Singapore-based cryptocurrency exchange KuCoin has experienced leakage of its private keys tied with its KuCoin hot wallets, which resulted in a hack of approximately USD 150 million worth of customer funds. The platform has temporarily suspended deposits and withdrawals from its platform, while the team claims its cold wallets remain unaffected, assured the exchange’s CEO Johnny Lyu.
Read the update here: KuCoin Hack Shows Key Difference Between Altcoins and Bitcoin
Per the official announcement, the security incident was first noticed Friday evening (UTC time), September 25, as its risk management systems monitored several abnormal transactions. The total value of lost funds is still being calculated, though looking at the on-chain transactions it is estimated to be around USD 150 million. The hackers have gone away with roughly USD 4 million worth of ether (ETH), and USD 146 million worth of other ERC-20 tokens plus a large amount of bitcoin (BTC).
It seems #Kucoin got hacked.
Usually, after being hacked, the $BTC outflow increases rapidly and then becomes zero. Since 20:00 UTC on September 25th, the outflow has continuously been zero.
— CryptoQuant (@cryptoquant_com) September 26, 2020
Timeline of the breach:
At 06:51 PM