Singapore’s KuCoin Hacked for $150 Million, Users Reassured That Funds Will be Restored

Singapore’s KuCoin Hacked for $150 Million, Users Reassured That Funds Will be Restored

Singapore based crypto exchange revealed that it was a victim of a $150 million hack, as Bitcoin and other digital coins had been withdrawn from hot wallets to some other unknown wallet. KuCoin is one of the largest digital asset exchanges in the world, with a rough daily trading volume of $100 million.

A statement by the website puts the attack on Friday 26th September. As a result of the attack, an Ethereum-based wallet, most probably belonging to the hacker, received Ethereum tokens worth around $150 million, as the exact amount is still unknown.

Chief executive of KuCoin Johnny Luy explained that the fraudsters had managed to obtain the private keys of KuCoin’s hot wallets. As a counter measure, once the exchange saw that withdrawal were happening, the remaining funds were transferred to other hot wallets.

The company makes it clear that the incident is being investigated by law enforcements. Furthermore, in a statement KuCoin assured its traders that they will not lose their funds,

rest assured, if any user fund is affected by this incident, it will be covered completely by KuCoin and our insurance fund,”

The official website of the exchange has posted a list of the addresses, where some of the stolen crypto was transferred.

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