Hackers have reportedly stolen more than $ 150 million in cryptocurrency from the KuCoin exchange.
KuCoin’s online wallet storage was reportedly infiltrated, resulting in the theft of various cryptocurrencies
KuCoin claims that its insurance will cover lost funds and that its users‘ data is safe.
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KuCoin is the latest cryptocurrency exchange to be targeted by hackers . More than 150 million dollars in BTC, ETH and other cryptocurrencies were thus stolen from its wallets.
The incident once again highlights the vulnerabilities of the storage of online wallets, or “hot wallets”. Many high profile exchange hacks in the history of the industry have involved a malicious intrusion into the platform’s hot wallet storage.
The Singapore-based exchange confirmed the news of the infiltration in an online statement released on September 26. According to this press release, the platform noticed suspicious scale withdrawals from its online wallets:
Etherscan data shows that the wallet associated with the hack currently contains 11,480 ETH, worth over $ 4 million. Analysis platform CryptoQuant also reported a spike in Bitcoin withdrawal from the exchange, which points to the same attack
Bitcoin Outflow KuCoin chart by CryptoQuant
In total, hackers have reportedly stolen $ 150 million in various cryptocurrencies, but KuCoin has yet to confirm the extent of the theft. As part of its announcement, the exchange assured users that its insurance fund will fully cover stolen goods.
KuCoin CEO Johnny Lyu also revealed that the hack compromised the private keys to his wallet, and the exchange therefore moved the intact funds to another address. Additionally, Mr. Lyu assured users that KuCoin’s non-internet cold wallet remains secure and that the intrusion did not compromise user data.
On social media, everyone agrees that the KuCoin hack offers another example of the danger of keeping funds on cryptocurrency exchanges. In early September, the Slovakian exchange platform Eterbase was also hacked, losing $ 5.4 million.
As BeInCrypto.com previously reported , the overhaul of security measures by cryptocurrency exchanges resulted in a decrease in the total amount of funds stolen by hackers in 2019. In response, hacker syndicates have reportedly developed More sophisticated attack vectors to steal valuable crypto assets.