Wednesday, January 20, 2021

KuCoin Hack Update: $152.7M in Ethereum, $4.4M in XRP and Other Assets Bring Total Loss to Nearly $200M

According to an update regarding the historic hack of KuCoin, where several millions of dollars were carted away by con artists in the industry, the cumulated loss in the attack is nearly $200 million in various cryptocurrencies, including Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), XRP, Bitcoin SV (BSV) Stellar Lumens (XLM), Tron (TRX), and Tether (USDT).

The exchange revealed that it noticed abnormal withdrawals of large funds on 26th September 2020, before realizing that its security has been breached. According to the exchange, only the digital currencies in the hot wallets were affected in online theft. Crypto assets in the cold storage are safe.

In the wake of the major hack, it was widely reported that the funds carted away amounted to around $150 million. The CEO of The Block, Larry Cermak, also came out with his own version of the report based on the research he conducted, but the update provided by KuCoin about the crypto assets affected and amounts stolen looks different.

Going by the recent update of the hack, shared by Johnny Lyu, the CEO of KuCoin Global, the sum of funds lost in the attack stands at $190.9 million. In the update, Lyu provides a list of wallets that were affected by internet theft.

In summary, based on addresses provided by the CEO, the following are the crypto assets involved and the amounts lost:

  1. $152.7 million in Ethereum (ETH) and Ethereum-based tokens
  2. $10.8 million in Bitcoin (1,008 BTC)
  3. $4.4 million in XRP (18,495,798 XRP)
  4. $1.2 million in Litecoin (26,733 LTC)
  5. $2.4 million in Bitcoin SV (14,713 BSV)
  6. $701,000 in Stellar (9,588,383 XLM)
  7. $4.7 million in Tron (TRX) and Tron-based tokens
  8. $14 million worth in Tether

The CEO of the exchange attributed the attack that resulted in the abnormal transaction of funds to private key leakage. He added that the exchange is already working with international law enforcement agents to investigate the attack and to possibly expose the perpetrators.

“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.” Johnny Lyu noted.

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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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