Exchanges

KuCoin Exchange Loses US $5.6 Million in a Hack Attack

KuCoin , the cryptocurrency exchange has announced that it has suffered a security breach which saw malicious hackers access its hot wallet and steal funds worth around US $5.6 million.

According to the official Twitter account of KuCoin, the exchange staff detected some large withdrawals since Sep 26 at 03:05 UTC+8. Some BTC, ERC-20 and other tokens in KuCoin’s hot wallets were transferred out of the exchange, which contained few parts of our total assets holdings.

KuCoin has not announced the exact value of the stolen funds, but according to blockchain tracker and analytics system, Whale Alert, around US $5.6 million worth of coins were transferred out of KuCoin’s Wallets.

Kucoin’s users on Telegram are reporting being blocked on withdraws.

Kucoin’s official coin “KCS” price dropped 10%-15%, following hacking news.

KuCoin is a Hong Kong based cryptocurrency exchange. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 5 million registered users from 200+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique visit ranks the top 5 globally.

M. Ali

Daily cryptocurrency trader, miner, technology enthusiast and a full time IT and security consultant. If you have any questions or comments please feel free to email him at nabil@wibbic.com

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