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September 29th 2020
KuCoin hackers have moved a huge sum of XRP tokens from the exchange hack to a controlled. As reported by Whale Alert’s Twitter handle, hackers have moved $4.5 million worth of XRP from the KuCoin hack 2020 to a “hack wallet.”
As Cryptopolitan previously reported, KuCoin hackers raided the exchange’s hot wallets and stole more than $150 million worth of cryptocurrencies.
KuCoin hackers making waves
Whale Alert reported that 18.4 million XRP ($4.53 million) were moved by KuCoin hackers to an address controlled by them. Subsequently, 17 million XRP was moved to a ‘sub-wallet’ an hour later. However, it did not stop there.
Hackers continued to move funds as four batches, each of four million XRP, were detected flowing out of that sub-wallet towards four different sub-wallet addresses. Currently, the funds seem to be residing in those addresses.
Note that the XRP coins only make up a small portion of the over $150 million dollars worth of cryptocurrencies stolen by the KuCoin hackers.
KuCoin’s cryptocurrency exchange was hacked on September 26. The breach was detected by the sudden emergence of large amounts of withdrawal requests on the platform. The exchange sealed customer accounts and reported that at least $150 million worth of cryptocurrencies has been stolen.
On the other hand, cyber tracing firm Elliptic that $281 million worth of cryptocurrencies were stolen in the hack. Furthermore, these included a large sum of Bitcoin, Stellar, Tron, and Ethereum tokens with Ethereum tokens dominating the list.
Elliptic reported that the KuCoin hackers made off with $150 million of Tether, Chainlink, and other Ethereum-based tokens. While hackers have failed to launder the funds through centralized exchanges, Elliptic expects that laundering will likely continue on decentralized exchanges(DEX).