The crypto stock exchange KuCoin has become the victim of a hacker attack. How much money the hackers were able to steal is a moot point. The highest estimates put it at $280 million.
It has long been known that hackers relieved the Bitcoin exchange KuCoin of large amounts of money on September 26. BTC-ECHO has already reported how suspicious transactions had alerted the trading centres security department, which in turn informed investors. However, CEO Johnny Lyu did not comment on the details during the press conference held during the day.
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It was only a small part of the total assets that the hackers could steal. So the Bitcoin exchange could be interrogated. However, the total value of the theft is now estimated at 200 million US dollars (USD). Larry Cermak, head of research at The Block, believes in even higher figures. He estimates the total value of missing tokens at 280 million US dollars.
Is the insurance fund of KuCoin big enough?
Cermak therefore questions whether KuCoin can keep its promise that all stolen investments will be recovered 100 percent. If he were right, the hackers would also have made it onto the podium for the biggest hacking attacks on a Bitcoin stock exchange: After the attack on the two Japanese stock exchanges Coincheck (2018) and Mt.Gox (2014), this attack would take third place.
The question of who is actually behind the attack, on the other hand, has never been asked before. To this end, the Bitcoin Exchange has published a list of addresses that have made suspicious transactions. The majority of the stolen crypto values are Ether (ETH) and ERC 20 tokens on the Ethereum block chain: A total of about 150 million US dollars.
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