KuCoin hackers move stolen $3.5 million

cryptocurrency hacking
  • Hackers move stolen coin worth $3.5 million
  • Hackers possibly try to hide under ongoing US election to launder funds

KuCoin hackers who carted several coins worth millions from the Singaporean exchange back in September transferred $3.5 million of the stolen funds today, Whale Alert, a blockchain tracking system revealed.

Back in September, when the exchange was hacked, KuCoin hackers got away with 1,008 BTC, 14,713 BSV, 26,733 LTC, 9,588,383 XLM, Omni and EOS based tether (USDT) worth $14 million, $153 million of ether and ERC20s, and over 18 million XRP.

Since then, KuCoin hackers have been moving the stolen funds across various blockchains as they look to get away with the coins. Whale Alert, in a tweet today, disclosed that 1.7 million DX ($2.4 million) of stolen funds transferred from KuCoin Hack 2020 to an unknown wallet.

KuCoin hackers trying to escape unscratched

The hackers, as they try to elope with the funds without being caught, have resolved to move the coins in bit across various blockchain and unidentified wallets.

After Whale Alert disclosed the hackers moved 1.7 million DX ($2.4 million) on Wednesday, the tracking system revealed that two more transactions using KuCoin stolen funds occurred.

One involved the transfer of 26.5 million Dragonchain (DGRN) ($1 million), while 8.7 million of Request Network (REQ) ($154,000) was also moved, Whale Alert revealed.

The hackers tried to launder some of the stolen money today as the world is on a standstill monitoring the US 2020 presidential election.

September Kuckoin hack

Back then, the exchange estimated user losses to account for $150 million. However, crypto analytics firm Chainalysis estimated losses at $275 million.

The firm CEO, Johnny Lyu, also disclosed that the breach affected hot wallets holding BTC, ETH, and ERC-20 tokens. A large number of stolen ERC-20 tokens were then frozen by other crypto firms.

Weeks after, Lyu said that KuCoin already managed to find the suspects of the hack with nailing proof.

The hack affected the exchange so much it had to pause deposits and withdrawals. They also had to upgrade security for crypto coins like BTC, ETH, USDT before resuming deposits and withdrawals.

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Muhaimin Olowoporoku

Written by Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.