• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan

Millions in Bitcoin, Ethereum, & Tokens Hacked From KuCoin Will Be “Covered”

Nick Chong by Nick Chong
2 years ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

On Friday afternoon, a number of Twitter users began to notice large withdrawals of Ethereum and ERC-20 tokens from Kucoin’s designated addresses. In the span of about thirty minutes, about $150m worth of ETH  tokens left the wallets marked “Kucoin” and “Kucoin 2” on Etherscan.

As the coins that were withdrawn were basically all the capital that was in these addresses, many were quick to assert that it was a hack. But for hours, there was silence on Kucoin’s end, with the exchange’s moderators sharing little information about what had transpired.

A few hours after these suspicious withdrawals, admins of Kucoin’s social media channels asserted that users’ deposits were safe.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

While this is true in that users will be compensated, Kucoin just confirmed that the withdrawals were made by a malicious actor as opposed to the company.

Users Affected by KuCoin Hack of Millions in Bitcoin, Ethereum & ERC-20 Tokens Will Be Compensated

Just minutes ago, approximately seven hours after the Ethereum withdrawals, Kucoin revealed that it had undergone a “security iandncident.”

The company’s internal security auditing team found that “part of Bitcoin, ERC-20, and other tokens in KuCoin’s hot wallets were transferred out of the exchange.” The funds that were withdrawn from the exchange comprised a “few parts of our total assets holdings.”

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

No clarifications were given to the exact specifics of the cryptocurrency stolen, but independent analyses that over $10 million worth of Bitcoin was taken from Kucoin-owned addresses. The $150 million worth of Ethereum and ERC-20 tokens — most of which are in Alchemy, Tether’s USDT, Ampleforth, and Ocean Token — withdrawn seems to be related to the attack. It cannot be properly ascertained of this is the case, though, at least not until a follow-up report from Kucoin.

The funds stolen from Kucoin’s addresses were funds stored in the exchange’s hot wallets as opposed to its cold wallets, which remain “safe and unharmed.”

All users affected by the incident will be compensated by Kucoin and the firm’s insurance fund:

“We are locating the reason for the incident, and will keep you updated once it is confirmed. Please rest assured that if any user fund is affected by this incident, it will be covered completely by KuCoin and our insurance fund.

Kucoin Shares (KCS), the exchange’s Ethereum-based token, is down 11.2% on the news of the hack. It was relatively stable prior to this latest news.

The Power of DeFi

While the ramifications of the hack are still pending, analysts have been quick to say that this accentuates DeFi’s value proposition.

With decentralized exchanges like Uniswap, users always have custody of their own funds, disallowing such large-scale hacks from taking place.

Photo by 大爷 您 on Unsplash
Price tags: ethusd, ethbtc
Charts from TradingVIew.com
$150m of Ethereum & ERC-20 Tokens Hacked From KuCoin Will Be "Covered"
Tags: altcoinethbtcethereumethusdhackKuCoin
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin

Don’t Get Too Greedy On Bitcoin, Analyst Suggests, Here’s Why

5 hours ago
bitcoin price bear

Will Bitcoin Price Return To $20,000? Here’s What Investors Expect

6 hours ago
Solana

Solana Can Depreciate Further If It Doesn’t Breach Its Immediate Target

7 hours ago
Ethereum

Ethereum Burning Reaches New High, Is ETH Warming Up For Another Rally?

11 hours ago
Polygon

Polygon Beefs Up Layer 2 Position, Gets The Edge In NFT Transactions Vs. Ethereum

15 hours ago
Best Play-to-Earn Startups to Watch in 2023 Amid the Crypto Market Recession

Best Play-to-Earn Startups to Watch in 2023 Amid the Crypto Market Recession

15 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

ApeCoin (APE), Dogecoin (DOGE), and Snowfall Protocol (SNW) – Three Great Coins for NFT Lovers

February 3, 2023

Turn Playtime into Paytime with RankerDAO’s Gaming Crypto Platform

February 3, 2023

Fetch.ai (FET) up 200% in 30 days – Orbeon Protocol (ORBN) Skyrockets by 1400% in Presale

February 3, 2023

Dacxi.com rebrands to Wealth99

February 2, 2023

What Is the Latest in Crypto? Terra Classic Community Approves Crucial Proposal to Resume Terra CLasic (LUNC) Burns, Fetch.Ai (FET) Ranks Among the Top AI Altcoins for Investors In 2023, Snowfall DEX Attracts More Investors to Snowfall Protocol (SNW) with A Week to Official Launch

February 2, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.