The KuCoin Hacker is About to Sell Stolen Chainlink; Why Analysts Aren’t Conc...
KuCoin, a somewhat popular cryptocurrency exchange headquartered in Singapore, experienced a major security breach last week that led to the loss of over $150 million worth of crypto tokens, including Bitcoin, Chainlink, Ethereum, and a plethora of altcoins. Although this has yet to have any grave impacts on the crypto market, the selling patterns from […]
Related News
Are the KuCoin hackers DeFi noobs? After a major hack at KuCoin cryptocurrency exchange, cybercriminals continue to move stolen crypto to decentralized exchanges, or DEXes.According to data from crypto transaction tracking service Whale Alert, KuCoin hackers keep sending thousands of dollars worth of Synthetix Network Token (SNX) to Uniswap — the largest decentralized finance (DeFi) protocol by total value locked.On Sept. 28, the hacker completed another batch of transactions moving stolen funds from KuCoin and to major DEX Uniswap. According to data from Whale Alert, the hackers sent at....
After the $150 million KuCoin hack, traders appear unworried that open market sales by the hacker will drop Ethereum price. Analysts say that the unknown hacker behind the KuCoin breach is selling the stolen ERC-20 tokens on Uniswap. Although selling tokens on the Ethereum-based decentralized exchange allows the hacker to obtain Ether (ETH), it doesn’t mean it’s laundered.All transactions made on the Ethereum blockchain network are traceable using blockchain explorers, meaning even if the tokens are converted to Ether, the stolen amounts would still leave traces. This means exchanges can....
Since the recent Kucoin hack, the crypto community has been waiting for the hacker to move funds. During the early morning hours (ET) on Sunday, a number of people noticed the Kucoin hacker started to move a large amount of ERC20 tokens to connect with the decentralized exchange (dex) Uniswap. The cryptocurrency exchange Kucoin was hacked on September 25, 2020, and early estimates said the trading platform lost around $150 million. On Sunday, the estimate is a bit larger, as the crypto community thinks upwards of $200 million in crypto coins were stolen. Kucoin CEO, Johnny Lyu, explained....
On Sunday, Ocean Protocol conducted a hard fork from its old token address to prevent the KuCoin exchange hacker from continued unloading of stolen OCEAN tokens on decentralized exchange Uniswap.
Kucoin, one of the leading crypto exchanges, suffered a hacking incident in 2020 where over $250 million was stolen. However, immediately after the hacking was reported, Kucoin began cooperating with various players from the crypto industry. This cooperation ultimately led to the recovery of a large chunk of the stolen funds. Kucoin’s Recovery From Attack It is now close to a year since the hack, yet Kucoin remains one of the leading crypto exchanges in the world and one that is favored by many users in Africa. Kucoin’s quick recovery from the incident can be attributed to many....