Crypto exchange KuCoin has worked out who hacked its cryptocurrency exchange for $281 million.
CEO Johnny Lyu tweeted today that, “After a thorough investigation, we have found the suspects of the 9.26 #KuCoin Security Incident with substantial proof at hand. Law enforcement officials and police are officially involved to take action.”
The hack took place on September 26. KuCoin said that the hacker used a leaked private key to access the exchange’s wallets. KuCoin says that it has enough money in the bank to cover all of its losses.
After the hack, crypto projects worked to freeze or render useless most of the assets. Many teams updated their blockchain to make this happen. Lyu said that $204 million worth of cryptocurrency, or 72% of the total hack, is “out of the control of the suspicious addresses.”
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The hackers sold at least $13 million of the crypto on decentralized exchanges.
In a livestream on September 30, Lyu said, “As a crypto team just turned 3 years old, although we never slack off on security-related issues, we couldn’t dodge the cruelest coming-of-age ceremony that every predecessor used to embrace.”
https://twitter.com/lyu_johnny/status/1312359622016000000?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1312359622016000000%7Ctwgr%5Eshare_1&ref_url=https%3A%2F%2Fdecrypt.co%2F
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KuCoin, which paused deposits and withdrawals after the hack, is opening up gradually. According to the CEO, KuCoin currently supports deposits and withdrawals for 31 tokens, though Bitcoin, Ethereum and the US dollar-pegged stablecoin, Tether (USDT), are not among them.
The above is a brief of our so-far progress, and it’s just the beginning of our step-1 action.
KuCoin also announced that they will be launching a new initiative called “safeguard program” which will help provide support and protection to individuals and institutions affected by security incidents.
“Now, I have something new to share, something more forward-looking. We will be launching a new initiative, “Safeguard Program”. “Safeguard Program” is committed to providing comprehensive protection and support for individuals and institutions who are affected by “security incidents”. This includes but not limited to assistance with technical support, evidence retention, asset confirmation and offering preferential policy.
We sincerely hope more and more institutions, experts, and tech teams will join the “Safeguard Program”, and fight side by side with us against future cyber security wars with the strongest determination.
We hope, starting from this incident, when someone encounters a security threat, a dedicated multi-force will be easily and swiftly pulled together to offer security, legal, and asset recovery assistance, and ultimately reduce the cyber crime risk.
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