Kucoin got hacked and more than $150M gone.

Kucoin got hacked and more than $150M gone.

Criminals did it again and this time they targeted the Singapore based crypto exchange Kucoin, where (not disclosured by the team, but taking in consideration one of the addresses associated with the exchange) more than $150M in assets were lost and now are part of the hackers funds.

The exchange informed on their tweet account that large movements of withdrawals was being registered in September 26, and that Hot wallets on the platforms were compromised, only the Hot wallets (the ones who secure assets to be at disposal of customers in order to make withdrawals) were attacked, the cold ones are safe. After that report led by exchange to inform the customers about the unusual movements of funds to outside the platform the team confirmed that in fact the exchange were targeted by criminals who stole those assets.

Proceeding to inform the clients of the Singapore based exchange, one of the best and reliable ones on the centralised environment, the staff team also left clear that customers will not be affected by the hacking and all lost funds will be covered by insurance company, and there are contacts between the platform and other similar companies such Binance, Huobi to track the stolen funds and blacklist them on market.

The law enforcement also got informed and investigations are on the run to catch the criminals.

Hackers are known to target crypto business and Kucoin isn't the only exchange who lost funds due to this criminals many other ones have been made victims of this cyber criminals who exploit the defenses of exchange to find vulnerabilities and steal assets from them.

Binance also was targeted in the past and the biggest exchange in the world, in volume transactions lost roughly 700 Bitcoins at the time. History of hacking in this platforms started long ago, practically when decentralized assets started to be negotiated on this markets and My.Gox was one of the biggest clients of this cyber criminals, who made that the biggest exchange at the time closest doors leaving investors with enormous prejudice.

Different from this hack on Kucoin, Mt. Gox didn't insured customers funds and hackers when attacked it and robbed the funds left the exchange with no way out to cover the losses which consequently made it to go bankrupt and shut down the business leaving creditors on their luck and crying for their lost assets.

Until today the Mt. Gox exchange is facing court charges where customers want to recover their lost funds and plans to recover them are on the way to happen, but still a lot to accomplish!

Exchanges today have a more secure environment, they can't be 100% protected from attacks despite all efforts to enhance their security, but incidents happen and somehow funds got stolen, so they secure platform funds with insurance companies and make their cast of customers safe.

I particularly like the idea to get funds insured for more security as cyber "punks" will always be around and target crypto firms to cause more victims, and I believe that constant upgrades on this platforms are essential to enhance security.

Something to note also is many of this attacks happen from inside job but law enforcement work hard to investigate and arrest the responsible, I hope that here also they do their job and find the culprit to put him in jail.

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Take care.

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A Bitcoin & Crypto enthusiast also a crypto content independent writer!

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