Just read on some crypto news website that the hacker has sold all of the stolen synthetix, DIA, chainlink, YFI, and many other tokens.
Did Kucoin make any new comments about how to they are planning to reimburse the stolen funds to its users?
Topic: Hacker started to eliminate tokens stolen from KuCoin - page 3. (Read 1003 times)
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.
While it is obvious I agree with this at the same time the hacker is being really smart and it is taking a very slow approach to liquidate his coins, which means that it is going to be even more difficult to catch him.After all despite stealing almost 200 millions he is taking his time and only selling a small amount which means that if he keeps being this careful then there is a significant chance he gets away with it and he can enjoy all that money for the rest of his life.
Even with more of these hacks we still face a major problem in finding out the real culprit behind these hacks and now more and more people are doing these hacks so as to get rich quick because of the challenges that the investigators face in differentiating the addresses associated with the hacker and that of a normal customer after the funds have been mixed on a high volume mixer. I hardly think that the hacker would ever be caught and be punished for his actions and if not punished then he will be doing more of these hacks in the future.
We'll see more sell-off as the hacker is actively cashing out and what makes it interesting is that he's using DEXs to do so (funds would be frozen if a centralized exchange is used). That way, he can easily clean off the funds and maybe put them in a yield farming venture, get farmed tokens and sell off on centralized exchanges without them knowing /suspecting. This is one of the disadvantage of decentralized exchanges. I'm wondering whether regulatory bodies will put uniswap and other DEXs on their radar after this incident.
By the way, SNX founder has since said they won't be issuing new tokens just as other projects whose tokens were also stolen. So the price might take some heat but should be a nice opportunity to pick up a few and yield farm with it.
By the way, SNX founder has since said they won't be issuing new tokens just as other projects whose tokens were also stolen. So the price might take some heat but should be a nice opportunity to pick up a few and yield farm with it.
This is a little bit of problem as this move will likely to create an impact to those tokens that were being sold, like it's price will likely to go down because of the big dump coming from the hacker.
SNX has the highest which is $2.9M, I will just hope that this kind of happenings will not continue as it can surely affect the trust of investors in putting their money in big exchanges as they cannot assure that their money is 100% safe from the hackers.
That is to be expected,SNX has the highest which is $2.9M, I will just hope that this kind of happenings will not continue as it can surely affect the trust of investors in putting their money in big exchanges as they cannot assure that their money is 100% safe from the hackers.
The hacker is holding a huge amount of different coins and he suddenly sold it at the same time. The total value is also huge which will really affect the current price of the said coin. Now, I am wondering how he will convert it all into cash
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 is a little bit of problem as this move will likely to create an impact to those tokens that were being sold, like it's price will likely to go down because of the big dump coming from the hacker.
SNX has the highest which is $2.9M, I will just hope that this kind of happenings will not continue as it can surely affect the trust of investors in putting their money in big exchanges as they cannot assure that their money is 100% safe from the hackers.
SNX has the highest which is $2.9M, I will just hope that this kind of happenings will not continue as it can surely affect the trust of investors in putting their money in big exchanges as they cannot assure that their money is 100% safe from the hackers.
sometimes am really brainstorming how it is easy for hackers to gain access to exchange which i know must have implement some tough security measures to prevent any outside attempt, how long does it really take a hacker to succeed! do they keep trying untill they succeed? this must be something that have been premeditated over the cause of time otherwise it won't come as easy as it seems, and am still wondering is there really no one time solution to this?
becaue the seems that almost all exchange have to experience hack at some point, who maybe the rest exchange that have not been hacked yet are on the list of one hacker somewhere, this is very disheartening to say the list.
Its not really that much easy to hack things especially the crypto exchange where security will be at the top all the time but a simple mistake from an employee could cause a huge loss that is what happened with the recent twitter hack and it executed by social engineering attack so I believe the same kind if attack on this hack as well. becaue the seems that almost all exchange have to experience hack at some point, who maybe the rest exchange that have not been hacked yet are on the list of one hacker somewhere, this is very disheartening to say the list.
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.
sometimes am really brainstorming how it is easy for hackers to gain access to exchange which i know must have implement some tough security measures to prevent any outside attempt, how long does it really take a hacker to succeed! do they keep trying untill they succeed? this must be something that have been premeditated over the cause of time otherwise it won't come as easy as it seems, and am still wondering is there really no one time solution to this?
becaue the seems that almost all exchange have to experience hack at some point, who maybe the rest exchange that have not been hacked yet are on the list of one hacker somewhere, this is very disheartening to say the list.
becaue the seems that almost all exchange have to experience hack at some point, who maybe the rest exchange that have not been hacked yet are on the list of one hacker somewhere, this is very disheartening to say the list.
There are few platforms that accepts crypto as digital payments and also I heard some people are using fake I.D for KYC, I don't see how this will help in apprehending this hacker, the best strategy is to blacklist the hackers address, what I'm still confused about is kucoin, aren't the one that approve the funds before sending them out? Anyways, only God knows what really happened.
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.
I am not sure if hackers can sell entire tokens or withdraw assets from the kucoin platform. they have to go through a KYC based process and of course this goes against the hacker's data. so there was no way they could withdraw all the assets they stole. it's the same as suicide. and hackers will one day be exposed.
Sometimes this becomes a little funny, because a hacker whose ability can exceed others cannot withdraw the assets they hacked, is this possible? So if someone who is able to hack a large and already popular exchange is unable to withdraw the assets he has hacked, is this logical? I am not sure if hackers can sell entire tokens or withdraw assets from the kucoin platform. they have to go through a KYC based process and of course this goes against the hacker's data. so there was no way they could withdraw all the assets they stole. it's the same as suicide. and hackers will one day be exposed.
when they hack that means they already transfered the coins to thier own wallet and are ready to sell those on other exchange not on the kuckoin platform . i heard that some tokens are blocked , that means they cant sell all what they got .
they dont need kyc because they use decentralized exchange upon selling the coins but its still possible to get these hackers as there are also hackers that got arrested on the past .
The hacker progresses very carefully, not dumping the price to a large extent. It is a good story to follow - we have some really clever man or group here 
(That being said I do not advocate such hacks in any way, it is just fun to see how these people find solutions for dispersing stolen coins etc.)
(That being said I do not advocate such hacks in any way, it is just fun to see how these people find solutions for dispersing stolen coins etc.) 
The hacker sold:
320k OCEAN (worth $ 120K).
578k SNX ($ 2.9M)
10K COMP ($ 1.35M)
203k LINK ($ 2.16M)
10k DIA on the go
Not good, at least DEX management should be able to filter the request from such people. The hackers are skillful and they know how to make an effective decision with minimum loss. Trading in the centralised excahgnes will give them headaches and they try to avoid personal verification at all costs. Anyway, not a bad result for hackers compared to other attacks.320k OCEAN (worth $ 120K).
578k SNX ($ 2.9M)
10K COMP ($ 1.35M)
203k LINK ($ 2.16M)
10k DIA on the go
How? These are decentralized exchanges, which means they have neither filters nor any kind of control. It's blockchain.
The only control in this case is from the centralized coins, which can be rolled back, canceled or blocked, which was done with some stolen coins.
Some hacker often sends back stolen funds to avoid police drama but, I don't think this hacker has any intentions of sending back the funds because he is continuously transferring tokens from the address. In the last several hours he has transferred YFI, AAVE, and Enjin.
Like the hackers who stole from KuCoin were smart enough to eliminate tokens that were stolen, I think it's hard to trace it
if hackers are using decentralized exchanges. It's enough to piss us off, especially those who have become victims. We can
only see the hackers selling the tokens they stole, without being able to do anything. Hopefully this hacker makes a mistake,
so KuCoin can track him down.
The hacker can sell the tokens through dex for sure but how will he or she sell for FIAT without getting caught? This is the main point that I'm trying to figure out, there is no exchange or platform that swap coins to fiat that won't request for users National I. D card (KYC) if hackers are using decentralized exchanges. It's enough to piss us off, especially those who have become victims. We can
only see the hackers selling the tokens they stole, without being able to do anything. Hopefully this hacker makes a mistake,
so KuCoin can track him down.
I have issues with this story, because, it's not that I don't believe that hackers are real but I should trust the fact that it is professionals that are handling this Kucoin account and they know what hackers could do before starting, so If the hacking is not around them, I expected them to have made necessary securities for the wallet. Dubious people are everywhere. Personal opinion.
Like the hackers who stole from KuCoin were smart enough to eliminate tokens that were stolen, I think it's hard to trace it
if hackers are using decentralized exchanges. It's enough to piss us off, especially those who have become victims. We can
only see the hackers selling the tokens they stole, without being able to do anything. Hopefully this hacker makes a mistake,
so KuCoin can track him down.
The hacker can sell the tokens through dex for sure but how will he or she sell for FIAT without getting caught? This is the main point that I'm trying to figure out, there is no exchange or platform that swap coins to fiat that won't request for users National I. D card (KYC) if hackers are using decentralized exchanges. It's enough to piss us off, especially those who have become victims. We can
only see the hackers selling the tokens they stole, without being able to do anything. Hopefully this hacker makes a mistake,
so KuCoin can track him down.
I think there are exchanges where you can exchange to FIAT without needing to do KYC surely although there are limitations on the withdrawal limits of FIAT without KYC being done.
For example in Switzerland you can exchange up to 5000 Swiss Francs without having the KYC done.
Also have a look at this article
https://cointelegraph.com/news/new-platform-converts-crypto-to-fiat-without-know-your-customer-requirements
But as far as the large amount of money that the hacker has it would be impossible to do it without using the hacked coins at Dark web use I believe.
The hacker must have surely though about it before going ahead with the head or maybe he is hoping to reach some settlement with Kucoin .
Like the hackers who stole from KuCoin were smart enough to eliminate tokens that were stolen, I think it's hard to trace it
if hackers are using decentralized exchanges. It's enough to piss us off, especially those who have become victims. We can
only see the hackers selling the tokens they stole, without being able to do anything. Hopefully this hacker makes a mistake,
so KuCoin can track him down.
The hacker can sell the tokens through dex for sure but how will he or she sell for FIAT without getting caught? This is the main point that I'm trying to figure out, there is no exchange or platform that swap coins to fiat that won't request for users National I. D card (KYC) if hackers are using decentralized exchanges. It's enough to piss us off, especially those who have become victims. We can
only see the hackers selling the tokens they stole, without being able to do anything. Hopefully this hacker makes a mistake,
so KuCoin can track him down.
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