KuCoin Hacked! Damage exceeds 150 million
Hackers never sleep. And this is not just a pretentious phrase, but a reflection of current reality. Even the most advanced cryptocurrency platforms are often hacked these days. One of these hacked sites turned out to be the well-known KuCoin exchange. Hackers successfully attacked and interfered with the work of the resource. A preliminary estimate of the degree of damage to the company showed damage of approximately $ 150 million. What should the account owners do? How serious is it? Let’s figure it out
More about the project
Despite the obvious popularity of KuCoin, the popularity of this platform is much less than that of Binance and similar major exchanges. That is why, first of all, it is necessary to additionally describe the features and characteristics of this cryptocurrency exchange. Behind the development of the project is the well-known company IDG Capital, which has been working with finance and various economic technologies since the distant 1992. It is these developers who support the Opera browser, work together with Xiaomi and a number of other well-known companies. However, they failed to protect their own cryptocurrency exchange. KuCoin was hacked, and a total of about $ 150 million was debited from users’ wallets. Let’s look at the details and consequences of this rather unpleasant event.
What exactly happened to KuCoin?
It is worth noting that only wallets with Bitcoin and ERC-20 tokens were attacked. The attack turned out to be quite significant, the total damage at the moment is estimated at $ 150 million. Nevertheless, it is quite possible that after clarification of all the circumstances, the amount will change. The damage fell precisely on hot wallets, on which users’ money was stored. The assets placed in cold storage remained completely safe. The company promises to reimburse every dollar spent using a reserve fund that includes sufficient amounts.
The reason for financial losses is precisely in a hacker attack. This was confirmed by the head of the company. However, the details of the incident have not yet been disclosed. Obviously, digital security specialists and other exchange employees have yet to figure out the details of what happened. It is also worth noting that the firm has already applied to law enforcement agencies. So the possibility of false theft of funds is excluded.
At the moment, the exchange has frozen some of the funds in order to prevent hackers from completely ruining hot wallets. The partners of the company also did the same, which prohibited the withdrawal of some of the recently received coins. This was done, obviously, for security, so that fraudsters could not cash out the stolen funds. Accounts are being verified, hackers should be found soon.
What should users do?
If you, like thousands of other clients of the exchange, have become a victim of a past attack, we recommend contacting technical support. There are no publicly available instructions for those who want to get their own money back as soon as possible. Therefore, it is quite possible that the company’s specialists will explain this significant point in more detail. Hacking the exchange showed once again that we all have to independently take care of the safety of our own funds. Do not keep large amounts of money on exchanges, because these sites are the most common target of hackers. It is only worth using platforms like KuCoin for trading. Tens of thousands of cryptocurrency wallets are at your disposal. It remains only to choose the most reliable one and transfer your savings to it.
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