Kucoin Crypto exchange loses 150 million worth of crypto in Hack

Kucoin Crypto exchange loses 150 million worth of crypto in Hack

In a statement released by Singapore based Kucoin, the company states that since September 26th 2020, bitcoin, ERC-20 and others tokens in KuCoin's hot wallets were transferred off the exchange including parts of their total assets holdings.  They added, " The assets in our cold wallets are safe and unharmed, and hot wallets have been re-deployed. We are locating the reason for the incident, and will keep you updated once it is confirmed. Please rest assured that if any user fund is affected by this incident, it will be covered completely by KuCoin and our insurance fund." 
 
Kucoin is now conducting a thorough security review where the deposit and withdrawal service will be suspended during the period. Service will be restored gradually after ensuring safety. Kucoin states, " As "The People’s Exchange", we will take full responsibility and maintain transparency. To keep you updated regarding the latest updates, our CEO Johnny Lyu will update more details through a livestream at 12:30 (UTC+8), September 26, 2020."
 
In an update on September 28th Kucoin announced that Ampleforth have disabled transfers from the attacker. in addition Bitfinext CTO Paolo Ardoino confirmed that Tether has successfully frozen a total of 22 million USD tokens while Velo labs will be redeploying and replacing the Velo tokens transferred to the suspicious address. other partners also announced the freezing and redeployment of tokens.

 

 
 
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