Cryptocurrencies

Bitcoin (BTC) Won’t Shake Against 150 Million Kucoin (KCS) Hack – Cryptocurrencies

A hacked exchange: it surprises less and less – and that is perhaps the most worrying. What is surprising, however, is a Bitcoin (BTC), an Ether (ETH) which remains stable despite the theft of $ 150 million on KuCoin. The hunt for stolen tokens is on; more than 20% of the loot has already been frozen. Hackers must now take up the DeFi of laundering their nest egg.


It’s hot for Kucoin

The CEO of KuCoin Global, Johnny lyu, confirmed in a press release the hack of the platform, the damage of which is estimated at 150 million dollars.

A security breach was noticed on September 26, 2020; it seems to have been caused by disclosure of private keys.

Ella mainly affected the hot wallets BTC, ETH and ERC-20 ; the flaw led the team of KuCoin to transfer funds to cold wallets, offline.

The team contacted the main market players and law enforcement agencies to trace funds and block suspicious addresses.

Bitcoin remains ice

However, the announcement of the hack had no impact on the price of Bitcoin which has remained above $ 10,700. The marketsEther and some Challenge have also remained stable.

Historically, this type of event generally results in massive sales, lest hackers get rid of stolen tokens.

The prompt action taken by the majority of exchanges could prevent hackers from moving funds.

Bitfinex and Tether (USDT), for example, proceeded to freeze funds linked to the hack, funds estimated at $ 33 million.

Since most stolen tokens are ERC-20, there is a risk that hackers will use DeFi protocols to proceed with their laundering.

According to Primitive Crypto’s Dovey Wan, however, the methods used by hackers reveal that they are novices in DeFi.

Even if the latter have managed to hack a centralized exchange, they do not know how to liquidate funds on decentralized platforms.

Pub

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

Have cryptos developed collective immunity against exchange hacks? The latter has become something of a non-event for the crypto markets, as a simple announcement from the FED impacts the price of Bitcoin. Habit of the markets, proven strength of Bitcoin and Ether in the face of such shocks? BTC is even attacking the $ 10,900 as of this writing.

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