Major cryptocurrency exchange KuCoin was hacked

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Singapore-based KuCoin, one of the major crypto money exchanges, announced that it was the target of hackers. Hot wallets of the stock exchange were seized.

KuCoin, one of the leading crypto money exchanges, has been hacked.

In a statement made today by the exchange, it was reported that it was determined that a large amount of Bitcoin and Ethereum tokens were withdrawn from an unknown wallet as of Friday at 22.05.

The problem started to appear when users complained of having withdrawal problems. In the first place, the admin team of the exchange thought there was a system problem.

KuCoin CEO Johnny Lyu said in his livestream today at 07.30 that one or more hackers seized the private keys of the exchange’s hot wallets. Lyu stated that KuCoin is transferring the remainder to new hot wallets and closing fast deposits and withdrawals. It was emphasized that the money of the customers affected by the incident will be covered by KuCoin and the company’s insurance fund.

According to the statements of the CEO, cold wallets were not affected by the incident. As is known, cold cryptocurrency wallets are not connected to the internet and are therefore considered more secure than hot cryptocurrency wallets.

150 million dollars may have been stolen

While the exchange was planning to refund customers, Lyu did not reveal how much crypto was stolen, but stated that the exchange will publish the hacker’s wallet address and a list of stolen coins. According to data from blockchain explorer Etherscan, a transfer of 11,000 ETH was made from two Ethereum wallets owned by KuCoin to an unknown address. The same address also received over 150 Ethereum-based tokens worth more than $ 146 million.

See Also
Hacker Sells What It Stole From KuCoin Exchange

Over 200 cryptocurrencies are listed on KuCoin, with an average daily trading volume of $ 100 million. After the developments, KuCoin’s crypto currency KuCoin Shares (KCS) lost more than 17 percent.

Bitfinex and Tether froze $ 33 million
Paolo Ardoino, technology director of Bitfinex and Tether, announced that $ 13 million USDT stolen from KuCoin was frozen by Bitfinex and $ 20 million USDT by Tether. Thus, USDT worth a total of $ 33 million was captured.


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