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.
Topic: Hacker started to eliminate tokens stolen from KuCoin - page 4. (Read 973 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.
Throughout the history of cryptocurrency exchange hacks do you have any idea how many hackers were caught. I bet these might be sophisticated teams who knows what they are doing. They know that if they keep on holding these tokens that are marked they cannot do anything with it and hence they are dumping as fast as they can.The only solution is that the exchanges should be careful with their security and if they are not capable of that then they need to shut down.
Exchanges should always upgrade their security protocol. As some are already outdated, and new softwares are available, they need to invest on this, otherwise, these hackers will always use these advanced softwares to attack their system. So the security department of crypto-exchanges is really important and should allocate good amount to security. Or what they can do is arrange some kind of insurance like the SAFU of Binance, so the users will be at peace having their funds on their exchanges. But of course, exchanges should see to it that their cold storage is also safe from potential break-ins.
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.
Throughout the history of cryptocurrency exchange hacks do you have any idea how many hackers were caught. I bet these might be sophisticated teams who knows what they are doing. They know that if they keep on holding these tokens that are marked they cannot do anything with it and hence they are dumping as fast as they can.The only solution is that the exchanges should be careful with their security and if they are not capable of that then they need to shut down.
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
The hackers have already started to liquidated his tokens into the ethereum, as far as i can see if the first coin that started to be liquidated by the hackers were LINK as it has a big daily trade volume. The hackers were also trying to withdraw the money from selling the LINK. So many tokens have been doing the swap to make sure the tokens that has owned by the hacker were useless token.
It will decrease even more.
this hacker needs money and he was aiming to cash out the money. Im also still watching the address too.
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
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.
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
Looks like it already started, It's gonna hard to trace since they using DEX and basically they also will hard to spend stolen crypto expect using it on some anonym market to buy some stuff or converting through anonym service, Well i'm not really sure how they will works but it's was my opinion.
Yes, I'm also not sure if hackers can cash out all the stolen coins. Hackers also will not easily withdraw money especially hundreds of millions of Dollars is not easy. Hopefully this incident will not happen again, security must come first, for the sake of asset security and user trust too. 
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.
But this is a decentralized trading platform which couldn't be shutdown by anyone! But some hackers never spend their cryptos because they afraid they they will be traced from their spending so I guess there are chances to trace the scammer and find them if they keep doing this for a while, Kucoin probably started their investigation about the conversion. Honestly hacks and stolen funds are the major reason why I'm so against dex exchanges, they give users way too much freedom to get away with any crypto crime, the only way this hacker can sell some stolen coins and tokens is through decentralized exchanges, it's a haven for criminal activities, I think Centralized exchanges are one step ahead decentralized exchanges in this part.
Decentralize exchanges are also the reason for hacks so which do you want to prevent, the hackers getting away with hacking or simply eliminate hacking?
So far I have not heard of any dex getting hacked yet although its still very under when it will happen but definitely has a reason why a DEX will be a hack and probably because its not entirely a DEX. Cryptocurrency is supposed to be for decentralization which is what satoshi hoped for.
Are we sure how much is taken out of kucoin? I have heard that he couldn't take it all out and that is why it has been not a big problem so far, and if he didnt take it out all maybe kucoin could stop him?
However if he managed to take it all out, how does kucoin stand? Like we are talking about hundred million dollars or more here, did they really had that much profit from the trading fees that they actually covered it all by themselves? If they didn't, how are they paying for this? All insured? Or maybe they just keep making profit from all the trades and paying people for now and eventually they will make that money vie fees anyway so they are trying to survive until that moment? I have no idea how one place can cover over hundred million dollars lost.
However if he managed to take it all out, how does kucoin stand? Like we are talking about hundred million dollars or more here, did they really had that much profit from the trading fees that they actually covered it all by themselves? If they didn't, how are they paying for this? All insured? Or maybe they just keep making profit from all the trades and paying people for now and eventually they will make that money vie fees anyway so they are trying to survive until that moment? I have no idea how one place can cover over hundred million dollars lost.
Honestly hacks and stolen funds are the major reason why I'm so against dex exchanges, they give users way too much freedom to get away with any crypto crime, the only way this hacker can sell some stolen coins and tokens is through decentralized exchanges, it's a haven for criminal activities, I think Centralized exchanges are one step ahead decentralized exchanges in this part.
There is no way this hacker will get away with this unless he plans to never withdraw some of the coins for Fiat, you can't change crypto to dollars or other Fiat without dropping your KYC, every platforms and exchanges that support crypto to Fiats ask for KYC this days, let's wait and see how smart this player is.
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.
Many centralized exchange will lose their business because they are under regulation, their traders money are insured hacking is now a lucrative business imagine these hackers cashing out millions, it's easy money without a big risk compared to robbing a bank. 
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.
I don't have the exact statistics but hacker have gone free with the money several times more than they were caught. Exchanging used to be a problem in the past but with the current trend of decentralized exchange and multiple popular tokens in same blockchain, it's been easier. DEX are not to be blamed here but these crimes and approach would certainly defame DEX and crypto. 99.9% of the blame lies on Kucoin's security.
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.
The hacker cannot be easily withdraw those money that he stole from KuCoin. Investigations and surveillance for this kind of incident are tight, he cannot withdraw it without getting caught, that's almost 100% sure. Everyone's eye is on that address he can't move it without being suspected, if he do so, that will be the end for him.
It's already moving, some of them have been block already by Ocean if I'm not mistaken and USDT being block but there are a lot of ERC-20 tokens that has been moving a lot and no one can stop them. I'm not sure about the BTC though, it will be tough as all eyes have watching it. In any case, they are using uniswap as a bridge, so it might get some bad rep, in my opinion.
Maybe the hacker will not send it right away the coin and wait until the situations are under control. The hacker will not risk selling it now as the case is still being "hot" in the crypto world. We will see the impact if the hacker sells the coin, and maybe the price will be a drop in a short time, but the price will be back to the last price. The hacker will have a plan for what they will do with the funds, and I don't think it's about selling all of the coins at once.
Not needed though, it will still be remain 'hot', there are previous hacks that move their coins years ago, but still there are still track. What they can do is wait for the bull run to get as much from the hack coins.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.
I dont think at all that this will give a huge impact for other hackers to be encourage to hack exchanges. The hack could have been made professionally and could be similar to robbing a bank. Except this one is done online and for sure this has been planned.
Even if this hacker is caught, there will still be others who will continue to bypass securities and steals money from exchanges.
Looks like it already started, It's gonna hard to trace since they using DEX and basically they also will hard to spend stolen crypto expect using it on some anonym market to buy some stuff or converting through anonym service, Well i'm not really sure how they will works but it's was my opinion.
Kucoin team have already said they will reimburse all stolen fund and few projects have switch their smart contract making the stolen token worthless but project like DIA which plan to stick with it's decentralized utility plan not to switch to another smart contract, some plans are in motion already but I doubt they can fix the issue without switching to new smart contract
That means if the kucoin will be reimbursed the stolen funds that will not be swapped by the developer. Bitcoin has become the coin that will include being reimbursed by kucoin but a lot of coins have already started to swap their coins to make sure the tokens that being stolen became worthless tokens. Dia will be dumping so hard by the hackers.
ORN withdrawal has already opened started from this day.
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