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The KuCoin crypto Exchange was hacked for more than $150 million

The KuCoin crypto Exchange was hacked for more than $150 million

Quick Take

1 minute read

  • In a round of harrowing news, the KuCoin cryptocurrency platform has been hacked. 
  • This means that more than $150 million worth of bitcoin and ethereum would drain from its hot wallets and be taken by the bad actors.

In a round of harrowing news, the KuCoin cryptocurrency platform has been hacked. This means that more than $150 million worth of bitcoin and ethereum would drain from its hot wallets and be taken by the bad actors. Interestingly though, the price of these cryptocurrencies have not been affected by this attack. 

The hack actually took place earlier this month on the 6th of September when the platform noticed some unusually large withdrawals on its platform. According to reports, the hacker had accessed the hot wallets of the exchange and transferred bitcoin and ethereum, as well as other ERC-20 tokens out of the platform which would be worth more than $150 million.

Following the attack, the platform promised to conduct a thorough security check and audit as it also temporarily suspended the residual and deposit service on its platform. The CEO of the platform, Johnny Lyu has recently responded to the security breach in a live stream held over the weekend when he promised that all affected users would be compensated fully by the exchange and its insurance fund.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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