Fraud and Scams, News & Updates

KuCoin hackers transfer stolen $3.5M

The hackers who stole several coins from KuCoin last September have been transferring $3.5M of the stolen funds today.

Last September, KuCoin hackers have gotten away with 1,008 BTC, 14,713 BSV, 26,733 LTC, 9,588,383 XLM, Omni and EOS based tether (USDT) worth $14M, $153M of ether and ERC20s, and 18M XRP.

From then on, KuCoin hackers have been moving the stolen funds across different blockchains as a way to get away with the coins. Today, Whale Alert tweeted that 1.7M DX ($2.4M) of stolen funds transferred from KuCoin Hack 2020 to an unspecified wallet.

KuCoin hackers try to escape untouched.

The hackers have resolved to move the coins in bits across different blockchain and unidentified wallets.

After disclosing the movement of 1.7M last Wednesday, Whale Alert revealed that two or more transactions with KuCoin stolen funds had occurred.

One involved in the transfer of 26.5M Dragonchain, while 8.7M of Request Network (REQ) was also moved.

The hackers have laundered some of the stolen money as the world monitors the US 2020 presidential election.

KuCoin hack in September

In September, the exchange estimated a loss, accounting for $150M. But the crypto analytics firm Chainalysis estimated $275M worth of losses.

Johnny Lyu, KuCoin’s CEO, also disclosed that the breach had affected hot wallets holding BTC, ETH, and ERC-20 tokens. Other crypto firms froze a large number of stolen ERC-20 tokens.

After a few weeks, Lyu stated that KuCoin has already managed to locate the hack’s suspects with hard evidence.

The hack has affected the exchange so much that it had to halt deposits and withdrawals. They also have to upgrade the security of crypto coins like BTC, ETH, USDT before resuming deposits and withdrawals.

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