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KuCoin Exchange hack: $150 million worth of crypto stolen

Kucoin exchange hack

KuCoin is currently in hot waters as hackers have carted away nothing less than $150 million in various digital assets in its hot wallets in the latest KuCoin exchange hack.

One thing this latest KuCoin exchange hack has taught us over again is the risk that comes with storing crypto assets in wallets that are on a digital exchange platform. 

Most of the hacks in history have been due to the digital assets platform’s breach that provides their customers access to assets storage space. Confirming the news in today’s early hours, KuCoin said it noticed that large amounts of withdrawals were made from wallets on the platform.

Ethereum worth $4 million was stolen in the KuCoin exchange hack

According to the data released by Etherscan, it showed that the Ethereum wallets involved in the KuCoin exchange hack held around 11,480 of the digital asset. Presently, the stolen Ethereum is about $4 million, with another massive Bitcoin movement discovered to result from the same attack. 

KuCoin has confirmed that the hackers have been able to steal nothing less than $150 million in the various digital assets, even though they are still trying to figure out other parts of the impact. Users can breathe a sigh of relief as the platform has assured them that insurance would cover their assets.

KuCoin CEO says funds in cold wallets are still safe

With the extent of the KuCoin exchange hack still unknown, Kucoin exchange CEO, Johnny Lyu, has said that they have transferred assets that were not affected by the hack to another wallet. Furthermore, the CEO assured users that the cold wallets were safe, and their data are still kept safe and secure. 

This shows the risky nature of holding funds on digital assets platforms with Eterbase reportedly losing around $5.4 million to hackers in an attack at the beginning of September. BeinCrypto took their security up a notch in 2019, which has limited the attacks on their platforms.

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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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