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Author Topic: KuCoin Has Found The Hackers Who Stole $281 Million  (Read 558 times)
bitcoinst
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October 03, 2020, 04:22:43 PM
 #1

Crypto exchange KuCoin has worked out who hacked its cryptocurrency exchange for $281 million.

CEO Johnny Lyu tweeted today that, "After a thorough investigation, we have found the suspects of the 9.26 #KuCoin Security Incident with substantial proof at hand. Law enforcement officials and police are officially involved to take action."

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The hack took place on September 26. KuCoin said that the hackers used a leaked private key to access the exchange's wallets. KuCoin says that it has enough money in the bank to cover all of its losses.

After the hack, crypto projects worked to freeze or render useless most of the assets. Many teams updated their blockchain to make this happen. Lyu said that $204 million worth of cryptocurrency, or 72% of the total hack, is "out of the control of the suspicious addresses."

https://decrypt.co/43806/kucoin-has-found-the-hackers-who-stole-281-million

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October 03, 2020, 04:51:53 PM
 #2

It's a bit of an overstatement. They found out the addresses to which the coins were transfered and made them public so that the coin teams and exchanges can block them.

They don't know who owns the addresses and about 30% of the hacked coins still was not blocked. Even if the hackers manage to liquidate 10% it's still a lot of money for them.

Also, we don't know if the 30% is really what they control. It may be more. I wouldn't trust the news coming from a hacked exchange 100%.
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October 03, 2020, 04:54:18 PM
 #3

Yeah, I think there's some new news here, but it's pretty click baity and not actually accurate. Thanks for the update anyway. Also 30% of $200M is still quite a bit of change.




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October 03, 2020, 05:21:10 PM
Last edit: October 03, 2020, 06:07:19 PM by posi
Merited by Miaallen (4), Charles-Tim (2), condoras (1), Tytanowy Janusz (1)
 #4

This is wonderful news but I am not surprised they find the hacker because I have already make some research about the hacker token movement and I find that he moved some of the token to Okex and Binance exchange which is a centralized exchange.
I think that's where they nab the hacker.
According to whales alert the hacker wallet address is 0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23 which it sent CHR token to 0xa53605cAe63A95772582A084e5d22C230a62c0d4 the CHR was later moved to 0x7e5084905bb718A9b0bb58247a441773e3b01D51 to 0x0E8D3ae1535bed127876065a69Ad2C64286b019C and then to Binance wallet

For token sent to Okex are moved as below
Hacker wallet : https://ethplorer.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23?from=search#pageSize=25&transfers=2
Puppet wallet 1 :  https://ethplorer.io/address/0xa76088c1a9a4bbb2ab39a378fd4b9fb70c22b797#pageSize=25&transfers=2
Puppet wallet 2 :  https://ethplorer.io/address/0xa53605cae63a95772582a084e5d22c230a62c0d4#pageSize=25
Puppet wallet 3 : https://ethplorer.io/address/0x7e5084905bb718a9b0bb58247a441773e3b01d51#pageSize=25
Final wallet used to sent to Okex 
https://ethplorer.io/address/0x2dd51a3caa01d2be7e8f42bf201b32147e5a6504#pageSize=25
https://ethplorer.io/address/0x413b13fd1653975ce88ba071b4f889207c39cac4#pageSize=25
https://ethplorer.io/address/0xfa68bffa80690cd1db9179b57a5fd52e17134838#pageSize=25

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Bttzed03
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October 03, 2020, 05:29:06 PM
 #5

Crypto exchange KuCoin has worked out who hacked its cryptocurrency exchange for $281 million.

CEO Johnny Lyu tweeted today that, "After a thorough investigation, we have found the suspects of the 9.26 #KuCoin Security Incident with substantial proof at hand. Law enforcement officials and police are officially involved to take action."

Download The Decrypt App.
Get our app for the top news and features at your fingertips. Be the first to try the Decrypt Token and much more.

The hack took place on September 26. KuCoin said that the hackers used a leaked private key to access the exchange's wallets. KuCoin says that it has enough money in the bank to cover all of its losses.

After the hack, crypto projects worked to freeze or render useless most of the assets. Many teams updated their blockchain to make this happen. Lyu said that $204 million worth of cryptocurrency, or 72% of the total hack, is "out of the control of the suspicious addresses."

https://decrypt.co/43806/kucoin-has-found-the-hackers-who-stole-281-million
Come on mate, don't just copy-paste the article. You even included the ad to download their mobile app.



Pretty disappointed with the announcement. I guess we will just have to wait until the arrest has been made before they disclose more details. It would have been better if it was announced after the suspects were already arrested.


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October 03, 2020, 05:29:38 PM
 #6

I wouldn't trust the news coming from a hacked exchange 100%.

Every single crypto exchange was hacked or will be hacked in near future. Even binance/bitfinex was hacked.

https://www.bloomberg.com/news/articles/2019-05-08/crypto-exchange-giant-binance-reports-a-hack-of-7-000-bitcoin
https://www.coindesk.com/bitfinex-hack-bitcoin-moving

I always tread kucoin as second/third best crypto exchange. Even though volume was not representing it. Now they showed class. They limit losses from 280 mln to 80 mln at max, they were insured (so this 80 mln will most likely not even hit kucoin, they will only pay bigger fees in insurance company) and now we see that they will most likely catch hacker.

Pretty disappointed with the announcement. I guess we will just have to wait until the arrest has been made before they disclose more details. It would have been better if it was announced after the suspects were already arrested.


this is what surprises me the most. Most often, the police in such a situation forbid informing the public in order not to make it easier for the criminal (not to warn him that his days in freedom are numbered, so that he would not try to run away/hide).

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October 03, 2020, 05:47:41 PM
 #7

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You block and copy all the content including the ads dude 😂.
But nevermind.

Finally, the insurance company that covers Kucoin loss can sleep comfortly 😂

If kucoin can bounce back from this case, it can be a good portfolio for them to attract more investor. Because they have competence to solve this big case.


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October 03, 2020, 06:15:40 PM
 #8

Archived your thread. Can you explain briefly about below quote?

Download The Decrypt App.
Get our app for the top news and features at your fingertips. Be the first to try the Decrypt Token and much more.
What doesn't mean Decrypt token and decrypt apps? Please explain to us how it's related to the KuCoin hacking issue? I am expecting an answer from you.

No doubts it's good news that KuCoin has found the hacker and going to take action against him/her. Directly copy-paste from a website and just post with a link is very bad behavior. You are just filling your weekly quota in a shortcut.





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October 03, 2020, 06:16:23 PM
 #9

There is no perfect crime, investigations always come to light. Frauds are committed by an inner vulnerability in most cases. It is honestly good news that most of the affected projects could act in time preventing the hacker from getting away with it. It's a shame that the 3rd anniversary was marred by this fatal event.

I love KuCoin because it was the first exchange that I learned how to exchange tokens for other cryptos. Not everything is bad from here comes a learning and desire to improve the security system of KuCoin. Applause to CEO Johnny Lyu and the entire KuCoin team.

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October 03, 2020, 10:01:09 PM
 #10

Good news now lets hope they are persecuted to the full extent of the law.
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October 03, 2020, 10:11:00 PM
Merited by nutildah (1)
 #11

Did Johnny Lyu mean this guy?  Grin



https://twitter.com/DeFIKING8/status/1312361093579202564

If I'm Johnny though, I will keep the info silent and not let the public know about it until they really arrested the person/group behind the attack. Let them feel comfortable sitting with their laptop and dumping it and when they least expected, police or Interpol can sweep and arrest those cyber criminals.

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October 03, 2020, 10:28:25 PM
 #12

Can you explain briefly about below quote?

Download The Decrypt App.
Get our app for the top news and features at your fingertips. Be the first to try the Decrypt Token and much more.
What doesn't mean Decrypt token and decrypt apps? Please explain to us how it's related to the KuCoin hacking issue? I am expecting an answer from you.
It's an ad and part of the article if you'll go through the website. He probably forgot to delete it when he pasted it here.

If I'm Johnny though, I will keep the info silent and not let the public know about it until they really arrested the person/group behind the attack. Let them feel comfortable sitting with their laptop and dumping it and when they least expected, police or Interpol can sweep and arrest those cyber criminals.
I'll do that the same of keeping it low profile first. Until everything has been solved and the culprit is on the custody, that's the time to celebrate and spread it on the news that they've arrested him with sufficient evidence.

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.Duelbits.
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October 03, 2020, 11:37:19 PM
 #13

$204 million worth of cryptocurrency, or 72% of the total hack, is "out of the control of the suspicious addresses?
Where it goes? Probably they are converting it already into fiat money and keep on the bank.

Sorry but KuCoin has no chance to know the hackers, they got the address and that's all its left. If I am the founder, I have to let go, it makes no sense to keep tracking into addresses because in the end, we got nothing but just these blockchain records.

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October 03, 2020, 11:49:10 PM
 #14

$204 million worth of cryptocurrency, or 72% of the total hack, is "out of the control of the suspicious addresses?
Where it goes? Probably they are converting it already into fiat money and keep on the bank.

Sorry but KuCoin has no chance to know the hackers, they got the address and that's all its left. If I am the founder, I have to let go, it makes no sense to keep tracking into addresses because in the end, we got nothing but just these blockchain records.


At first, I thought they really found the individuals or the hackers.
But they only traced the addresses and froze or made useless those tokens involved.
One mistake from these hackers is if they did their KYC to those exchanges where they sent their stolen coins.
But are they going to disclose the names, if in case they truly caught those people involved?

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.Duelbits.
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October 03, 2020, 11:57:19 PM
 #15

The hack took place on September 26. KuCoin said that the hackers used a leaked private key to access the exchange's wallets. KuCoin says that it has enough money in the bank to cover all of its losses.
Looks like the best in the business running the business  Tongue, they could not even identify a leaked private key in which their coins are held in the exchange. No matter how much money they have as reserves and if the statement is true then the so called hacker could get out without any legal implications as he used a leaked private key.

Have to check on how the site was hacked as they need to be stupid to hold the funds in a wallet where the private key was leaked as per your statement.

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October 04, 2020, 12:00:25 AM
 #16

The hack took place on September 26. KuCoin said that the hackers used a leaked private key to access the exchange's wallets. KuCoin says that it has enough money in the bank to cover all of its losses.
Looks like the best in the business running the business  Tongue, they could not even identify a leaked private key in which their coins are held in the exchange. No matter how much money they have as reserves and if the statement is true then the so called hacker could get out without any legal implications as he used a leaked private key.

I wonder how it was leaked? Inside job? That means their security is not so tight considering they are holding billions of dollars of assets. This will be their lesson to maybe upgrade their security protocol or add more security layer on their hot wallets as well as their cold storage.

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October 04, 2020, 02:08:45 AM
 #17


This is sparking uninvited controversy, another conspiracy theory. But, well, sometimes the competition gets dirty. Who knows, right? Grin

Quote
If I'm Johnny though, I will keep the info silent and not let the public know about it until they really arrested the person/group behind the attack. Let them feel comfortable sitting with their laptop and dumping it and when they least expected, police or Interpol can sweep and arrest those cyber criminals.

I guess they are more concerned with keeping their users at ease. They need to give significant updates every now and then. True or not, they really need to show some considerable results, some progress achieved from their investigation to somehow pacify their restless clients.  

At the end of the day, this is a hollow development unless and until the culprit gets arrested and the stolen funds recovered.





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October 04, 2020, 02:33:35 AM
 #18

Baofeng, that photo is funny hehe. CZ is killing the competition with all methods available.

Quote
If I'm Johnny though, I will keep the info silent and not let the public know about it until they really arrested the person/group behind the attack. Let them feel comfortable sitting with their laptop and dumping it and when they least expected, police or Interpol can sweep and arrest those cyber criminals.

I guess they are more concerned with keeping their users at ease. They need to give significant updates every now and then. True or not, they really need to show some considerable results, some progress achieved from their investigation to somehow pacify their restless clients.  

At the end of the day, this is a hollow development unless and until the culprit gets arrested and the stolen funds recovered.
This could be another strategy to force the hackers to panic and commit mistakes that will reveal their identity or maybe I've watched too many movies. Bluff or not, Johnny will become a laughing stock if the hackers managed to flee.

.......and if the statement is true then the so called hacker could get out without any legal implications as he used a leaked private key.
How? I'm not a lawyer but does having access to a private key legally allows you to take money that is not yours? I doubt that. 

Kohatiiboy
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October 04, 2020, 02:49:57 AM
 #19

Yeah thats so interesting,hacker stole only bitcoins and Erc-20 based based token i,e bitcoin,etherium etc. I think this is due to high price of these tokens.
As mention by Kucoin
""KuCoin said it detected the hack after observing "some
large withdrawals" from its hot wallets on September 26.

The company said it started a security audit and discovered the missing funds. KuCoin said the hacker managed to steal Bitcoin assets, ERC-20-based tokens, along with other types of tokens.

Currently, the loss is estimated at a minimal $150 million, based on an Etherium address where users tracked some of the stolen funds.
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October 04, 2020, 03:03:00 AM
 #20

(....)
If I'm Johnny though, I will keep the info silent and not let the public know about it until they really arrested the person/group behind the attack. Let them feel comfortable sitting with their laptop and dumping it and when they least expected, police or Interpol can sweep and arrest those cyber criminals.
You got a point here but what I am seeing the reason why KuCoin team or their CEO is publishing these kinds of statement is to make their users feel more positive in despite of the huge losses of the exchanges, and even they guaranteed that no users will get affected or they will make refund for those affected users.
If you are still a user of their exchange, you are still afraid and your balls may still shake. So, these kinds of statement make them relieved for a while even we can't guarantee if those are true.





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