KuCoin Exchange Hackers Identified

KuCoin Hack

According to an official statement by company management, the culprits behind the recent KuCoin exchange multi-million dollar money heist has been identified. Furthermore, according to Johnny Lyu, he asserted that disciplinary measures are being taken against the attackers, although there was no further information revealed concerning such actions.

Third – Largest Crypto Heist

KuCoin exchange hack occurred on the 26th of September and is regarded as one of the largest centralized breaches in crypto history. While it was initially reported that over $150 million in digital currencies had been diverted off the hot wallets of the exchange, the figure later climbed to over $281 million.

In a detailed brief released by Finance Magnates, the stolen funds were deposited in wallets for a range of crypto, which includes BTC, Bitcoin SV (BSV), ETH, LTC, XRP, Stellar Lumens (XLM), Tron (TRX), and Tether (USDT).

In other developments, KuCoin exchange is trying so hard to gain control of lost funds before they are liquidated on other platforms. Moreso, another $64 million in compromised digital assets are reported to be out of the hackers’ control which brings the total value of the breached assets to a whopping $204 million since the start of October.

Assurance of Clients Asset Insurance

Meanwhile, the KuCoin exchange has already assured its clients concerning the safety of their assets, however, further stressed that ‘if any client were affected by this incident, it would be fully covered by KuCoin and [the] insurance fund.’

In the wake of the recent attack by hackers on KuCoin exchange, all operations were ceased, as this is a standard protocol in compliance with a security breach to allow for proper investigation to take place. However, in a brim of hope, CEO Johnny Lyu has assured its users that the exchange will be back to full operation soon. 

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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