Bitcoin price remains unchanged after $ 150 million hack of major exchange KuCoin
KuCoin reported a major security breach on September 26, affecting the online wallets of Bitcoin, Ether and ERC20, while both the price of Bitcoin and Ether remain unchanged.
In an official statement Johnny Lyu, the CEO of KuCoin Global, confirmed a major hack on September 26. The breach affected the company’s Bitcoin (BTC), Ether (ETH) and ERC20 online wallets, after private keys were leaked. Reports estimate that the breach affected $ 150 million of user funds.
However, after the security breach, the price of Bitcoin hardly changed. Other major cryptocurrencies such as Ether and decentralized finance tokens (DeFi) also remain relatively unchanged from the attack.
Historically, a breach in crypto exchange security has led to market-wide sales due to fears that hackers could sell the proceeds. But Tether (USDT) has acted swiftly to suspend the transfer of assets related to the security breach. Major exchanges, including Bitfinex, also froze USDT associated with the hack.
The swift response from Tether and major exchanges could prevent most funds from being moved by hackers.
KuCoin contacts the main exchanges, Tether and Bitfinex freeze 33 million dollars.
According to Paolo Ardoino, the technical head of Bitfinex and Tether, the two entities frozen $ 33 million in total.
If the first estimates are accurate and 150 million were hacked, that represents 22% of the lost funds. He said that: “Bitfinex froze $ 13 million of Tether USDt in EOS as part of the hack, Tether just frozen 20 million of Tether USDt at this Ethereum address https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23 as a precaution. Everyone stay safe! “
In the official statement, Lyu said that KuCoin is now in contact with Huobi, Binance, OKEx, BitMax, and ByBit. The company also said that it is cooperating with law enforcement agencies and relevant blockchain projects.
Two attacks on ETC’s network leave the community needing a solution, and one that is fast. At least in the short term, it would be challenging for hackers to try to move the funds. The CEO said: “We are in contact with many of the major crypto exchanges such as Huobi, Binance, OKEx, BitMax and Bybit, as well as blockchain projects, security agencies and law enforcement agencies to work on this. Some steps have been taken. effective, and we will update with more details soon. “
While a small amount of the hacked funds are in Bitcoin, most are stored in ERC 20 tokens. The risk of tokens is that hackers could potentially use DeFi protocols in an attempt to remove “tainted” tokens.
But according to Primitive Crypto founding partner Dovey Wan, hackers struggled to handle the tainted funds. She explained:
“The hacker who hacked Kucoin is apparently a Defi rookie, he tried to sell on Binance and did not change the amount of USDT tainted on Curve. All the Defi infra are natural mixers with ultra low slip … Hackers with normal IQ you will soon find out, this is not an alpha leak and the Defi infra is designed to serve all purposes … if a hacker can hack into a centralized exchange (cex), it makes no sense that he has no idea how to successfully liquidate via decentralized exchange (dex). “
Bitcoin price remains stable above $ 10,700
After claiming the $ 10,407 whale cluster that has become a support area, Bitcoin has posted a short-term turnaround. On Sept. 26, Cointelegraph reported that whale clusters at $ 10,407 grew following the recent rally in Bitcoin’s price above $ 10,700. The data indicates that the whales have been accumulating above $ 10,000, which shows strong overall market sentiment.
Bitcoin’s resistance, despite a high-profile security breach, demonstrates the momentum of the ongoing uptrend.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.