Hacker started to eliminate tokens stolen from KuCoin

bakasabo

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Quote from: Francis Freeman on October 19, 2020, 03:34:54 AM

The hack is getting more and more ugly now. I thought kucoin had a hold.of the situation but the more it goes on the more it seems like the hacker is still on lose (moved about 4000 eth couple of days back ) and the Kucoin team isn't covering themselves in glory .

Hacker story continues? After reading KuCoin CEO claims hacking suspects identified I though it was just a matter of time when he will got caught. 2 weeks has passed actually. There were rumors, that the hackers was former or current employee. So catching him was not a long process. And if I were him, I would "be silent" for some period (he already have millions of dollars from first NOIA and DIA stolen tokens trades).

True, situation is turning more ugly now. Almost for 1 month KuCoin can not work in full strength and losing lots of money daily.

Francis Freeman

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Quote from: Warkop on October 14, 2020, 03:59:39 AM

Quote from: bigcash2011 on September 28, 2020, 06:57:55 AM

If this hacker is not caught and he is able to cashout the stolen money then more people will be encouraged to do so and every exchange will be under threat so it is very important to track and punish this hacker otherwise vulnerability can increase.

You are right about that, all of this should be well investigated and done over and over and don't let them just ignore it, because if this is not really investigated and left alone, maybe the hackers will do the same to do it again, but in my opinion Not only that, other exchanges will also be targeted by hackers if left unchecked.

The hack is getting more and more ugly now. I thought kucoin had a hold.of the situation but the more it goes on the more it seems like the hacker is still on lose (moved about 4000 eth couple of days back ) and the Kucoin team isn't covering themselves in glory .

The VI team has written a pretty scathing article about the kucoin team handling of the hack and how they are forcing them to do token swap.

wxa7115

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Quote from: bryant.coleman on October 14, 2020, 01:33:30 AM

Quote from: hakertajniak on October 14, 2020, 12:19:12 AM

I think they have sold some of the stolen tokens into ETH already, but still have not move the ETH yet.
The stolen ETH will be very hard to move without being traced and the hacker will be caught if we can trace their ETH address thoroughly.

Some of their tokens and ETH was frozen by the exchanges. So now they will be trying to liquidate them using the DEX sites. Anyway, it is going to be very difficult for them to convert these crypto assets to fiat cash. Converting from one cryptocurrency to another cryptocurrency is not that difficult. But that is not the case when you convert cryptocurrency to fiat cash. It is next to impossible to stay 100% anonymous.

True, but taking into account the size of the hack it is not as if they need to cash out that money now, they could just cash out small amounts until they figure out how to cash out the rest which means this is going to be a waiting game between the hackers and the authorities, the authorities will wait until the hackers make a single mistake while the hackers will wait until they can find a way to get away with this with no chance of being captured.

However taking into account the advancement of technology over time there is a chance the hackers can get away with this thanks to improvements on the technology of many coins when it comes to their privacy, so we need to learn a lesson from this and that is to never leave our coins in an exchange for long.

Warkop

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Quote from: bigcash2011 on September 28, 2020, 06:57:55 AM

If this hacker is not caught and he is able to cashout the stolen money then more people will be encouraged to do so and every exchange will be under threat so it is very important to track and punish this hacker otherwise vulnerability can increase.

You are right about that, all of this should be well investigated and done over and over and don't let them just ignore it, because if this is not really investigated and left alone, maybe the hackers will do the same to do it again, but in my opinion Not only that, other exchanges will also be targeted by hackers if left unchecked.

bryant.coleman

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Quote from: hakertajniak on October 14, 2020, 12:19:12 AM

I think they have sold some of the stolen tokens into ETH already, but still have not move the ETH yet.
The stolen ETH will be very hard to move without being traced and the hacker will be caught if we can trace their ETH address thoroughly.

Some of their tokens and ETH was frozen by the exchanges. So now they will be trying to liquidate them using the DEX sites. Anyway, it is going to be very difficult for them to convert these crypto assets to fiat cash. Converting from one cryptocurrency to another cryptocurrency is not that difficult. But that is not the case when you convert cryptocurrency to fiat cash. It is next to impossible to stay 100% anonymous.

hakertajniak

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I think they have sold some of the stolen tokens into ETH already, but still have not move the ETH yet.
The stolen ETH will be very hard to move without being traced and the hacker will be caught if we can trace their ETH address thoroughly.

GreenStox

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Quote from: casperBGD on September 28, 2020, 07:52:33 AM

i am not sure how they will track it, if he send LINK to an unknown address, that is the end for tracking?

hackers will be always there, and it is important for exchanges to take this issue seriously, although this industry is very young and most of mistakes are done by exchange team members, that ease job for hackers, education for operators should be better

it's decentralized of course you can trace it to the end if you intend to find it.
Besides, from the news I heard that the address was successfully frozen so that the transaction could not be carried out, I also don't know how they did it. Roll Eyes

wxa7115

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Quote from: Alamin9884 on October 11, 2020, 01:44:13 PM

This is a Very sad thing for all of us. Hackers need to be caught as soon as possible. Otherwise today he is hacking KUcoins, another day he will hack another coin.

It is not as easy as you make it out be to, hackers in order to steal as much money as they did from Kucoin for the most part need to dedicate years to explore the exchange and then being able to get away for long enough with this to withdraw huge amounts of money, some wonder how they can withdraw so much money and they think they received internal help and while that is possible the truth is that the hackers spent a huge amount of time thinking about how to do this and only perform the hack once they know how to do it.

I just hope that all the exchanges begin to revise and upgrade their security to try to diminish the instances of this happening, because this kind of hack ends up scaring new investors and delays a future bull run which is what all of us want to see.

bryant.coleman

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The last statement form Kucoin was released on 10th October and they were claiming that internal audit was underway. So hopefully after this audit, we will come to know how much of the stolen funds have been recovered. Anyway, I am glad that projects such as Tether and Ocean Protocol are helping in the recovery of stolen assets, by freezing suspicious assets. Having seen so many exchange hacks over the last 8 years, I have to say that the Kucoin users are relatively lucky...

H1N1

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I am always sad every time i heard about hacked exchanges case.
It makes me wonder about the security of the cryptocurrency exchanges, why still they can be hacked by others ?
The good thing is, only hot wallet that has been hacked, their cold wallet is still safe i think.

Alamin9884

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This is a Very sad thing for all of us. Hackers need to be caught as soon as possible. Otherwise today he is hacking KUcoins, another day he will hack another coin.

Radio-Active

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I saw the address of the hacker and they have transferred some of the stolen tokens to other address or maybe some addresses.
They sold some of the tokens in uniswap and received the ETH in the address, we will find the identity of the hacker if we follow the flow of ETH transfer when they want to sell it to exchange.

wxa7115

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Quote from: bryant.coleman on October 04, 2020, 01:56:09 PM

This is really surprising. Kucoin actually claimed that they had identified most of the hackers and have traced back a majority of the stolen funds. However, if the criminals are moving the funds with ease and liquidating them, then their claims are false. They may be trying to pacify their clients, by giving false assurances. Unfortunately for the Kucoin users, there is very little chance of anyone reimbursing their losses.

We will have to wait and see, five days have passed since Kucoin gave the news they identified the hackers behind the robbery they were victims of, so it is too soon to expect an arrest however if this does not happen soon then I will have my doubts they have the evidence they say they have.

After all this is a very old trick, they may be trying to do this so the hackers behind this crime betray each other and they make a mistake that leads the authorities back to them, and once they can get one of them the rest will fall relatively quickly.

jerry0

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What percentage of hackers who do this get caught? If they use a vpn and those mixing things... they still aren't safe right?

bitcoinnami

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This is a very big deal. Even though the price of bitcoin has not decreased, which is a good sign

Akiko

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Quote from: senyorito123 on October 01, 2020, 07:42:56 PM

Quote from: KimmyF on October 01, 2020, 07:37:11 PM

Quote from: reza7777 on September 29, 2020, 04:15:28 PM

Until now I see he is still trying to exchange the coins in the wallet, now the assets in the wallet are 125 million dollars left which previously was 147 million dollars

200 millions USD to 125 millions USD, 75 millions USD is gone from the cryptocurrency. I got an announcement from DIA that already stolen wallet has zero DIA. In coinmarketcap this token dumped huge but now maybe recover. Same process could repeat to the another tokens.

If that's a legit case about dumping of these coins being stolen, I guess that's a big opportunity for the buyers to accumulate their own holdings. We will be expecting a timely increase as long as hackers who dump coins will set a cheaper price to earn fast. Fiat cash out will probably happen on banks, so authority should monitor their activities in order to apply hot pursuit on criminals.

Buying the coins that being robbed I don't think that's a good idea since you don't know if what exchange hackers will use to trade that coins. Instead of buying it directly why not set buy orders in that way you can buy the lost coins much cheaper than the price before he got it from investors.

pixie85

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yes, i am watching this and i am waiting till the hackers are really caught. This is very unfortunate for the Kucoin exchange, despite news that they will soon cover the user's losses of assets. $ 200 million dollars is big money. Well, another question is whether the Kucoin company can't stop this transaction altogether? I mean coordinating with some of the listed exchanges and not approving hackers' addresses?

Even if they are caught there's no telling if the money can be recovered.

It's very likely that they'll prefer to spend a year or 2 in prison and come back to recover their hidden stolen stash than trade it for a smaller sentence.

The only thing that would kick their asses now is a blockchain rollback or a taint.

bryant.coleman

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This is really surprising. Kucoin actually claimed that they had identified most of the hackers and have traced back a majority of the stolen funds. However, if the criminals are moving the funds with ease and liquidating them, then their claims are false. They may be trying to pacify their clients, by giving false assurances. Unfortunately for the Kucoin users, there is very little chance of anyone reimbursing their losses.

wxa7115

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Quote from: Febo on October 01, 2020, 04:52:04 PM

Quote from: rz20 on October 01, 2020, 01:05:54 AM

Did Kucoin make any new comments about how to they are planning to reimburse the stolen funds to its users?

They have 2 options. Or buy those coins on other exchanges. Probably OTC. Or that they give their native coins Kucoin or however is it called. I dont see them buying any coins since then price would most likely increasing.

I would e very cautious trading on Kucoin in the future since stolen coins value goes drastically up in next years and they dont buy them they will bankrupt. Since no one will give them billions dollars loans. They need o react now.

The issue is that this was a massive hack and the amount of money lost is immense, exchanges earn a fortune but unless they can pay this to their customers immediately I am pretty sure the reputation of kucoin is going to suffer because of it and their revenue will begin to go down as well.

We will have to see if the people at the top of this exchange have what it takes to overcome this crisis, personally if I was one of the affected clients I will not accept anything but the exact amount of coins I lost during the hack as I do not want to hold a coin that most likely will go down on the short term future.

posi

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Quote from: lousie9 on October 02, 2020, 02:44:51 AM

The security of the Kucoin exchange needs to be tightened again, even though this platform is still young or only 3 years old, Even well-known or top exchanges on the market like Binance have also been stolen by hackers. So, I hope something like this doesn't happen again and the hackers can be caught very soon.

Theres no way an exchange security will be tightened enough to the extent that human error wont occur at some point and the wallet that was hacked was the exchange hot wallet not cold wallet which mean about 15% of the exchange coin are stole by the hacker. However, when things like this happened whats important is what we crypto community do about it which is the reason why I'm some research about the hacker and I'm going to create a thread about it in sone hours.

Topic: Hacker started to eliminate tokens stolen from KuCoin (Read 973 times)