Cryptocurrency exchange KuCoin has officially confirmed it had detected large withdrawals since September 26, 2020, at 03:05:37 (UTC+8).
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According to a blog post, the bad actors managed to steal part of bitcoin (EXANTE: Bitcoin), ERC-20 and other tokens from KuCoin’s hot wallets. The exchange claims the assets in its cold wallets "are safe and unharmed, and hot wallets have been re-deployed."
"Please rest assured that if any user fund is affected by this incident, it will be covered completely by KuCoin and our insurance fund," said the KuCoin Team.
In cooperation with KuCoin, Tether, the largest stablecoin issuer, has frozen the assets of the 20,000,000 USDT withdrawn from the exchange, and will support the recast of the funds, Bitfinex CTO Paolo Ardoino said. Later, Tether successfully frozen another 2 million USDT on OMNI and TRON chains.
As of total, KuCoin lost approximately $150 million in over 100 ERC-20, TRC-20 and BTC assets.
Update. KuCoin loses over $250 million in cryptos.
Earlier in August 2020, KuCoin delisted the Ethereum Classic (ETH) cryptocurrency due to the frequent 51% attacks on the mainnet.
The exchange said it had decided to exclude ETH from the margin trading to protect users' experience.
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