Kucoin Hack: $17M Laundered Via Decentralized Exchanges, Blockchain Analysis ...
Elliptic says the Kucoin hacker has sold $17.1 million worth of tokens via decentralized exchanges (dex) platforms like Uniswap, Kyber Network, Tokenlon. The shift to dex applications comes after centralized projects came to the aid of the beleaguered exchange by blocking any cashing out of the hack related funds. For the past few days, the blockchain analysis firm says it has been seeing stolen tokens being swapped with censorship-resistant cryptocurrencies like bitcoin. Despite this change in tactics, Elliptic insists it has the technology that can still trace the movement of such....
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After the $150 million KuCoin hack, traders appear unworried that open market sales by the hacker will drop Ethereum price. Analysts say that the unknown hacker behind the KuCoin breach is selling the stolen ERC-20 tokens on Uniswap. Although selling tokens on the Ethereum-based decentralized exchange allows the hacker to obtain Ether (ETH), it doesn’t mean it’s laundered.All transactions made on the Ethereum blockchain network are traceable using blockchain explorers, meaning even if the tokens are converted to Ether, the stolen amounts would still leave traces. This means exchanges can....
The KuCoin hack is the first high-profile case of a decentralized exchange being used to launder stolen funds. Cybercriminals have continued to come up with new, innovative attack vectors that a lot of prominent crypto platforms are still falling prey to. For example, Johnny Lyu, the CEO of Singapore-based cryptocurrency exchange KuCoin, stated on Sept. 26 that the exchange had been on the receiving end of a major hack that resulted in the firm’s Bitcoin (BTC), Ether (ETH) and ERC-20 hot wallets being affected. Commenting on the hack, Charlie Cai, the media manager at KuCoin, told....
Kucoin, one of the leading crypto exchanges, suffered a hacking incident in 2020 where over $250 million was stolen. However, immediately after the hacking was reported, Kucoin began cooperating with various players from the crypto industry. This cooperation ultimately led to the recovery of a large chunk of the stolen funds. Kucoin’s Recovery From Attack It is now close to a year since the hack, yet Kucoin remains one of the leading crypto exchanges in the world and one that is favored by many users in Africa. Kucoin’s quick recovery from the incident can be attributed to many....
Are the KuCoin hackers DeFi noobs? After a major hack at KuCoin cryptocurrency exchange, cybercriminals continue to move stolen crypto to decentralized exchanges, or DEXes.According to data from crypto transaction tracking service Whale Alert, KuCoin hackers keep sending thousands of dollars worth of Synthetix Network Token (SNX) to Uniswap — the largest decentralized finance (DeFi) protocol by total value locked.On Sept. 28, the hacker completed another batch of transactions moving stolen funds from KuCoin and to major DEX Uniswap. According to data from Whale Alert, the hackers sent at....
DeFi apps attempt to return crypto funds affected by the KuCoin hack to users. Are they to blame for the issues? The recent KuCoin exchange hack and ongoing OKEx incident, during which withdrawals have been frozen, have raised questions as to how blockchain projects with coins traded on exchanges should act when said exchanges are hacked or funds are stuck.When it comes to projects such as Tron, which replaced tokens that were held by OKEx, such actions are to be expected because their work is based on a central governance model. However, are projects able to pause smart contracts or....