Bitcoin Exchange Hacked
Kucoin Exchange security in question?
The Global Crypto market in shock as the Kucoin exchange security got attacked by hackers.
The 16th most successful Singapore-based bitcoin exchange Kucoin got hacked.
According to data from CoinMarketCap, KuCoin, based in Singapore, is the 16thÂ
most common crypto spot exchange, taking into account trading operation, traffic, and price.Â
It has been responsible for $112 millionÂ
in an amount over the past 24 hours.
In brief
- KuCoin has approved that its exchange has been hacked.
- Roughly $150 million in Bitcoin and ERC20 tokens were reportedly stolen.
- The exchange guarantees to cover losses from user funds.
several big withdrawals have been observed at 03:05:37 (UTC+8).Â
According to the current internal security audit study, part of Bitcoin, ERC-20, and other tokens in KuCoin ‘sÂ
hot wallets are moved out of the exchange, which included a few sections of our total holdings of assets.
The funds in our cold wallets are secureÂ
and harmless, and the hot wallets have been re-deployed.Â
The insurer said that if any client is harmed byÂ
this occurrence, they will be fully compensated by their insurance fund.Â
Kucoin also said that their hot wallets wereÂ
hit and their cold wallets were absolutely secure.
At first, Kucoin users had anÂ
issue with withdrawing funds from the exchange.Â
Kucoin Telegram Channel Managers told users not to depositÂ
or withdraw funds because users had encountered exchange problems.Â
Complete 11,484 Ether ($4 million), $146 millionÂ
in the shape of a few tokens were transferred from the exchange.
KuCoin CEO Updates on the security of the exchange.
KuCoin CEO Johnny Lyu said they shut down the server after theyÂ
discovered the money was being moved out of KuCoin ‘s hot wallet.Â
But the transactions persisted because the hackersÂ
had the private key to the hot wallet.Â
Kucoin then moved the remainingÂ
funds to a new account.
analysis will be carried out to ensure the safety of users’ properties.Â
Deposit and withdrawal service will be discontinued during the duration and theÂ
service will be resumed progressively after a stable state has been secured.
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