KuCoin Identifies Attackers in the $281 Million Crypto Hack

Recently hacked crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, KuCoin has identified the perpetrators behind the multi-million dollar breach, the co-founder and CEO of the exchange revealed on the weekend.

Johnny Lyu added that law enforcement officials are already taking action against the attackers. However, he did not furnish any details on them.

A quick update since my last livestream on Sep 30.

After a thorough investigation, we have found the suspects of the 9.26 #KuCoin Security Incident with substantial proof at hand. Law enforcement officials and police are officially involved to take action. — lyu_johnny (@lyu_johnny) October 3, 2020

Third-Largest Crypto Hack

The crypto exchange was hacked on September 26, making it one of the largest centralized exchange breaches so far. Though initially it was estimated that over $150 million in digital currencies were siphoned from the exchange’s hot wallets, the number was later raised to around $281 million.

As Finance Magnates reported earlier in detail, the compromised assets were stored in wallets for several cryptos, including BTC, Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term SV (BSV), ETH, LTC, XRP, Stellar Lumens (XLM), Tron (TRX), and Tether (USDT).

Apart from tracing the hackers, the exchange is trying to gain control of the lost funds before they get liquidated on other platforms.

In his latest tweets, Lyu detailed that another $64 million in compromised digital assets are now out of control of the hackers, ‘bringing the total value to $204 million since Oct 1’.

Meanwhile, the exchange already assured its users that they will not lose their funds and announced that "if any user fund is affected by this incident, it will be covered completely by KuCoin and [the] insurance fund."

KuCoin terminated its operations following the attack, a standard practice to comply with the investigations. But Lyu said on Twitter: "KuCoin is coming back to full functionality" without giving any decline.