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Bitcoin Exchange Kucoin Hacked

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Bitcoin Exchange Kucoin Hacked

16th most popular Singapore based bitcoin exchange kucoin hacked today. Roughly $150million worth of cryptocurrency was moved from the exchange to unknown addresses.

Kucoin published a statement saying “We detected some large withdrawals since September 26, 2020, at 03:05:37 (UTC+8). According to the latest internal security audit report, part of Bitcoin, ERC-20 and other tokens in KuCoin’s hot wallets were transferred out of the exchange, which contained few parts of our total assets holdings. The assets in our cold wallets are safe and unharmed, and hot wallets have been re-deployed.”

The company said that if any customer is affected by this incident, it will be covered completely by their insurance fund. Kucoin also said that their hot wallets were hit and colds wallets are completely safe.

At first Kucoin users experienced a problem while withdrawing funds from the exchange. Kucoin telegram channel admins advised users not to deposit or withdraw funds after users were experiencing issues with the exchange. Decrypt reported that around $150million worth of cryptocurrency had been moved to a different address. Total 11,484 Ether ($4 million), $146 million in the form of some tokens were transferred from the exchange.

KuCoin CEO Johnny Lyu said after they realized that money was being transferred out of a KuCoin hot wallet, they shut down the server. but the transfers continued because the hackers had the private key of the hot wallet. Kucoin later transferred the remaining funds to a new address.

The company said in an official statement that to ensure the security of users’ assets, they will conduct a thorough security review. The deposit and withdrawal service will be suspended during the period & they will restore the service gradually after ensuring a safe state.