KuCoin Identifies the Culprit Behind Multi-Million Dollar Breach

Vandana  |  Oct 5, 2020

KuCoin, a huge crypto exchange, which was hacked recently has now identified the attackers behind the multi-billion dollar breach. This has been revealed by the CEO of the exchange Johnny Lyu on the weekend. He also mentioned that law enforcement officials are taking action against the attackers who were involved in this breach. Any further details have not been revealed yet by the firm or by Lyu. 

KuCoin Hack Becomes One of the Largest Centralised Exchange Breaches

This attack on the KuCoin exchange is quite a recent one as it was hacked on September 26. It is believed that this breach has been seen as one of the largest centralized exchange breaches to date. Initially, it was revealed that around $150 million in digital currencies has been transferred from the hot wallets of the exchange. However, this number was raised to $281 million afterward. 

It is also revealed that all the compromised assets have also been stored in wallets for crypto that includes BTC, BSV, XLM, USDT, TRX, and others. KuCoin is also trying to gain control over all the funds that have been lost before they are liquidated to other platforms.

A quick update since my last livestream on Sep 30.

Exchange Assured Users That They Will Not Lose Funds

While talking about identifying the hackers, he also mentioned that another $64 million in compromised assets are now out of control of the hackers. This value has now increased to $204 million. KuCoin has also assured the users that they are not going to lose any of their funds. Not only this, but he also mentioned that if any of the user’s funds will be affected by this incident, the KuCoin insurance fund will cover that loss. 

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