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KuCoin Crypto Exchange Hacked for $150 Million in Crypto

· in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
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The KuCoin crypto exchange released a statement in which they informed it was hacked for $150 million worth of virtual currencies. According to information released in a blog post by KuCoin, they have detected large withdrawals starting on September 26, 2020, at 03:05:37 (UTC +8). Bitcoin, ERC-20 and other tokens seem to have been affected. 

KuCoin Crypto Exchange Hacked 

The firm explained in the statement that part of Bitcoin, ERC-20 and other tokens held in KuCoin’s hot wallets were transferred out of the exchange. As per the report, the assets in the cold wallets remain safe and “unharmed.” Furthermore, they also informed their hot wallets have been re-deployed. 

The KuCoin Crypto Exchange hacked mentioned about the incident:

“We detected some large withdrawals since September 26, 2020, at 03:05:37 (UTC+8). According to the latest internal security audit report, part of Bitcoin, ERC-20 and other tokens in KuCoin’s hot wallets were transferred out of the exchange, which contained few parts of our total assets holdings”

The company explained users should rest assured that if any user fund was affected due to this incident, they will be covering them with the insurance funds they have. The exchange is also going to be conducting a security review to understand what happened and how to avoid this issue in the future. 

At the moment, deposits and withdrawals are suspended and the services are expected to be restored gradually. KuCoin aims at restoring their services once they are sure it is safe to do so. 

The CEO of the platform Johnny Lyu is going to be updating the community about the situation through a Livestream on September 26, 2020, at 12:30 (UTC+8). 

Several media outlets and analytics companies are already reporting the issue experienced by KuCoin.

At UseTheBitcoin we hope you have not been affected by this hack. Never invest more than what you are able to lose and remember not your keys, not your crypto