KuCoin’s hot wallets hit by hack

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Updated September 21, 2022 | Published September 28, 2020

2 mins read

The exchange reported the breach at 19:05 UTC time on Friday when an unknown wallet initiated withdrawals of Bitcoin (BTC) and Ethereum (ETH). 

While alarming, KuCoin’s cold wallets were all unaffected by the attack.

KuCoin followed the initial release with another updated post, publishing the addresses to which the hot funds have been syphoned off.

One wallet was in Ethereum denomination and received 11,480 ETH, which trades at around $350 right now.

However, KuCoin has been able to quickly identify all culprit wallets, and the amounts sent to them, specifically: 14,713 BSV, 26,733 LTC, 18,495,798 XRP and 999,160 USDT, along with over 1,008 BTC, 9,588,383 XLM, and 199,038,936 TRX.

Responding to the post, Tether, Bitfinex and others, have blacklisted the addresses in a bid to improve the communal protection of blockchain currencies.

Despite the security breach, KuCoin reassured consumers that their funds were safe.

Exchanges are often used to trade currencies or even store currencies directly onboard.

There have been many calls from experts for consumers to use cold wallets most of the time, but some consumers have grown too accustomed to hot storage, which is far more convenient, enabling nefarious parties to take advantage of that.

Blockchain gaming operators, for example, always try to keep as much currency in cold storage, making it hard for anyone to hack their funds.

Bitcasino, FortuneJack, and 1xBit are just a few of the operators who exemplify what great blockchain gaming security system looks like.

Hacking in the blockchain space has been abundant.

The most eye-catching and recent hack involved obtaining famous people’s social media accounts and offering to multiply any amount sent in cryptocurrency to specific wallets. 

The imposters managed to hijack the Twitter handles of Jack Ma, Elon Musk and Bill Gates among others. 

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by David

Co-founder

David is co-founder of CryptoGamblingNews.com, and has worked in the crypto gambling space since 2015.
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