Wednesday, January 20, 2021

KuCoin Hack: There Was Nearly $280 Million in Various Crypto Assets Stolen

According to the director of research at The Block, Larry Cermak, there was nearly $280 million in various crypto assets lost in the KuCoin hack, contrary to the widely publicized $150 million.

He shared this latest finding on Twitter moments ago. He stated that the huge sum of money stolen from the attack makes it the third-largest in history.

Last year, 7000 BTC was stolen from Binance, but this recent perpetration is seven times larger than the loss recorded by the top exchange.

Larry Cermak tweeted, “So I did some accounting of the KuCoin hack based on the wallets very likely associated and based on my estimation, there was nearly $280 million of assets stolen, not $150M. This would make it the third-largest hack in history and 7 times larger than the Binance hack last year…”

Cermak continued by stating that some of the stolen tokens have actually been frozen, forked, backlisted. But what really called for special attention is the fact that KuCoin is claiming to possess enough resources that can cover the huge loss.

“Yes, some of these tokens have been frozen, forked, and blacklisted. And the amounts above don’t reflect that. But it’s quite odd to me that KuCoin is confident they can cover these amounts with the insurance fund. My opinion is that there is almost no chance this is recoverable,” Larry Cermak added.

He then listed the losses of assets in millions of dollars for KuCoin to recover, which is about 50% of the total amount lost in the notable attack:

“List of what will likely be recovered: – Velo ~$76 million – Tether ~22 million – Orion ~$10 million – KardiaChain ~$10 million – Ocean Protocol ~$9 million – VIDT Datalink ~$7 million – NOIA Network ~$5 million – Covesting ~$600K. That’s about 50% of the total hack.”

Cermak also said his research result revealed that the hack also affected a bunch of cold wallets. Attacking cold wallets is rear. Such could only be seamlessly carried out internally. Could it be that the hack was perpetrated internally?

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Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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