking system which is around for decades and still manages to be robbed from time to time ( Imean the carding).
My point is - its not much about crypto, but digital money in general are not as developed as fiat

[southerngentuk]

This hacker looks a dummy, He/she didn't transfer all of them in just a cold wallet or a printed wallet, he/she even didn't use mixers, thought it is cashable easily, I don't think he/she is professional with cryptocurrency but only good at hacking, who knows maybe kucoin did it by itself to escape from taxes. or to open some specific coins first instead of stable coins to pump them and sell its token to people!

[leea-1334]

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.

Well,,,, Kucoin has now shown that they are not professional. I mean they admitted themselves they put millions of dollars into hotwallets, so we know they do not take seriously the issue of vulnerability to their own security. I bet you their departments are just going blindly through the withdrawals and taking their fees.

[XCANA]

Hackers are getting smarter in hacking the top exchange sites at this time, hopefully the other exchange teams improve their security systems to make trading more comfortable for traders, because some time ago the Binance exchange site was also hacked.

The cryptocurrency exchanges around the industry have to sit-up for this plaque ravaging the cryptocurrency community through hackers. The truth is, they should always work on their security and making sure that the internal exchange security is good and not looping. Hope those hackers are found and arrested for their crime to humanity, also, there should be crypto exchange team up in case of this theft. Though some tokens and coins where returned back to KuCoin exchange with the help of collaboration.

[Lantind]

It's sad to see that a lot of investors' money has been squandered by hackers so easily, but I still have a question for Kucoin, why did Kucoin have full access to that address and didn't anticipate sending it to other wallets before hackers sell tokens, previously hackers only sold them with an accumulation of around $1 million

This means that this could be the work of their own party who carried out the hack so that it could shock the crypto universe, indeed it looks strange when they do not anticipate sending it to another wallet before the hacker sells the token.

[jacafbiz]

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 can say all you wan to say about the hackers but what about the laxity on the part of Kucoin team, this seems to me like an inside job than an outsider trying to hack the system. One thing I believe is that anything hackable will be hacked it is just a matter of time

[Febo]

Did Kucoin make any new comments about how to they are planning to reimburse the stolen funds to its users?

They have 2 options. Or buy those coins on other exchanges. Probably OTC. Or that they give their native coins Kucoin or however is it called.   I dont see them buying any coins since then price would most likely increasing.

I would e very cautious trading on Kucoin in the future since stolen coins value goes drastically up in next years and they dont buy them they will bankrupt. Since no one will give them billions dollars loans.  They need o react now.

[Pompa]

Everyone must aware to this hacker, let us be responsible in holding our tokens. We have to take our tokens 9n a right place knowing all the possible action for safety

[KimmyF]

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

200 million USD to 125 million USD, 75 million USD is gone from the cryptocurrency. I got an announcement from DIA that already stolen wallet has zero DIA. In the coinmarketcap this token dumped huge but now maybe recovered. The same process could repeat to the other tokens. Kucoin doesn't divide from the users that's very trustworthy work.

[senyorito123]

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

200 millions USD to 125 millions USD, 75 millions USD is gone from the cryptocurrency. I got an announcement from DIA that already stolen wallet has zero DIA. In coinmarketcap this token dumped huge but now maybe recover. Same process could repeat to the another tokens.

If that's a legit case about dumping of these coins being stolen, I guess that's a big opportunity for the buyers to accumulate their own holdings. We will be expecting a timely increase as long as hackers who dump coins will set a cheaper price to earn fast. Fiat cash out will probably happen on banks, so authority should monitor their activities in order to apply hot pursuit on criminals.

[fortunecrypto]

This is unfortunate for Kucoin and the whole community, another hacking like this diminished the trust of new people in the Cryptocurrency although Kucoin guaranteed that traders will not lose their coins I hope they keep their promise.

They will start to liquidate the stoken coins, this is expected if you are going to make a break or hacking it's part of the plan to liquidate the funds it's like a bank robbery where the robbers important plan is how to get away and become untraceable.