KuCoin Hack Update: Hackers Have Moved $4.5 Million in XRP

Following the KuCoin hack, hackers transferred millions of tokens on to different unknown wallets and decentralized crypto exchange Uniswap. In the latest transfer, Hackers have moved 18 million XRP worth $4.5 million.

18.49 Million XRP

Crypto tracker Whale Alert reported that “18,495,600 #XRP (4,534,752 USD) of stolen funds transferred from Kucoin Hack 2020 to hack wallet.” These funds, 18.49 million XRP, then transferred to two different wallets: 1.35 million XRP and 7.14 million XRP respectively.

The XRP transaction was a big one as compared to previous small transactions of different coins. A total of 12 transactions have been made in the past six hours. These transactions were ranging from $11,000 to $1.5 million in different digital assets. Today, hackers have moved a total of $9.96 million in XRP.

More than $200 Million were Stolen

As transactions of coins are done in millions, some crypto experts are saying that more assets were stolen, and KuCoin had not disclosed the true amount. Blockchain researcher Larry said hackers stole $280 million instead of $150. Larry stated:

“So I did some accounting of the KuCoin hack based on the wallets very likely associated and based on my estimation, there was nearly $280 million of assets stolen, not $150M. This would make it the third-largest hack in history and 7 times larger than the Binance hack last year.”

KuCoin has set rewards for those who will provide valid information about the stolen incident. “KuCoin is investigating the incident with international law enforcement, and we will offer rewards of up to $100,000 to those who can provide valid information to us regarding this incident,” the exchange stated.

After the incident, the exchange announced that they were in contact with other exchanges. And the community has witnessed true cooperation among crypto companies. Kucoin also said,” we have been in contact with a growing number of crypto platforms including Binance, Huobi, OKEx, Bybit, Upbit, Bibox, Gate, MXC, BitMax, BigONE, BKEX, BitZ, HBTC, Hoo, Crypto.com, Bingbon, Renrenbit, LBank, Max/Maicoin, CoinW and more to blocklist suspicious addresses and trace the funds affected.”

Leave a Reply

Your email address will not be published.

Related

South Korea Implements Guidelines for Security Token Regulation

Adoption of Blockchain-based IDs Phasing Out Physical IDs Security Token Regulation South Korea’s Financial Services Commission (FSC) published new guidelines on Monday stating that FSC will regulate digital securities or blockchain-based tokenized assets according to the capital market rules. The highly anticipated regulations are to institutionalize with the legislators of the country’s National assembly laying […]

Post-Fed Analysis on Altcoins and Other Cryptos

Cardano’s bullish rise in the past days Bitcoin prices fallout Impact of the NFP Report on the cryptocurrency Cardano’s Bullish Rise Small coins have gained after the Central banks in Europe, and the UK decided to ease the hiking of high-interest rates.  Currencies such as Cardano increased in New York with gains above 2%, extending […]

Wall Street Ends Week on High Note as Inflation Data Supports Rally in Major Indices

Wall Street closed the week on a high note as corporate and economic data showed signs of decreasing inflation. In addition, the Personal Consumption Expenditures (PCE) index, a key measure of inflation, supported the rally. As a result, the three major indices – the S&P 500, the Dow Jones Industrial Average, & the Nasdaq Composite […]