He exchange Singapore-based bitcoin and cryptocurrency developer KuCoin suffered a hack Friday night in which hackers reportedly drained more than $ 150 million worth of bitcoin (BTC), ethers (ETH) and thousands of ERC-20 tokens.
The company detected “large withdrawals” from its hot wallets to external wallets, as reported through a first release. After reporting the event, the CEO of the company, Johnny Lyu, made a live broadcast to offer more details about what happened.
The executive confirmed that hackers obtained the private keys to their wallets to transfer the funds, which led to the suspension of withdrawals and deposits to initiate investigations. It is estimated that operations could gradually resume in a week.
The company is offering a $ 100,000 reward to anyone who provides valid information about the incident. In addition, KuCoin reported that, if there are committed user funds, they would be insured through a safeguard fund created in 2018.
«We are in contact with many of the main exchanges of cryptocurrencies such as Huobi, Binance, OKEx, BitMax and Bybit, as well as with projects of blockchains, security agencies and regulatory entities to work on this. Some effective measures have been taken, and we will update with more details soon. ‘ explained the CEO who pointed out that the funds from the cold wallets are safe.
Lyu did not directly disclose the amount of funds committed and only limited himself to saying that “as many of the tokens are ERC-20 tokens, we are still evaluating the full value” of the hack. However, digital media they shared addresses suspected of having received millionaire funds stolen from KuCoin and that would surpass the 150 million dollars in tokens.
The hacker or group of hackers would have withdrawn $ 33 million in Alchemy, $ 19 million in Tether, $ 10 million in Ampleforth, $ 8.5 million in Ocean Token and $ 7 million in UTRUST tokens.
In a message via Twitter, Paolo Ardoino, CTO of Bitfinex and Tether, reported that 33 million dollars had been frozen preventively in the face of what happened.
What happened with KuCoin happened more than a month after the exchange restrict Ethereum Classic trading after the cryptocurrency project suffered an attack on its network.
The major hack would not be influencing the cryptocurrency market and the price of bitcoin or ether, for example. According to Crypto Market IndexNews, the price of BTC is around 10,700 dollars, while that of ETH is 352 dollars with a positive variation of 2.3% in relation to its price in the last 24 hours.