Cryptocurrency Exchange KuCoin Hacked by $150 million of worth Crypto

The Singapour based exchange confirmed security breached on the 25 Sept, a lot of cryptocurrencies such as Bitcoin, Ethereum and ERC20 tokens, worth of $150 million leaving the exchange. However, the exact details yet to be known.

According to data from CoinMarketCap, KuCoin is the 16th most popular crypto spot exchange by their trading volume and activity.

The problem was initially noticed when users started to report issues with withdrawing. At the beginning that seemed to be only a system issue anticipated by the KuCoin team, which soon became obvious that it was an attack by hackers. The exchange maintains that only their hot wallets were hit, but not their cold wallets, which are safe.

Even though the crypto exchange quickly reassured its users about the protection of their funds by their insurance fund, many called out for poor or misleading communication.

Usually after hack, the market becomes highly volatile due to the fear of losing assets, which has not happened yet and the market is being relatively stable and positive.

Do you use KuCoin exchange? If so, have you been affected by the hack and what is your experience? Comment down below.

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