Hacker started to eliminate tokens stolen from KuCoin

[GideonGono]

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.

They should really catch this hacker to make sure that something terrible like this wouldn't happen again but of course some of us are enjoying it riding the wave that is being created by this hacker.
Taking advantage of the dump or pump that he is creating to ensure his stolen funds could be cleanse and cash out without a problem.
This is why people see crypto as a tool to money laundering because of such thing it is really hard to trace them specially if the person spread all of the crypto to uncertain number of wallets and put it all into mixer or random decentralized exchanges.

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[Mahanton]

This hacker do knows on what he's doing not just to those dumb kids who had hacked an exchange and do make use of coinbase which do really fucked them up.
So far on these transactions then theres nothing we can do and that hacker do knows how things do work and been dealing with dex exchangers which would make the
tracking even more harder.

Those amounts might not really be in total on the amounts he had totally stolen but those things will be gradually cashed out for sure.Theres nothing we can do unless
if he would leave up some trace on his trails but he's not really that dumb for him to do that.

[Rengga Jati]

Wow so now, they are trying to start harvest what they have done? It is worrying actually about what they will probably do tot eh coins. Whether they will do some mixer or even sale with a very dump price.
But in this case, they are raising tokens/coins and now they are stolen and going to be sold at any rate. Will it influence the price? next? If yes, who are the most profitable people of this?
They also use different wallets. But if we can track the wallet, it means that we can know the exact however of that stolen coin/token?

[Mpamaegbu]

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.

It will be really scary if the hacker actually gets away with this financial murder though I have a hunch that something will give s/he away. Something minute will blow his lead open. The eyes watching every address that the stolen funds are moved to and out of aren't daft not to pick up something to nail the hacker. Honestly, not resolving this will cause a lot of panic (there's panic already, I know) and uncertainty among traders. Just last year, Binance (almighty Binance) was also hacked though not at this huge loss. Kucoin hack is really terrifying and should be unravelled. I frankly suspect there is an insider angle to this hack.

[Reatim]

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.

Even how people wanted to do such yet knowledge is not with them,These hackers are Gifted people and not just ordinary guy mate so dont just think that
 hacking is simple as that ,so encouraging hackers is not on the move because they ar already existing and waiting for a chance to move like
what this kucoin hacker does.

[Anonylz]

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.

If the hacker don't have a plan for withdraw but only plan to hack and steal funds then he has wasted time for nothing, what is the point of stealing funds which you can't cash out, lets see how smart of a hacker he is with cashing out the stolen funds, this hackers always come and complicate things when everything is about to go smoothly.

[Btra]

This incident for the Kucoin is very tragedic and represents the misfortune of the exchange. As everybody knows that KuCoin is a very sincere and dedicated exchange towards the clients and the basic security for the trader and the investor's funds. But, the time comes now for the extra security while it is storing the funds. It should be completely decentralized or any cold storage wallet which should be function offline only for the client.

[New_order]

Kucoin team have already said they will reimburse all stolen funds and few projects have switch their smart contract making the stolen token worthless but project like DIA which plan to stick with it's decentralized utility plan not to switch to another smart contract, some plans are in motion already but I doubt they can fix the issue without switching to new smart contract

[JeffBrad12]

Kucoin team have already said they will reimburse all stolen fund and few projects have switch their smart contract making the stolen token worthless but project like DIA which plan to stick with it's decentralized utility plan not to switch to another smart contract, some plans are in motion already but I doubt they can fix the issue without switching to new smart contract

That means if the kucoin will be reimbursed the stolen funds that will not be swapped by the developer. Bitcoin has become the coin that will include being reimbursed by kucoin but a lot of coins have already started to swap their coins to make sure the tokens that being stolen became worthless tokens.
Dia will be dumping so hard by the hackers.

ORN withdrawal has already opened started from this day.

[michellee]

Maybe the hacker will not send it right away the coin and wait until the situations are under control. The hacker will not risk selling it now as the case is still being "hot" in the crypto world. We will see the impact if the hacker sells the coin, and maybe the price will be a drop in a short time, but the price will be back to the last price. The hacker will have a plan for what they will do with the funds, and I don't think it's about selling all of the coins at once.

[Dariusburst]

Kucoin team have already said they will reimburse all stolen fund and few projects have switch their smart contract making the stolen token worthless but project like DIA which plan to stick with it's decentralized utility plan not to switch to another smart contract, some plans are in motion already but I doubt they can fix the issue without switching to new smart contract

That means if the kucoin will be reimbursed the stolen funds that will not be swapped by the developer. Bitcoin has become the coin that will include being reimbursed by kucoin but a lot of coins have already started to swap their coins to make sure the tokens that being stolen became worthless tokens.
Dia will be dumping so hard by the hackers.

ORN withdrawal has already opened started from this day.

Those projects that swap their tokens and still claim decentralized have shot themselves in the leg because they have proven that they aren't 💯 true decentralized but centralized platforms, I only respect DIA team and other that plan to solve this issue without swapping token

[dhemasm]

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.

[ryap12]

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 dont think at all that this will give a huge impact for other hackers to be encourage to hack exchanges. The hack could have been made professionally and could be similar to robbing a bank. Except this one is done online and for sure this has been planned.
Even if this hacker is caught, there will still be others who will continue to bypass securities and steals money from exchanges.

[Yaunfitda]

It's already moving, some of them have been block already by Ocean if I'm not mistaken and USDT being block but there are a lot of ERC-20 tokens that has been moving a lot and no one can stop them. I'm not sure about the BTC though, it will be tough as all eyes have watching it. In any case, they are using uniswap as a bridge, so it might get some bad rep, in my opinion.

Maybe the hacker will not send it right away the coin and wait until the situations are under control. The hacker will not risk selling it now as the case is still being "hot" in the crypto world. We will see the impact if the hacker sells the coin, and maybe the price will be a drop in a short time, but the price will be back to the last price. The hacker will have a plan for what they will do with the funds, and I don't think it's about selling all of the coins at once.

Not needed though, it will still be remain 'hot', there are previous hacks that move their coins years ago, but still there are still track. What they can do is wait for the bull run to get as much from the hack coins.

[Darkelf11]

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.

The hacker cannot be easily withdraw those money that he stole from KuCoin.  Investigations and surveillance for this kind of incident are tight, he cannot withdraw it without getting caught, that's almost 100% sure. Everyone's eye is on that address he can't move it without being suspected, if he do so, that will be the end for him.

[Tipstar]

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 don't have the exact statistics but hacker have gone free with the money several times more than they were caught. Exchanging used to be a problem in the past but with the current trend of decentralized exchange and multiple popular tokens in same blockchain, it's been easier. DEX are not to be blamed here but these crimes and approach would certainly defame DEX and crypto. 99.9% of the blame lies on Kucoin's security.

[coin-investor]

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.

Many centralized exchange will lose their business because they are under regulation, their traders money are insured hacking is now a lucrative business imagine these hackers cashing out millions, it's easy money without a big risk compared to robbing a bank.

[CashbackLover]

There is no way this hacker will get away with this unless he plans to never withdraw some of the coins for Fiat, you can't change crypto to dollars or other Fiat without dropping your KYC, every platforms and exchanges that support crypto to Fiats ask for KYC this days, let's wait and see how smart this player is.

[CashbackLover]

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.

[el kaka22]

Are we sure how much is taken out of kucoin? I have heard that he couldn't take it all out and that is why it has been not a big problem so far, and if he didnt take it out all maybe kucoin could stop him?

However if he managed to take it all out, how does kucoin stand? Like we are talking about hundred million dollars or more here, did they really had that much profit from the trading fees that they actually covered it all by themselves? If they didn't, how are they paying for this? All insured? Or maybe they just keep making profit from all the trades and paying people for now and eventually they will make that money vie fees anyway so they are trying to survive until that moment? I have no idea how one place can cover over hundred million dollars lost.