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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 16th 
most common crypto spot exchange, taking into account trading operation, traffic, and price. 
It has been responsible for $112 million 
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.
Kucoin released statement saying, “Since September 26, 2020, 
several big withdrawals have been observed at 03:05:37 (UTC+8). 
According to the current internal security audit study, part of Bitcoin, ERC-20, and other tokens in KuCoin ‘s 
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 secure 
and harmless, and the hot wallets have been re-deployed. 
The insurer said that if any client is harmed by 
this occurrence, they will be fully compensated by their insurance fund. 
Kucoin also said that their hot wallets were 
hit and their cold wallets were absolutely secure.
At first, Kucoin users had an 
issue with withdrawing funds from the exchange. 
Kucoin Telegram Channel Managers told users not to deposit 
or withdraw funds because users had encountered exchange problems. 
Decrypt announced that about $150 million worth 
of cryptocurrency had been transferred to another address. 
Complete 11,484 Ether ($4 million), $146 million 
in the shape of 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 they 
discovered the money was being moved out of KuCoin ‘s hot wallet. 
But the transactions persisted because the hackers 
had the private key to the hot wallet. 
Kucoin then moved the remaining 
funds to new account.
In an official statement, the organization said that comprehensive security 
analysis will be carried out to ensure the safety of users’ properties. 
Deposit and withdrawal service will be discontinued during the duration and the 
service will be resumed progressively after stable state has been secured.
For more news related to crypto markets read more at Investo Lingo.
Prem Prakash

Engineering Graduate from NSIT, Delhi. Crypto Enthusiast, and travelholic. Head of Marketing and PR at Own Token. Love to solve mathematics riddles.

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