Hacker started to eliminate tokens stolen from KuCoin

[bitcoinst]

The hacker, who stole about $ 200 million in various cryptocurrencies and tokens from the KuCoin exchange, is gradually exchanging the assets at his disposal for Ethereum using decentralized services.

According to the analytical resource Whale Alert, 50,000 LINK ($ 530,000) were sent from his wallet to an unknown address today at 11:53 Moscow time.

In total, several such transfers were recorded. OKLink analysts claim that he decided to use the Kyber Network decentralized exchange to exchange LINK for Ethereum.





The hacker has at his disposal about $ 2 million in LINK, which is significantly less than in some of the other assets he stole. Not long before that, he conducted similar transactions with SNX tokens worth $ 6.7 million and OCEAN. To exchange them, he used the Uniswap decentralized exchange.

https://cryptocurrency.tech/haker-nachal-likvidirovat-tokeny-pohishhennye-s-kucoin/

UPDATED:

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

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[bigcash2011]

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.

[Kupid002]

This still  possible to trace so if the hacker is not careful it can be identify one of the day if they continue tracking it . Any news how kucoin want to resolve this hacking incident to them or if that exchange still secured to use by users.

It will reduce their daily liquidity if they cant make solution for this something like safu that they can give to users that's lost his balance.

[casperBGD]

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

[yazher]

The hackers are so intelligent that they can be sold those coins like no one is watching them. the anonymity of each token is really hard to track and those hackers are clever enough to choose those coins to steal. Now the authority cannot help but only to watch those transactions being made one after another. If these hackers can be tracked with the current movement of their transactions, hacking of the exchanges may drastically lower to the point that no one gonna hack exchanges anymore because they are tracked sooner or later.

[Galley]

Unless a hacker makes some stupid oversight, which is unlikely to happen, he will never be tracked down. It will work with decentralized exchanges.

[Iyeman]

Unless a hacker makes some stupid oversight, which is unlikely to happen, he will never be tracked down. It will work with decentralized exchanges.

The first thing that we must remember if the hacker has ever tried to send the first tx to the exchange site.

Basically, when you are using the dex and it can also be tracked as when the smartcontract will be sending back the amount into your old wallet. Just look at how the hacker was trying to get more and more ethereum and then sending it to the one address.

There will be another question about how you can cash out your money while all of exchange sites have been blocking the ways for the hacker to cash your a lot of money?

[Ucy]

I think if you are building even a decentralized exchange, it's  important to design it to prevent proven crime money ( likely still in the hands of  thieves) from flowing/exchanging through it. The stolen fund is something a fast system should be able to detect and a transparent community block it(via consensus) from getting exchanged on exchange
Stolen fund should ordinarily lose its Censorship resistant right on decentralized network.

[Jackl87]

It's kinda cool that we can trace all the movements of the funds that were stolen by the hacker.
The question is, can he still be traced when he tries to convert the ETH or USDT into FIAT so he can really use it to live from it the rest of his live.
Kucoin is probably tracking every movement of "their" coins so they have a chance to get the hacker once he wants to cash out.

[TastyChillySauce00]

hopefully many exchanges gonna cooperate to stop the hacker or atleast froze the funds if the hackers happen to send the money to some exchange for quick swap.

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

the money could still be traced, it's blockchain after all, you will know where the money goes and it seems the hacker is trying to move around the money to remove its trace like money laundering which I hope someone could still follow up and figures where the money went.

[cryptoperkele]

It's kinda cool that we can trace all the movements of the funds that were stolen by the hacker.
The question is, can he still be traced when he tries to convert the ETH or USDT into FIAT so he can really use it to live from it the rest of his live.
Kucoin is probably tracking every movement of "their" coins so they have a chance to get the hacker once he wants to cash out.

Doesn't eth have a working mixer yet?
Technically he could sell those for cash in person divided in smaller amounts as well but that would be even more risky as well because many people would see his face.

[target]

It won't be long till he can dump it all and go for BTC after. He is a hacker he will definitely want to find ways to make the coins clean when it goes out and dex is just a good tool for its purpose and then the mixing services. Its however just a big amount that its alarming if sent to a wallet suddenly but you can see he had been sending it to kyber and uniswap.

[20kevin20]

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.

I wouldn't take it that way. A bank robber successfully escaping does not necessarily encourage more people to rob a bank as well.

hopefully many exchanges gonna cooperate to stop the hacker or atleast froze the funds if the hackers happen to send the money to some exchange for quick swap.

Not sure if that's a good or a bad thing to happen. Freezing funds is exactly why a lot of us avoid centralized exchanges.

It's kinda cool that we can trace all the movements of the funds that were stolen by the hacker.
The question is, can he still be traced when he tries to convert the ETH or USDT into FIAT so he can really use it to live from it the rest of his live.
Kucoin is probably tracking every movement of "their" coins so they have a chance to get the hacker once he wants to cash out.

If the hacker is smart enough, he/they will successfully cash out without leaving much of a trace behind. Stealing that much moeny is a very, very stupid move unless you already know how to leave close to no trace behind you when cashing out. As for the tracing part, is it really that cool that you can have your own funds tracked this easily? I mean, Bitcoin is awesome but I'm kinda skeptical about the tracing part.

[articlecity]

How in the world the hwcker is able to withdraw the tokens out of the kucoin exchange and how he is able to sell while staying anonymous and un-tracked, their is high chance that some kucoin employee and insider is involved who made a complete strategy at every step to avoid being caught.

[Baimovic]

i think, all of this has been planned from the start by hackers, especially with the next story in selling the coins from the theft. hackers certainly have smart brains and know what they have to do after getting the coins without being detected by anyone. so it's hard to track or find these hackers. moreover, they convert every coin they sell into ETH. It's hard to trace

[jostorres]

I am not sure he really stole 200 million dollars worth of coins. Kucoin is still trusting how they could get it back and they are still standing still and they are allowing everyone to withdraw their money as well, there are tons of people who were afraid that they lost all their money during the hack and because of they wanted to withdraw and I have seen plenty of people able to withdraw their money.

I am not sure if this means Kucoin had more than 200 million dollars in wallet that is owned by them (profits) which I doubt is the case, or maybe hacker didn't even stole that much. If he really stole 200+ million dollars kucoin would have been done with already, they would have declared bankruptcy at the best and would request help to pay everyone their money.

[kindbtc]

This is a huge hack and massive funds have been stolen and the hacker is so smart that he has already sold tokens worth millions at dexes. This incident could well become the reason for the downfall of kucoin, I hope they will be able to keep up somehow but such huge money loss can damage any company to be honest.

[forexandcryptoauditor]

Hope somewhere until the cash-out, the hacker will put some prints behind. At the moment we can watch only transactions happening here and there and to trace. Since everything is documented, someday, it will be known, at least some clue will be there down the line a few months.

[batang_bitcoin]

Unless a hacker makes some stupid oversight, which is unlikely to happen, he will never be tracked down. It will work with decentralized exchanges.

Truth. The hacker probably is aware of that and won't do the same thing as the other hackers did when they were tracked down. But I'm still hoping that this casualty will be resolved and the hacker will finally get caught although I know that it's like one in a million chance to catch him if the hacked funds were already liquidated and went into circulation, replaced and converted into different assets.

[shinratensei_]

How in the world the hwcker is able to withdraw the tokens out of the kucoin exchange and how he is able to sell while staying anonymous and un-tracked, their is high chance that some kucoin employee and insider is involved who made a complete strategy at every step to avoid being caught.

Im not sure if the hacker will able to cash out his funds but the hacker is able to sell his tokens through the use of the decentralized exchange site. But to withdraw a lot of money and that needs very strict KYC verification which will never be done by the hacker.

Im sure if the funds will only sit at his wallet and no more.
When the hacker was sending it to the exchange site and the tokens will be blocked automatically. Kucoin is also still in contact with so many coins to re-issued its token .

To withdraw big amounts of money is not an easy task.