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Kucoin attack: Whale Alert tracks movement of $3.5 million

A D F F E

  • $3.5 million of stolen Kucoin fund transferred 
  • Exchange has involved law enforcement agencies in the retrieval process

Kucoin exchange was in the news earlier this year because it was a victim of a now infamous attack that led to the loss of millions to crypto scammers.

Recently, it was discovered that part of the funds hacked from that attack has been involved in three separate transactions. The amount involved in the transaction is $3.5 million.

This was discovered via the blockchain tracking system, Whale Alert, which announced via a tweet, that the $3.5 million of the funds were moved into an anonymous wallet through three different transactions.

Kucoin was hacked on the 25th of September. The hackers were able to move 1000 Bitcoins. They were also able to move other crypto assets like Litecoin, Tether, and XRP during the attack.

Ever since the discovery of the hack, the scammers have continued moving the crypto assets from one wallet to another in an apparent attempt to cover their trails.

Whale Alert tweeted that $2.4 million of stolen funds from the Kucoin hack was transferred to an unknown account. The alert platform also announced two other transactions of the hackers.

Analysts are of the opinion that the hackers could be trying to avoid the spotlight as the media is currently focused on the US elections.

Kucoin still working on retrieving the stolen funds

The CEO of Kucoin, Johnny Lyu, made it known that the platform has been able to recover over $200 million of the stolen funds from the exchange. 

Johnny went on to divulge that those suspected of the hack have already been arrested and that law enforcement authorities are  urgently involved in the process. 

Kucoin developers have faced a barrage of criticism for letting the exchange be centralized. A report has alleged that the hackers had spent over $17 million on a decentralized exchange. The hackers have swapped the stolen funds on Uniswap, Tokenlon etc but all of these can still be traced.

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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