The exchange furthermore promised users affected by the hack the definite reimbursement of their funds. To date, the identity of the perpetrators behind the hack remains unknown. After the hack, the Seychelles-based exchange had decided to freeze all wallets and disable services. KuCoin CEO, Johnny Lyu announced via Twitter that suspects of the hack have been identified with enough proof. The company reported the event as a “security incident” a few hours ago, reaffirming that “part of Bitcoin, ERC-20, and other tokens in KuCoin’s hot wallets were transferred out of the exchange.” Following the Kucoin hack, a great number of ERC20 projects have frozen, paused, or reversed their smart contracts after the breach. Share. On Saturday (September 26), Singapore-based crypto exchange KuCoin suffered a security breach, as the result of which a part of the cryptoassets in the exchange’s hot wallets were stolen.. Yes, Ethereum hit a new ATH; here’s what’s next, Grayscale buys ETH worth $38M after altcoin touches new ATH, Alisha is a full-time journalist at AMBCrypto. KuCoin CEO Johnny Lyu revealed in a press release emailed to AMBCrypto that the exchange had managed to recover all the funds lost due to the incident. Set up an account and participate with their activity campaigns. Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. The hackers are still being tracked. Required fields are marked *. by Anna Larsen. 9.2. Insurance To Cover The KuCoin Hack. Despite the hack, Lyu confirmed impressive growth in trading volume last year. Reef Finance Debuts as the First Polkadot Project on Binance Launchpool. Hot wallets of the popular cryptocurrency exchange KuCoin have been compromised and drained for at least $150 million worth of digital assets. Share this article. KuCoin has an insurance fund to protect their users for hacks like these and they communicated that no user will be a victim of this hack. Customer Support 9.0/10. ... 31 March 2021. Kucoin. Last Updated Feb 3, 2021 @ 12:57 No KuCoin users have experienced a financial loss after the 2020 hack, as the exchange has retrieved all $285 million stolen in September last year. Legals Kucoin Token In 2021 - Kucoin Token (KCS) Price Prediction For 2021. 704. Last updated: Feb 21, 2021. Tags. Exchange hack: In September 2020 KuCoin was hacked and roughly US$150 million of cryptocurrency was stolen. Facebook Twitter Linkedin Telegram Email Whatsapp. However, according to its October 2020. , the exchange was allowing deposits and withdrawals for BTC, ETH, and USDT stablecoins after upgrading wallet security for the aforementioned cryptocurrencies. Presently, the stolen Ethereum is about $4 million, with another massive Bitcoin movement discovered to result from the same attack. Explaining how cybersecurity is a major concern for crypto-exchanges, Lyu added, “When we encountered the breach, we acted quickly and transparently to protect all our users and partners. KuCoin confirmed the hack in a blog post on September 25, 2020. Sponsored Dec. 23, 2020. Find rare new alts on the KuCoin exchange. Kardiachain has reportedly recovered $9 million of the 524,948,751 KAI stolen from 2,976 wallets following a token swap. February 10, 2021. In addition, further collaboration with law enforcement and security institutions recovered another $17.45 million (6%). Kucoin survived, improved its defenses, and proved that cryptocurrency exchanges do not need to crumble in the face of a hack. Any opinions provided, including e-mails, live chat, SMS or other forms of communication across social media networks do not constitute a suitable basis for an investment decision. After that KuCoin hack, Johnny Lyu, the CEO of the exchange, explained in a live session what the company intends to do to salvage the situation and give comfort to users. Readers are requested to form their own opinions on the contents of this website and to seek professional and independent advice before making concrete investment decisions. As the CEO of crypto exchange KuCoin, Johnny Lyu, stated in an open letter to the community today, the exchange, which was hacked last September, managed to recover 84% of the stolen funds in cooperation with partners as well as authorities. A statement put out by the exchange says that the attack began on Friday, September 26th around 19:05 UTC. According to KuCoin Global CEO Johnny Lyu, who hosted a live stream that started at 04:30 UTC on September 26, here are some important details about this security incident: VIEWS . While this was a first, it was certainly not a surprise. Telegram. Sign up now for our upcoming 2021 Crypto Crime Report and get it delivered to your inbox when it comes out next January! Few of these were as anticipated as that of KuCoin, the popular cryptocurrency … & My sorry awesome Kucoin family A preliminary United Nations inquiry into the theft of $281 million worth of assets from a cryptocurrency exchange last September "strongly suggests" links to North Korea - … Ease of Use 10.0/10. However, the platform had to cover another $45 million using its own insurance fund. || Bitcoin Decoupling from Traditional Finance. Crypto exchange KuCoin managed to recover 84% of the funds that […] Where are these altcoins headed ETH, DOT, ADA, UNI? The hacker had managed to capture several private keys from KuCoin’s hot wallets via “an Advanced Persistent Threat (APT) attack, as Lyu wrote today: We found that KuCoin encountered a complex APT attack in September 2020. At CNF he is responsible for technical issues. Disclosing that while its hot wallet was the major recipient of the hack, its cold wallet remains relatively safe. KuCoin also worked with the Orion Protocol to complete a 3.81 million ORN token swap, worth approximately $8.8 million at the time of writing, and with Velo Labs to re-deploy and replace 120 million VELO tokens transferred to the hacker’s address, worth roughly $70.8 million. The Kucoin hack has been the talk of the town in crypto land these days, as the exchange was hacked on September 25, 2020. Following the incident, however, KuCoin’s CEO is also looking to the future. United Nations experts claim that North Korea might be responsible for $281M crypto hacking incident, KuCoin may have been victim. Not Regulated; … KuCoin is the most advanced and secure cryptocurrency exchange to buy and sell Bitcoin, Ethereum, Litecoin, TRON, USDT, NEO, XRP, KCS, and more. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. Ethereum, VeChain, Synthetix Price Analysis: 11 April, IOTA co-founder discloses Coordicide’s release date, Ethereum, Dogecoin, Waves Price Analysis: 10 April, Bitcoin Cash, EOS, Enjin Coin Price Analysis: 12 April, Here’s what Ripple’s CTO had to say regarding XRP’s ‘biggest success’, Here’s why this Ripple exec warns US regulators that innovation may head overseas, Why this CEO argues against KYC norms for Bitcoin, XRP Lawsuit effect? The Singapore-based cryptocurrency exchange stored a number of assets in hot wallets -- Internet-accessible repositories for virtual coins -- … None of the information shown constitutes an offer to buy or sell futures contracts, securities, options, CFDs, other derivatives or cryptocurrencies. Want to learn more about how cybercriminals are exploiting DeFi and other emerging cryptocurrency technologies. 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