Cryptocurrency, Fraud and Scams

$281 Million Crypto Hacker Caught By KuCoin

KuCoin has already worked out who hacked its cryptocurrency exchange and stolen $281M worth of crypto.

Today, CEO Johnny Lyu has tweeted that, “After a thorough investigation, we have found the suspects of the 9.26 #KuCoin Security Incident with substantial proof at hand. Law enforcement officials and police are officially involved to take action.”

On September 26, the hack was initiated. Then KuCoin has stated that the hackers have used a leaked private key to access the exchange’s wallets. KuCoin added that it has enough money in the bank to cover all the losses.

After the hack has been done, the crypto projects have worked to freeze or render the useless most of the assets. Some teams have updated their blockchain for it to happen. Lyu added that the $204M worth of cryptocurrency, or 72% of the total hack, is “out of the control of the suspicious addresses.”

The hackers have sold at least $13M of the crypto on decentralized connections.

On September 30, Lyu said in a Livestream, “As a crypto team just turned 3 years old, although we never slack off on security-related issues, we couldn’t dodge the cruelest coming-of-age ceremony that every predecessor used to embrace.”

Kucoin, who froze the deposits and withdrawals after the hack, is no coming back. Recently, Kucoin has supported the deposits and the withdrawals for 31 tokens. However, Bitcoin, Ethereum, Stablecoin, and Tether (USDT) aren’t among them.

Related Articles:

Leave a Comment

Leave a Reply