Posted on 09/26/2020 at 6:43 pm
The KuCoin platform confirmed the hack and promised to reimburse users who lost money. The losses are estimated to be at least $ 150 million.
Updated on November 23, 2020 at 4:06 pm
Thunderbolt in the world of cryptocurrencies. It became known that KuCoin, one of the largest crypto exchanges, has been hacked. The Singapore-based company has confirmed that cryptocurrencies have been removed from its trading platforms by one or more hackers, explain ZDNet and The Block Crypto. The amount of losses has not been officially released. However, it is estimated that almost $ 150 million, or around € 129 million, was stolen in Bitcoin BTC tokens or Ethereum ERC2 tokens.
Johnny Lyu, CEO of KuCoin, announced during a live social media event that all customers who have lost money will be fully reimbursed, with the losses “fully covered by KuCoin and [our] insurance fund. An investigation has been launched and KuCoin has been unable to explain how this hack could have happened at the time. Deposits and withdrawals have been temporarily suspended while the company’s security team investigates the incident.
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With an estimated loss of at least 150 million euros, it is the fourth largest Exchange platform hack in history, according to FortKnoxster. The largest remains that of Coincheck in 2018 with an estimated loss of $ 534.8 million, or around € 460 million. This somewhat quirky « podium » is completed by the hacks of Mt. Gox ($ 460 million in 2014) and BitGrail ($ 195 million in 2018).