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$4.7m in KuCoin-stolen Ethereum has just been moved

$4.7m in KuCoin-stolen Ethereum has just been moved
Samuel
Town
Updated: 27 Feb, 2021
2 mins read

On October 23, 2020, reports have emerged that the ETH that was stolen from KuCoin on September 26 2020 has been just moved. While citing Whale Alert, 11,500 ETH ($4,771,628 USD) were transferred at 07:40:23 UTC (see the transaction hash ID here).

The cybercriminals transferred the stolen coins to an unknown wallet. Whale Alert tracked most coins were sent to this particular address. Exchanges and analysts are on the lookout for the destination of this transaction trail.

The transaction tracked by Whale Alert.

How the KuCoin hack happened

KuCoin, a Singapore-based cryptocurrency exchange experienced a “security incident” that resulted in the loss of over $150 million in digital assets. The hot wallets on the exchange were targeted by hackers who managed to compromise and drain them of Bitcoin (BTC) and Ethereum (ETH).

The cryptocurrency exchange reported the event as a “security incident” but as quick to say:

“<…>part of Bitcoin, ERC-20, and other tokens in KuCoin’s hot wallets were transferred out of the exchange.”

Experts think that most of the small transactions sent to that address were primarily for testing purposes. Some of the other altcoins that were stolen from KuCoin’s hot wallets include AGI, SNT, DRGN, SNX, DX, DGTX, and more.

After that hack, KuCoin CEO, Johnny Lyu, highlighted what the exchange intends to do to mitigate the effects of that situation and, in turn, give comfort to users. Lyu also said that although he could not say how much the exchange’s total assets were affected in the incident; the stolen amount was referred to as ‘small for KuCoin.’

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Samuel Town
Author

Samuel is a professional finance copywriter with years of experience. He has created propositions, pitch decks, white papers, and content for over 100 respectable firms, startups, businesses, and institutions globally. At Finbold.com he covers deep-dive reviews of the various financial companies.