KuCoin Hack: Close to $200 Million was stolen as Team Releases More “Suspicious Addresses”

KuCoin Hack: Close to $200 Million was stolen as Team Releases More “Suspicious Addresses”

As the team releases more information about yesterday’s hack, it’s clear that the damage is worse than initially thought.

When cryptocurrency exchange KuCoin was hacked on 25 September, reports circulated that hackers drained $150 million worth of cryptocurrency from its exchange. A day after the hack, KuCoin posted more “suspicious addresses.” 

Should its hunches about those “suspicious addresses” check out, the damage so far is closer to $200 million. Here’s the breakdown:

$153 million of ETH and ERC-20 tokens.

1,008 Bitcoin ($10.8 million).

26,733 LTC (1.2 million).

18,495,798 XRP ($4.5 million).

14,713 BSV ($2.2 million).

9,588,383 XLM ($705,522).

228,952,838.064073 in TRX based tokens ($6.3 million).

$14 million worth of Tether (USDT) on the EOS and Omni blockchain.

The CEO of the Singapore-based exchange, Johnny Lyu, said in a livestream that the loss, which totals about $193 million, forms just a “small part of our total asset holdings” and that the team is “working on the list” and “evaluating the total value.” 

“We are in contact with many major crypto exchanges such as Huobi, Binance, OKEx, BitMax and Bybit, as well as blockchain projects, security agencies, and law enforcement to work on this. Some effective measures have been taken, and we will update with more details soon,” said Steph Burwell, an administrator of KuCoin’s Telegram group. 

KuCoin has told its customers that it will reimburse any losses with its insurance fund. It expects to reenable deposits and withdrawals paused to stop the hackers from stealing more money within a week.

Since July, the exchange facilitates anywhere from $100 million to $412 million worth of cryptocurrency trades each day, according to metrics site CoinGecko.


Leave a Reply

Your email address will not be published.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

%d bloggers like this: