Kucoin got hacked | 26.09.2020

[trendcoin]

Dear KuCoin Users,

We detected some large withdrawals since September 26, 2020 at 03:05:37 (UTC+8). According to the latest internal security audit report, part of Bitcoin, ERC-20 and other tokens in KuCoin’s hot wallets were transferred out of the exchange, which contained few parts of our total assets holdings. 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.

To ensure the security of users’ assets, we will conduct a thorough security review. The deposit and withdrawal service will be suspended during the period. We will restore the service gradually after ensuring a safe state. We will keep you updated.

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. Please submit your questions here if you have any.

We greatly appreciate your understanding and support.

The KuCoin Team

https://www.kucoin.com/news/en-kucoin-security-incident-update


It will be a bit of a bad day start for users who have money in kucoin. Allegedly, about $ 150 million worth of cryptocurrency was stolen. here is the movement of the kucoin bitcoin wallet address during the hack:

https://twitter.com/cryptoquant_com/status/1309668583908061185

total 1k btc 10 million dollars hacked. Also, 150 million dollars worth of ethereum and erc-20 token were hacked.

https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23

edit:There are claims that the ethereum address may belong to coins that have been moved by kucoin for security purposes. The ethereum address may not be the address of the hacked tokens. there is no exact information.


Do you think this hacking event will put a bad trend pressure on the markets?

[Noverteno]

Hacking the Cocoon exchange, of course, will have some impact on the cryptocurrency market, but only slightly and not for long. Market participants have become accustomed to periodic exchange hacks. Moreover, the administration of this exchange immediately announced that it would cover the losses. The users of this exchange have nothing to fear, but the incident is still unpleasant.

[bubbalex]

This hack can have an impact, if not on the entire market, on individual tokens. However, all assets will be closely monitored and may be able to return or freeze them.

[Riya143]

The impact of this hack will not affect the entire cryptocurrency market, but kucoin will affect the listed coins, and I think users will be given back USDs. Will be returned again. So those who are traders wait. I am waiting for the official news.

[hair]

Do you think this hacking event will put a bad trend pressure on the markets?

This is a hot discussion at the moment, hackers always have many ways to break into security systems on exchanges, so always keep your assets using a personal wallet.

I think this will not be a bad trend pressure in the market, it will only remind investors and traders to make transactions to be more cautious and can give negative trends to and lack of confidence on the exchange.

[trendcoin]

kucoin acknowledged that the $ 150 million ethereum address belonged to hackers. This was a huge hacker operation.

Also, 150 million dollar wallet is now marked by etherscan:

The fact that the markets did not react negatively to this event can be regarded as a pleasing situation.