Hacker started to eliminate tokens stolen from KuCoin

[bustabitsboy]

At the moment, it is recommended to store cryptocurrency in a personal wallet, because there have already been cases of hacking of large markets.  Keeping crypto assets on the market does not provide complete security

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[CAPT.DEADPOOL]

The hacker stole a lot of money from the kucion exchanger so many investors also panicked their wallet or funds in kucion we can do nothing but wait for their updates so that we know what to do just the first time the kucion can be hacked their exchanger so they make way so that it can be cured so that it does not happen again and again.

[Lerikaweb]

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

100% agree. Exchanges apeear every day and their developers just take nulled source code, copypast it and vou-la! A "star" is born ready to accept the fees and enrich the developers. Huge vulnerablities and viruses are not the problem! One hacked, tomorrow they start a new one/

[rz20]

Did they release any information on how the hacker was able to access their funds on that hot wallet? Was it due to venerability on kucoin's platform or, he straight up hacked the wallet? If he hacked the wallet, don't the majority of exchange uses a multi-sig wallet?

[JeffBrad12]

Did they release any information on how the hacker was able to access their funds on that hot wallet? Was it due to venerability on kucoin's platform or, he straight up hacked the wallet? If he hacked the wallet, don't the majority of exchange uses a multi-sig wallet?

You should watch the story about that and kucoin has already published it on its blog https://www.kucoin.com/news/en-the-latest-updates-about-the-kucoin-security-incident

It's also getting regular updates too.

It's not caused by the vulnerability but i guess some people said that kucoin was getting hacked caused phishing link. The complete story about this is not yet created by kucoin.

You should regularly watch the updates too.

[lousie9]

The security of the Kucoin exchange needs to be tightened again, even though this platform is still young or only 3 years old, Even well-known or top exchanges on the market like Binance have also been stolen by hackers. So, I hope something like this doesn't happen again and the hackers can be caught very soon.

[lixer]

Kucoin can't deny money to everyone, there is no way that you could just tell everyone that withdrawals are closed and there will never be any more withdrawal until this hacker is caught, which means if you can't close withdrawals that allows the hacker to take money out.

Now the problem here is that, if he had only one account he would have been banned and all the money would have been safe, I suppose that is not the case, it looks like there is a chance hacker had multiple accounts, and I mean like a ton of accounts and the money is spread between them, otherwise it would have been easy to catch him. So, how do you make sure if one account requisition withdrawal belongs to hacker and which one belongs to regular people? You could not know that by just looking at it.

[Shallow]

Seriously, I am still wondering how they will get this hacker or hackers, now some assets are being sent to an unknown wallet, the question is which wallet is that? Also, I have asked myself many questions like, who is to be blamed in this scenario Kucoin or the users. However, I think other major exchanges should be up and doing, before it was Binance and now, it is Kucoin, others might think they are invincible just like Kucoin might have thought, so there is need for them to be more careful because hackers attention is always on major exchanges owing to their worth.
Also, just like exchanges will be encouraged to take appropriate care and action towards their security, users on the other hand needs to be careful as well; there is always a private wallet, thus storing large amounts of assets offline is always a good idea.
Lastly, with this hack, I think DEXs should be up and doing, because from all indications they tend to be more secure than their counterparts, and if they can up their games, it won't be long and the users attention will shift to them.
I just hope Kucoin finds a way through this and come back stronger.

[hulla]

It unfortunate that this hacking issue happen to kucoin which seems to be among the crypto exchange site that is making waves these days and this hacking situation may affect there service cause some crypto users will choose not to use it. However, I like the fact that they are able to shake it off and continue their activities as normal.
Nevertheless, since the hacker decide to sell the stolen coin early then theres chance for them to be capture soon just like Twitter hackers.

[posi]

The security of the Kucoin exchange needs to be tightened again, even though this platform is still young or only 3 years old, Even well-known or top exchanges on the market like Binance have also been stolen by hackers. So, I hope something like this doesn't happen again and the hackers can be caught very soon.

Theres no way an exchange security will be tightened enough to the extent that human error wont occur at some point and the wallet that was hacked was the exchange hot wallet not cold wallet which mean about 15% of the exchange coin are stole by the hacker. However, when things like this happened whats important is what we crypto community do about it which is the reason why I'm some research about the hacker and I'm going to create a thread about it in sone hours.

[wxa7115]

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.

The issue is that this was a massive hack and the amount of money lost is immense, exchanges earn a fortune but unless they can pay this to their customers immediately I am pretty sure the reputation of kucoin is going to suffer because of it and their revenue will begin to go down as well.

We will have to see if the people at the top of this exchange have what it takes to overcome this crisis, personally if I was one of the affected clients I will not accept anything but the exact amount of coins I lost during the hack as I do not want to hold a coin that most likely will go down on the short term future.

[bryant.coleman]

This is really surprising. Kucoin actually claimed that they had identified most of the hackers and have traced back a majority of the stolen funds. However, if the criminals are moving the funds with ease and liquidating them, then their claims are false. They may be trying to pacify their clients, by giving false assurances. Unfortunately for the Kucoin users, there is very little chance of anyone reimbursing their losses. 

[pixie85]

yes, i am watching this and i am waiting till the hackers are really caught. This is very unfortunate for the Kucoin exchange, despite news that they will soon cover the user's losses of assets. $ 200 million dollars is big money. Well, another question is whether the Kucoin company can't stop this transaction altogether? I mean coordinating with some of the listed exchanges and not approving hackers' addresses?

Even if they are caught there's no telling if the money can be recovered.

It's very likely that they'll prefer to spend a year or 2 in prison and come back to recover their hidden stolen stash than trade it for a smaller sentence.

The only thing that would kick their asses now is a blockchain rollback or a taint.

[Akiko]

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.

Buying the coins that being robbed I don't think that's a good idea  since you don't know if what exchange hackers will use to trade that coins. Instead of buying it directly why not set buy orders in that way you can buy the lost coins much cheaper than the price before he got it from investors.

[bitcoinnami]

This is a very big deal. Even though the price of bitcoin has not decreased, which is a good sign

[jerry0]

What percentage of hackers who do this get caught?  If they use a vpn and those mixing things... they still aren't safe right?

[wxa7115]

This is really surprising. Kucoin actually claimed that they had identified most of the hackers and have traced back a majority of the stolen funds. However, if the criminals are moving the funds with ease and liquidating them, then their claims are false. They may be trying to pacify their clients, by giving false assurances. Unfortunately for the Kucoin users, there is very little chance of anyone reimbursing their losses. 

We will have to wait and see, five days have passed since Kucoin gave the news they identified the hackers behind the robbery they were victims of, so it is too soon to expect an arrest however if this does not happen soon then I will have my doubts they have the evidence they say they have.

After all this is a very old trick, they may be trying to do this so the hackers behind this crime betray each other and they make a mistake that leads the authorities back to them, and once they can get one of them the rest will fall relatively quickly.

[Radio-Active]

I saw the address of the hacker and they have transferred some of the stolen tokens to other address or maybe some addresses.
They sold some of the tokens in uniswap and received the ETH in the address, we will find the identity of the hacker if we follow the flow of ETH transfer when they want to sell it to exchange.

[Alamin9884]

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.

[H1N1]

I am always sad every time i heard about hacked exchanges case.
It makes me wonder about the security of the cryptocurrency exchanges, why still they can be hacked by others ?
The good thing is, only hot wallet that has been hacked, their cold wallet is still safe i think.