KuCoin hacked! KuCoin hacked for roughly $275 million dollars on September 25th. The KuCoin team was made aware of the security breach when large withdrawals were being made from their hot wallet.
KuCoin has assured users that their funds will be covered by KuCoin and their insurance fund.
According to KuCoin and Larry Cermak, the director of research at The Block, the losses are as follows: 14,713 BSV, 26,733 LTC, 18,495,798 XRP, 999,160 USDT, 1,008 BTC, 9,588,383 XLM, 199,038,936 TRX, Ethereum, and several ERC-20 tokens were transferred from the hot wallet.
In total, the hacker was able to steal roughly $274.1 million dollars in cryptocurrency from the exchange – this places the security breach as the third largest digital currency exchange heist in history.
Shortly after the security breach, hackers began to liquidate some of their stolen funds through UniSwap. Roughly $1,228,341 stolen SNX tokens were sent from the hacker’s wallet to UniSwap.
KuCoin says they are working with numerous exchanges and projects to blacklist the addresses associated with the hackers, as well as working to freeze the hacker’s token supply. Tether froze $22 million USDT in an effort to stop the hacker as well.
KuCoin states that they’re working with “international law enforcement, and will offer rewards of up to $100,000 to those who can provide valid information to us regarding this incident.”
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