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KuCoin Crypto Exchange, hacker attack drains funds

To give the news to the managers of the platform

KuCoin Crypto Exchange, an exchange platform operating in Singapore, claimed to have been the target of a hacker attack.
The loot was not specified, but in the same release the exchange said it had taken over the withdrawal of a large number of Bitcoin and Ethereum. Occurred on an unknown wallet on Friday evening.

Kucoin - KuCoin Crypto Exchange, hacker attack drains funds

KuCoin Crypto Exchange: what happened

He intervened on the issue Johnny Lyu, CEO of KuCoin Crypto Exchange, during a live stream that took place on Saturday. During which he stated that one or more hackers would be able to obtain the private keys of the hot wallet of the platform by subtracting its content. The remainder would then be transferred to new portfolios prepared for the occasion. The exchange would also have opted for the definitive abandonment of compromised wallets and for the freezing of funds, thus preventing deposits and withdrawals from its customers. A strategy decided precisely in order to avoid worse consequences and losses.
Lyu himself then pointed out that the hacker attack would not have hit the platform's cold wallets. Not being online, in fact, they are able to maintain their integrity during hacking attacks. A feature which allows him to be more confident than others. As demonstrated in fact also on this occasion.

The loot is not yet known

As regards instead the booty, the CEO of KuCoin Crypto Exchange did not want (or could) clarify. He merely said that the platform would release the hacker's wallet address and a list of stolen funds.
The veil was partially torn from Etherscan, according to which two Ethereum wallets belonging to KuCoin would have sent more than 11 thousand ETH towards an unknown wallet. Considering how the market price of the token is currently around $ 350, the stealing in question would have brought the attackers nearly $ 4 million. The offending wallet would also have received over 150 Ethereum-based tokens, for a corresponding value that would exceed 150 million dollars.

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CoinGecko data

Other valuable data to better understand the matter are then provided by the cryptographic data site CoinGecko, according to which over 200 cryptocurrency assets traded on the KuCoin Crypto Exchange amount to. The daily trading volume of which is about 100 million dollars.
As a result of what happened, KCS, the platform's trading token, began a rapid decline as soon as news of what happened spread. In just an hour, in fact, its price fell by 14%, settling at $ 0,86. A decline stemming from the fact that social media have decided to give broad coverage to the news.

KuCoin Crypto Exchange: What Will Happen Now

Now, of course, the investigation into the incident is continuing. Which will not only have the task of shedding light on what happened, but also on the flaws that allowed the theft of funds in wallets.
Still Lyu still intended to reassure users, stating that what has been unduly stolen from customers will be fully covered by an insurance fund. While perhaps the international order will have the task of identifying those responsible for the hacking attack. Of course, however, analysts say it's a bad reputation for the exchange. Which could continue to pour out its effects in the coming weeks.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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