KuCoin hack unpacked: More crypto possibly stolen than first feared

Cybercriminals have continued to come up with new, innovative attack vectors that a lot of prominent crypto platforms are still falling prey to. For example, Johnny Lyu, the CEO of Singapore-based cryptocurrency exchange KuCoin, stated on Sept. 26 that the exchange had been on the receiving end of a major hack that resulted in the firm’s (BTC), Ether (ETH) and ERC-20 hot wallets being affected. Commenting on the hack, Charlie Cai, the media manager at KuCoin, told Cointelegraph:

In all, it’s estimated that KuCoin lost upward of $200 million in customer funds. However, despite the security breach, the price of most premier cryptos, as well as DeFi tokens, barely showcased any negative action despite the fact that major hacks, such as this one, have traditionally resulted in market-wide sell-offs.

Red flags addressed by KuCoin

Security experts weigh in on the matter

A laid-back attitude?

Continue Reading on Coin Telegraph

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