KUCOIN Hacked - page 3. | Bitcointalksearch.org

South Park

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I am terrible at Fantasy Football!!!

Quote from: kayvie on September 30, 2020, 04:29:40 PM

Quote from: South Park on September 30, 2020, 03:32:33 PM

Quote from: reza7777 on September 26, 2020, 06:14:32 AM

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.

Once again, cybersecurity is MANDATORY in the current crypto environment

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

And there are still people out there saying that it is better to keep your funds in an exchange than to keep your funds yourself, it is nice they are taking responsibility and they are going to pay their affected customers but still this shows that no matter how perfect you think is your security the risk of being hacked is never zero, this means that it is important to never tell anyone how much crypto we are holding that way the chances we are the target of hackers or scammers goes down dramatically.

Yes, even if there are so many times they were told that keeping funds in exchange is too risky, they still continue to keep doing the same thing. This is what we are talking about, that's why we should avoid it. It's good for the victims of hacking that kucoin will replace their funds but not all exchange will do the same thing.

What I wonder is when people are going to learn? I know that if you want to trade you have no option but to deposit your coins in an exchange but that does not mean that you need to keep your coins there for the long term, just make your trade and then get your coins out of there, this is going to cost you in terms of transactions but if your capital is big enough that should not be a problem at all, and if your capital is too small then maybe you need to increase the size of you capital to avoid to leave their coins in an exchange and incur the huge risk that signifies.

Altryist

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Quote from: Vishnu.Reang on October 05, 2020, 06:02:51 AM

Quote from: bakasabo on October 05, 2020, 04:05:45 AM

I've read that KuCoin informed, that their "safe fund" did not have enough money to cover the losses. They are lucky they caught this hacker and stopped stolen funds from being sold. Also, KuCoin are not the only one to thank. Actually most of protection work was done by the projects of stolen funds. These projects simply swapped stolen altcoins to new contract based on exchange and network snapshots. The major tasks were done by them. While KuCoin just froze all exchange movements and started investigation work.

There is still not much clarity on this subject. KuCoin claims to have "identified" the thieves and they have stated that law enforcement authorities are involved. But there is no indication that these people were arrested. Similarly, they have traced back more than 70% of the stolen funds. But in order to recover at least a part of this, they need to put in a lot more effort.

All that said, it looks to me that the hackers were composed of some inexperienced guys. They made the mistake of moving the funds and trying to cash out too soon. They even used DeFi platform such as KyberSwap and Uniswap for this purpose. This made it possible to identify them.

We can say that the KuCoin is lucky that the hackers made a few mistakes. I think that the statement about the identity of the hackers is just to calm the public. After all, not a single person has been arrested now, and it will be very difficult to prove guilt without a confession. In this situation, Kucoin was still lucky that the funds were identified and frozen. And now they have a chance to improve their security by learning from their mistakes.

Vishnu.Reang

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Quote from: bakasabo on October 05, 2020, 04:05:45 AM

I've read that KuCoin informed, that their "safe fund" did not have enough money to cover the losses. They are lucky they caught this hacker and stopped stolen funds from being sold. Also, KuCoin are not the only one to thank. Actually most of protection work was done by the projects of stolen funds. These projects simply swapped stolen altcoins to new contract based on exchange and network snapshots. The major tasks were done by them. While KuCoin just froze all exchange movements and started investigation work.

There is still not much clarity on this subject. KuCoin claims to have "identified" the thieves and they have stated that law enforcement authorities are involved. But there is no indication that these people were arrested. Similarly, they have traced back more than 70% of the stolen funds. But in order to recover at least a part of this, they need to put in a lot more effort.

All that said, it looks to me that the hackers were composed of some inexperienced guys. They made the mistake of moving the funds and trying to cash out too soon. They even used DeFi platform such as KyberSwap and Uniswap for this purpose. This made it possible to identify them.

bakasabo

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Quote from: giammangiato on October 05, 2020, 03:46:11 AM

Fortunatelly all the funds now are safe. More than 200Milion, it's amazing how fast they were. At the moment are locked BTC, ETH and USDT deposit and withdraw but a lot of other coins opened. They managed the situation very well, but this is only my opinion

I've read that KuCoin informed, that their "safe fund" did not have enough money to cover the losses. They are lucky they caught this hacker and stopped stolen funds from being sold. Also, KuCoin are not the only one to thank. Actually most of protection work was done by the projects of stolen funds. These projects simply swapped stolen altcoins to new contract based on exchange and network snapshots. The major tasks were done by them. While KuCoin just froze all exchange movements and started investigation work.

giammangiato

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Fortunatelly all the funds now are safe. More than 200Milion, it's amazing how fast they were. At the moment are locked BTC, ETH and USDT deposit and withdraw but a lot of other coins opened. They managed the situation very well, but this is only my opinion

khiholangkang

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Quote from: crypto1010 on October 05, 2020, 12:27:30 AM

KuCoin CEO announced that they have founded the culprits and recovered most of the funds.

Has KuCoin really found the culprit, or is it just to keep investors from panicking? I see that the funds that are recovered are only funds from projects that have swapped or forked, but most of them are still not recovered.

crypto1010

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KuCoin CEO announced that they have founded the culprits and recovered most of the funds.

puremage111

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Cyber-security is indeed important and mandatory for basically every Online Business

Anyhow from twitter, seems like they already figure out on the details of the hacker
Let's see how they would deal with it

Teraboy

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Quote from: Valzador on October 04, 2020, 10:22:38 PM

Quote from: Francis Freeman on October 04, 2020, 09:32:09 PM

The projects have helped out kucoin a lot by re-issuing the tokens and rendering the stolen tokens useless. But it raises me a question is it fair to re-issue decentralized token for a hack ? Where does it leave decentralization.

you will force the developer team to freeze their contract address.

I guess if that's the true story. It's better if the dev can do something with it to make sure if we can back our money rather than try to give it with the hackers even when the exchange site itself who is responsible with the amounts that have already stolen by scammers but this is the best solution.

More than 200 millions have already recovered and that's a big success. In another case, decentralized is not always anything in crypto.
The dev was also issuing the stolen assets and frozen the stolen asset forever.

Valzador

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Quote from: Francis Freeman on October 04, 2020, 09:32:09 PM

The projects have helped out kucoin a lot by re-issuing the tokens and rendering the stolen tokens useless. But it raises me a question is it fair to re-issue decentralized token for a hack ? Where does it leave decentralization.

You are questioning whether it is fair or not because your money is not involved in the hack, I'm sure if your money is hacked, it doesn't matter whether the coin is decentralized or not, you will force the developer team to freeze their contract address.

Francis Freeman

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Quote from: Danslip on October 04, 2020, 05:26:29 PM

Quote from: malikg18 on October 04, 2020, 04:55:24 PM

It is bad for crypto that after every year one exchange got hacked. Exchange should think so. I think hacking is a big hurdle for popularizing crypto. Along with It is good that exchange got recovered immediately and have some special funds for users.

AFAIK, the insurance has covered the total loss and the Kucoin administration has frozen all financial operations right after the incident. The social media was full of supporters from different well-known project teams, so the hacker was not able to spend the rest of the funds due to the new contract address. The phishing link must be prepared professionally, otherwise, it is impossible to be trick the poor team member of Kucoin exchange. Anyway, no one has been hurt seriously in this event except the mental side.

The projects have helped out kucoin a lot by re-issuing the tokens and rendering the stolen tokens useless. But it raises me a question is it fair to re-issue decentralized token for a hack ? Where does it leave decentralization.

Danslip

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Quote from: malikg18 on October 04, 2020, 04:55:24 PM

It is bad for crypto that after every year one exchange got hacked. Exchange should think so. I think hacking is a big hurdle for popularizing crypto. Along with It is good that exchange got recovered immediately and have some special funds for users.

AFAIK, the insurance has covered the total loss and the Kucoin administration has frozen all financial operations right after the incident. The social media was full of supporters from different well-known project teams, so the hacker was not able to spend the rest of the funds due to the new contract address. The phishing link must be prepared professionally, otherwise, it is impossible to be trick the poor team member of Kucoin exchange. Anyway, no one has been hurt seriously in this event except the mental side.

bitkanu

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Quote from: bigcash2011 on October 04, 2020, 04:11:47 PM

The positive update is that the CEO of kucoin has announced that they have caught the hacker and recovered most of the funds, I do not have more details and i hope they will update us with the identity details of the hacker in next updates but it is encouraging to know that funds are recovered so that in future such people will be discouraged to do such crimes.

Im not sure if the team will publish the identity of the hacker consider the regulation about privacy protection. I don't care so much about that as long as I can get my funds back lol.
The problem is on the kucoin itself as it was getting stolen caused by someone from the team was opening the phishing link.

You should watch the whole story and that means the kucoin must never try to do that again.
At least so many coins have already recovered and I have withdrawn my money from there.

malikg18

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It is bad for crypto that after every year one exchange got hacked. Exchange should think so. I think hacking is a big hurdle for popularizing crypto. Along with It is good that exchange got recovered immediately and have some special funds for users.

bigcash2011

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Quote from: reza7777 on September 26, 2020, 06:14:32 AM

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.

Once again, cybersecurity is MANDATORY in the current crypto environment

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

The positive update is that the CEO of kucoin has announced that they have caught the hacker and recovered most of the funds, I do not have more details and i hope they will update us with the identity details of the hacker in next updates but it is encouraging to know that funds are recovered so that in future such people will be discouraged to do such crimes.

zidanw

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Quote from: reza7777 on September 26, 2020, 06:14:32 AM

Singapore-based cryptocurrency exchange KuCoin today underwent a hot wallet hack, hacker managed to bring in about 157 million dollars, but luckily kucoin cold wallet is safe and all hacked funds will be completely replaced by kucoin.

Once again, cybersecurity is MANDATORY in the current crypto environment

Hacker wallet https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
source https://www.kucoin.com/news/en-kucoin-security-incident-update

Good thing that the KuCoin was able to replace the hacked amount. Even big exchanges like KuCoin was vulnerable to hacked threats what more the small exchange websites also it shows that we should be really careful of letting our coin sit in exchanges since they're the ones who are really immune to hackers.

khimer_rangers

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I've never traded on Kucoin and i was quite surprised by the news of kucoin exchange hack,it can be a proof to increase security on each exchange and the actions taken by kucoin are good enough and to cultivate the trust of their merchants or customers.

CucakRowo

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Quote from: BITCOIN4X on October 04, 2020, 01:39:26 PM

I don't think this will affect anything on the exchange, it's just that if they manage to express it it deserves appreciation. I think Kucoin just needs to upgrade their security system after the hack and try to restore customer trust.

You are correct. Kucoin needs to upgrade their security system layer. So this breached system activities can avoided and would never happen again.
About hacker's identity disclosure (if caught), well.. true.. it will not bring any affect. But at least my curiosity and peoples who followed this news can be relieved. Grin

BITCOIN4X

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Quote from: CucakRowo on October 04, 2020, 12:24:37 PM

The actions taken by Kucoin CEO were extremely fast (and its normal from business perspective). They cooperate with several projects and institutions to limit the hacker funds.

This is a good step taken by Kucoin's side. Even though the hacker have succeeded in taking a number of assets from the exchange, not all assets can be sold because they have been restricted. Salute for the kucoin exchange.

Quote from: CucakRowo on October 04, 2020, 12:24:37 PM

And if traced from his tweet, there have been several coins that have swapped as part of security measure. But what about Kucoin's side? Will they give bonuses to their members or how?

I don't think they need to because even without the bonus, users will get their full funds back. If possible, it's always a good idea to to give user bonuses and it's for those who are loyal.

Quote from: CucakRowo on October 04, 2020, 12:24:37 PM

And i can't wait waiting their update about this hacker identity.

I don't think this will affect anything on the exchange, it's just that if they manage to express it it deserves appreciation. I think Kucoin just needs to upgrade their security system after the hack and try to restore customer trust.

CucakRowo

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Some update about kucoin. Source taken from kucoin CEO (Johnny Lyu) tweet.

The actions taken by Kucoin CEO were extremely fast (and its normal from business perspective). They cooperate with several projects and institutions to limit the hacker funds. And if traced from his tweet, there have been several coins that have swapped as part of security measure. But what about Kucoin's side? Will they give bonuses to their members or how? And i can't wait waiting their update about this hacker identity.

Topic: KUCOIN Hacked - page 3. (Read 2657 times)