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Kucoin exchange was hacked; loss of $ 200 million

27.09.2020
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Hackers who attacked hot wallets missed BTC, ETH, USDT and other ERC-20 cryptocurrencies, totaling $ 200 million. The stock market went after the money.

Kucoin exchange was hacked; loss of $ 200 million

Recently, when the cryptocurrency world has started to attract more attention and investors, cyber attackers have also focused their attention on this area. We often hear that cryptocurrency exchanges have been hacked and lost hundreds of millions of dollars.

Huge stock market hacked

According to the statements made yesterday, Kucoin, one of the largest exchanges, was attacked by cyberattacks and the attackers were lost with about $ 200 million worth of crypto assets in hot wallets.

Among the stolen assets, BTC, ETH and ERC-20-based cryptocurrencies worth $ 153 million make up the majority, while around $ 20 million USDT cryptocurrencies and some other cryptocurrencies. The attackers turned these money into the units to be withdrawn most easily and removed them from the exchange.

In general, when exchanges are hacked, investors are not able to compensate from time to time, but Kucoin has set up an insurance platform. In this respect, it is stated that the losses of the investors will be compensated. On the other hand, USDT unit worth $ 22 million was frozen by Theta. Some other cryptocurrency holders have also frozen the stolen assets on the network. In addition, Kucoin contacted 22 different exchanges; trying to prevent the sale of stolen assets.

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