Nearly $150M of Asian Crypto Trade Funds Compromised in Security Breach

September 28, 2020

Crypto Firm

KuCoin, the Singapore-based Digital asset trade said in a statement that it noticed huge withdrawals of Bitcoin (BTC) and Ethereum (ETH) token to an unknown wallet starting at 19:05 UTC, on Friday.

During a live stream at 4:30 UTC on Saturday, Johnny Lyu, the CEO of KuCoin said that one or more hackers acquired the secret keys to the trade’s hot wallets. While Lyu noted that the KuCoin’s cold wallets were not affected.
Cold digital money wallets are not associated with the Internet and are viewed as safer than hot digital currency wallets. In a refreshed statement on its site, KuCoin delivered a rundown of BTC, bitcoin SV (BSV), LTC, XRP, ETH, Stellar Lumens (XLM), Tether (USDT), and Tron (TRX) wallet tends to where the taken assets were stolen.
As per information from blockchain explorer Etherscan, Two Ethereum wallets having a place with KuCoin have sent more than 11,480 ETH, which right now exchanges at a cost of about $350, to the Ethereum wallet address related with the hack.

The Ethereum wallet address has likewise gotten more than 150 Ethereum-based tokens worth more than $150 million from the two KuCoin Ethereum wallets, Etherscan’s information shows. The digital currencies are exchanging around generally $10,700 per BTC, $45 per LTC, $0.25 per XRP, $0.07 per XLM, $165 per BSV, $0.02 per TRX, and $1 per USDT, as of composing.
As per the updated statement, tether and some other crypto trades such as Bitfinex have blacklisted the wallet addresses. However, within an hour on Saturday as the news of the security breach spread through social media, the value of KuCoin’s trade token KCS slide down over 14% to $0.86.
Meanwhile, as per the crypto data site, CoinGecko, almost 200 cryptocurrency assets exchange on KuCoin with a combined daily mean volume of nearly $100M.

Image Courtesy : Pixabay

Exclusively hand curated news, written precisely in short by our editors for a 60 seconds read! We understand that reading multiple news from various resources could be monotonous, time consuming and less interesting. At Dcryptonews, you will experience a new style of reading news with smart keyword, ease of language that is easy to read for a quick news grasp.


Leave a Reply

Your email address will not be published. Required fields are marked *