March 28, 2024

Hackers who hacked KuCoin withdraw money through UniSwap

Hackers who hacked KuCoin withdraw money through UniSwap

After the KuCoin exchange was hacked for 150 million on Friday, the company turned to its largest partners totrack stolen assets and make their transfer difficult.

As reported in our Telegram channel, on Saturday, September 26, it became known about a major hack of the KuCoin platform. 

Early on the morning of September 27, hackers began using Uniswap's dex to exchange large amounts of ERC20. 

Among the stolen tokens was Ocean Token. The hackers exchanged the token in batches of 10 thousand, dropping the value of the Ocean coin by 10% in less than an hour. Dumping Ocean forced the development team to freeze the Ocean token contract.

According to the KuCoin platform, September 26 was1008 BTC, 14,713 BSV, 26,733 LTC, 9,588,383 XLM, Omni and EOS based on Tether (USDT) worth $ 14 million, $ 153 million in Ether and over 18 million XRP were stolen. In addition, during the hack, a large number of ERC20s were removed, including Alchemy, Ampleforth, V-ID, Trace, Utrust, Digitex, Synthetix and many others.

Projects affected by the KuCoin hack have taken steps to protect their DeFi tokens.

 ⁃ Orion Protocol has decided to reissue ORN tokens;

 ⁃ The Covesting project has frozen COV tokens sent to a suspicious address. 

 ⁃ VIDT_Datalink did the same;

 ⁃ Silent Notary developers will release SNTR, replacing the stolen ones.

Commenting on what is happening, the director ofTo Block Crypto Research Larry Cermak stressed that “a high-profile incident like this could bring Uniswap to regulatory attention. Especially if the exchange of stolen coins continues. "

Bitfinex CTO Paolo Ardoino echoed this view, suggesting that the practice of laundering stolen assets through the DEX could damage the reputation of liquidity providers.

Kucoin advises that customers will receive compensation,and the trading platform will be back online in about a week. The hack did not impact the market much, and prices for ETH, BTC and other major crypto assets remained relatively stable over the weekend.

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