KuCoin said it started to learn about the online heist after detecting large amounts of withdrawals on September 26th. The crypto exchange confirms that the theft only involves crypto assets stored in its hot wallets. Cryptocurrencies in cold storage are safe.
In a recent update, KuCoin Global CEO Johnny Lyu provides a list of addresses that were involved in suspicious transactions that have amounted to $190.9 million. Here’s a summary of the tokens that were stolen on KuCoin:
The crypto exchange executive points to “private key leakage” as the reason for the outflow of the crypto assets.
KuCoin is currently working with international law enforcement to investigate the attack, Lyu says.
“We are in contact with many major crypto exchanges such as Huobi, Binance, OKEx, BitMax, and Bybit, as well as blockchain projects, security agencies, and law enforcement to work on this. Some effective measures have been taken, and we will update with more details soon.”
Stay safe everyone!
— Paolo Ardoino (@paoloardoino) September 26, 2020
In the meantime, KuCoin reassures its users that any losses will be covered by its insurance fund and that they are working hard to prevent future lapses in security.
“The KuCoin team deeply regret this incident and will continue to make more efforts and optimizations on the security mechanism, and face this incident head-on with no excuses.”