It unfortunate that this hacking issue happen to kucoin which seems to be among the crypto exchange site that is making waves these days and this hacking situation may affect there service cause some crypto users will choose not to use it. However, I like the fact that they are able to shake it off and continue their activities as normal.
Nevertheless, since the hacker decide to sell the stolen coin early then theres chance for them to be capture soon just like Twitter hackers.
Topic: Hacker started to eliminate tokens stolen from KuCoin - page 2. (Read 1003 times)
Seriously, I am still wondering how they will get this hacker or hackers, now some assets are being sent to an unknown wallet, the question is which wallet is that? Also, I have asked myself many questions like, who is to be blamed in this scenario Kucoin or the users. However, I think other major exchanges should be up and doing, before it was Binance and now, it is Kucoin, others might think they are invincible just like Kucoin might have thought, so there is need for them to be more careful because hackers attention is always on major exchanges owing to their worth.
Also, just like exchanges will be encouraged to take appropriate care and action towards their security, users on the other hand needs to be careful as well; there is always a private wallet, thus storing large amounts of assets offline is always a good idea.
Lastly, with this hack, I think DEXs should be up and doing, because from all indications they tend to be more secure than their counterparts, and if they can up their games, it won't be long and the users attention will shift to them.
I just hope Kucoin finds a way through this and come back stronger.
Also, just like exchanges will be encouraged to take appropriate care and action towards their security, users on the other hand needs to be careful as well; there is always a private wallet, thus storing large amounts of assets offline is always a good idea.
Lastly, with this hack, I think DEXs should be up and doing, because from all indications they tend to be more secure than their counterparts, and if they can up their games, it won't be long and the users attention will shift to them.
I just hope Kucoin finds a way through this and come back stronger.
Kucoin can't deny money to everyone, there is no way that you could just tell everyone that withdrawals are closed and there will never be any more withdrawal until this hacker is caught, which means if you can't close withdrawals that allows the hacker to take money out.
Now the problem here is that, if he had only one account he would have been banned and all the money would have been safe, I suppose that is not the case, it looks like there is a chance hacker had multiple accounts, and I mean like a ton of accounts and the money is spread between them, otherwise it would have been easy to catch him. So, how do you make sure if one account requisition withdrawal belongs to hacker and which one belongs to regular people? You could not know that by just looking at it.
Now the problem here is that, if he had only one account he would have been banned and all the money would have been safe, I suppose that is not the case, it looks like there is a chance hacker had multiple accounts, and I mean like a ton of accounts and the money is spread between them, otherwise it would have been easy to catch him. So, how do you make sure if one account requisition withdrawal belongs to hacker and which one belongs to regular people? You could not know that by just looking at it.
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.
Did they release any information on how the hacker was able to access their funds on that hot wallet? Was it due to venerability on kucoin's platform or, he straight up hacked the wallet? If he hacked the wallet, don't the majority of exchange uses a multi-sig wallet?
You should watch the story about that and kucoin has already published it on its blog https://www.kucoin.com/news/en-the-latest-updates-about-the-kucoin-security-incidentIt's also getting regular updates too.
It's not caused by the vulnerability but i guess some people said that kucoin was getting hacked caused phishing link. The complete story about this is not yet created by kucoin.
You should regularly watch the updates too.
Did they release any information on how the hacker was able to access their funds on that hot wallet? Was it due to venerability on kucoin's platform or, he straight up hacked the wallet? If he hacked the wallet, don't the majority of exchange uses a multi-sig wallet?
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
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
100% agree. Exchanges apeear every day and their developers just take nulled source code, copypast it and vou-la! A "star" is born ready to accept the fees and enrich the developers. Huge vulnerablities and viruses are not the problem! One hacked, tomorrow they start a new one/
The hacker stole a lot of money from the kucion exchanger so many investors also panicked their wallet or funds in kucion we can do nothing but wait for their updates so that we know what to do just the first time the kucion can be hacked their exchanger so they make way so that it can be cured so that it does not happen again and again.
At the moment, it is recommended to store cryptocurrency in a personal wallet, because there have already been cases of hacking of large markets. Keeping crypto assets on the market does not provide complete security
This is unfortunate for Kucoin and the whole community, another hacking like this diminished the trust of new people in the Cryptocurrency although Kucoin guaranteed that traders will not lose their coins I hope they keep their promise.
They will start to liquidate the stoken coins, this is expected if you are going to make a break or hacking it's part of the plan to liquidate the funds it's like a bank robbery where the robbers important plan is how to get away and become untraceable.
They will start to liquidate the stoken coins, this is expected if you are going to make a break or hacking it's part of the plan to liquidate the funds it's like a bank robbery where the robbers important plan is how to get away and become untraceable.
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.
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 million USD to 125 million USD, 75 million USD is gone from the cryptocurrency. I got an announcement from DIA that already stolen wallet has zero DIA. In the coinmarketcap this token dumped huge but now maybe recovered. The same process could repeat to the other tokens. Kucoin doesn't divide from the users that's very trustworthy work. 
Everyone must aware to this hacker, let us be responsible in holding our tokens. We have to take our tokens 9n a right place knowing all the possible action for safety
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.
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 can say all you wan to say about the hackers but what about the laxity on the part of Kucoin team, this seems to me like an inside job than an outsider trying to hack the system. One thing I believe is that anything hackable will be hacked it is just a matter of time
It's sad to see that a lot of investors' money has been squandered by hackers so easily, but I still have a question for Kucoin, why did Kucoin have full access to that address and didn't anticipate sending it to other wallets before hackers sell tokens, previously hackers only sold them with an accumulation of around $1 million
This means that this could be the work of their own party who carried out the hack so that it could shock the crypto universe, indeed it looks strange when they do not anticipate sending it to another wallet before the hacker sells the token. Hackers are getting smarter in hacking the top exchange sites at this time, hopefully the other exchange teams improve their security systems to make trading more comfortable for traders, because some time ago the Binance exchange site was also hacked.
The cryptocurrency exchanges around the industry have to sit-up for this plaque ravaging the cryptocurrency community through hackers. The truth is, they should always work on their security and making sure that the internal exchange security is good and not looping. Hope those hackers are found and arrested for their crime to humanity, also, there should be crypto exchange team up in case of this theft. Though some tokens and coins where returned back to KuCoin exchange with the help of collaboration. 
That's what I'm confused too Kucoin still approves this transfer. We, the owner of our Kucoin accounts, hard to transfer sometimes our funds to our wallets because of the security verifications on our Kucoin account. But the hackers are smart enough to move many tokens to their wallet and intelligence to breach the security of Kucoins. Let us hope the hacker will make a mistake in converting these funds.
Well,,,, Kucoin has now shown that they are not professional. I mean they admitted themselves they put millions of dollars into hotwallets, so we know they do not take seriously the issue of vulnerability to their own security. I bet you their departments are just going blindly through the withdrawals and taking their fees.
This hacker looks a dummy, He/she didn't transfer all of them in just a cold wallet or a printed wallet, he/she even didn't use mixers, thought it is cashable easily, I don't think he/she is professional with cryptocurrency but only good at hacking, who knows maybe kucoin did it by itself to escape from taxes. or to open some specific coins first instead of stable coins to pump them and sell its token to people!
Hackers are getting smarter in hacking the top exchange sites at this time, hopefully the other exchange teams improve their security systems to make trading more comfortable for traders, because some time ago the Binance exchange site was also hacked.
I personally believe that the crypto industry is that young - it has a little to no protection, but the one built in the coin itself.Its not much alike banking system which is around for decades and still manages to be robbed from time to time ( Imean the carding).
My point is - its not much about crypto, but digital money in general are not as developed as fiat
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