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Cryptocurrency Ecosystem => Stable Coins Forum => USDT Forum => Topic started by: sneakyboi on September 27, 2020, 04:20:40 PM

Title: Bitfinex CTO Defends the Freezing of Millions of USDT in Wake of KuCoin Hack
Post by: sneakyboi on September 27, 2020, 04:20:40 PM
Bitfinex CTO Defends the Freezing of Millions of USDT in Wake of KuCoin Hack


Following the KuCoin hack, Tether has frozen 20 million USDT sitting on an Ethereum address and Bitfinex froze 13 million USDT on EOS, according to Bitfinex CTO Paolo Ardoino. Another 1 million USDT was frozen on Omni and 1 million USDT on Tron.

In an announcement posted on its website, KuCoin revealed that it is currently monitoring several addresses linked to the hack. It is also collaborating with several exchanges and projects to halt the movement of the stolen coins and recover them where possible.

Learn more about the news here. (https://beincrypto.com/bitfinex-cto-defends-the-freezing-of-millions-of-usdt-in-wake-of-kucoin-hack/)
Title: Re: Bitfinex CTO Defends the Freezing of Millions of USDT in Wake of KuCoin Hack
Post by: vaysar on September 28, 2020, 11:24:34 AM
The management of the KuCoin exchange will reimburse the losses from the hacking through insurance funds. It's time for everyone exchanges to insure their funds so that users are not afraid to store and stake their funds on these exchanges without fear of another hack.
Title: Re: Bitfinex CTO Defends the Freezing of Millions of USDT in Wake of KuCoin Hack
Post by: aiviaa485 on November 04, 2020, 07:28:13 AM
KuCoin seems to get a new shield from Bitfinex because with this it is certain that KuCoin will get a little relief from the cases it has.
Then for the problem of freezing the token, in my opinion, it is the right step because so much value can destroy the ecosystem of stable coins that have been hacked.
Title: Re: Bitfinex CTO Defends the Freezing of Millions of USDT in Wake of KuCoin Hack
Post by: kent47400 on November 12, 2020, 10:45:27 AM
It is supposed to freeze because the money with a value of 20,000,000 USD is very large and this is very dangerous if not frozen.
This kind of value could easily destroy the market or dump altcoins prices and Bitfinex already understands this, Thanks Bitfinex CTO Paolo Ardoino !
Title: Re: Bitfinex CTO Defends the Freezing of Millions of USDT in Wake of KuCoin Hack
Post by: jonathancool220 on February 16, 2021, 11:06:18 AM
Quote from: kent47400 on November 12, 2020, 10:45:27 AM
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It should be like that because I think if Paolo Ardoino let the money roam it could be a disaster for everyone.
The reason is the simplest when the money from the theft is traded in cryptocurrency then it will damage the price and maybe even stable coins can just dump.
My thumbs up to the USDT #DevelopmentTeam  and it is living proof of all the good handling of the failures that KuCoin has done.