Kucoin Recovers 84% of the Hacked Funds Worth of $230M

[yonkii 3205]

This is a very big amount of stolen funds that Kucoin managed to recover. It looks that the crypto industry is able now to recover stolen funds. But I have read about the Bitfinex that the hackerst there were not amateurs like in Kucoin and know what they are doing.

[percare 3192]

On 11/12/2020 at 3:23 PM, JesusFries said:

The hacking resulted and led access to the company's funds where they exploited and leaked its private key. The platform have been saying that they know who did the hacking and was working to catch the person/s involved to get back what they have stolen from the exchange.

If they know then probably the funds were given back to them by the hacker. Or just bluffed they knew but they were only suspecting and had no evidence. It was a very strange hack anyway as also the Bitfinex hack was.

[Guru2050 8284]

The recent hacking on Kucoin has caused many crypto users to begins to safe and complicated protection of exchange sites to it's customer savings which is clearing the doubt of many making them to believe that any given exchange sites can be hacked as such prefer to save in their personal wallet than to save in exchange for savings purpose.

[kryptonick 2659]

Exchange hacks happen very often and there are only a few that were never hacked, yobit is one of them by the way. Kucoin seems they had an idea what happened and they recovered most of the funds, or so they say.

[Mubiflow 1771]

1 hour ago, Guru2050 said:

The recent hacking on Kucoin has caused many crypto users to begins to safe and complicated protection of exchange sites to it's customer savings which is clearing the doubt of many making them to believe that any given exchange sites can be hacked as such prefer to save in their personal wallet than to save in exchange for savings purpose.

@Guru2050 this is very true I transferred all my coin from their app and I deleted it and I have stopped using them as I know sites like that is not reliable and its only a matter of time these thing repeat itself 

@kryptonick

[pablomarwan 3082]

Like these thefts have been challenged. And you cannot give up, you must be set up. This platform did not strengthen its security defenses and was more alert when it happened. Were it not for the fact that it had specialists in this field, it would not have been bankrupt and even lose its clients. And it is better, even if we only have a few dollars, to enhance our security around private accounts so that we do not suffer a loss.

[Guru2050 8284]

10 hours ago, Mubiflow said:

and I have stopped using them as I know sites like that is not reliable and its only a matter of time these thing repeat itself 

Look you did not supposed to delete the account @Mubiflow probably in future opportunity of air drops might showcase for trading customers just like what recently happened in uniswap, you have been with them for a while trading in the sites and you can see they have recovered more than 80% of their lost coin. Keep the account even for monthly trading enjoying the differences of exchange prices

[BrolySSJ 7899]

It is very good to see that this exchange was able to take action when they were hacked in order to recover most of the funds that were lost. Of course i think that the exchange should naturally carry the cost of the loss that was incurred without any loss to the actual users of the forum in any way, and in this way and through this recovery as well they are going to build up quite a good reputation for the future. However on the flip side this also shows the risk of the exchange as many users may stay away from it after recovering their funds. 

 

I am more curious as to how they were able to recover the funds as crypto transactions are irreversible, and therefore i am curious to know how they traced their crypto coins and how they got them back. This will likely help in development of future security systems as well. 

[Jromz 2158]

It's good news for Kucoin's clients definitely and a lesson for us all about leaving our cryptos in exchanges. In my view, all cryptocurrency exchanges are major targets for hackers and they all eventually be hacked. Considering this using exchanges implies assuming a risk that should be managed accordingly by only having in exchanges those capital we are comfortable to lose. Doing this can save us from some headaches in the future if the exchange we use gets hacked.

[Yoanny 232]

This Kucoin hack was quite well known, but to the extent that all or almost all of the funds were recovered, I am not completely sure of this information. Nevertheless this experience shows us that there is nothing absolutely certain, not even big exchanges like this one.

[Barbarellah 2225]

The fact that Kucoin has not retired and that it is standing up to resolve the incident and recover and return everything stolen to its platform shows that it is a serious company. On the other hand, I support what you say regarding that they must update and reinforce all security levels and it is not only a matter that corresponds to Kucoin but to all the most used exchange platforms in the world. While we must also be cautious and raise all the security protocols that the platforms provide and apart from maintaining within these sites only the amount necessary to operate.

[DanielMcRon 598]

This is good. Cryptocurrency is such a lucrative area for hackers as well. The exchange is doing the right thing, on transactions and commissions, they can afford to pay these losses to people. This shows the attitude of the exchange towards its users.

[KHALED ADWANI 1216]

Certainly, if the platform does not have a high level of security, it will lose its reputation in this field and lose many of its customers except for the huge amount of money that can be lost.
Therefore, putting money in high-security platforms with the high cost of remittances in them is better than searching for the cheapest platforms, but they may not be as safe.

[Frodler 943]

These is supposed to be a lesson to as many exchange sites available as possible, when you compromise your security anything can happen. 

[Hamza 2.2 631]

This stage isn't totally ensured. Indeed, this news isn't new, however it is significant for everybody to recollect it to know the significance of picking the correct stage at work.

[Cryptomint 433]

This is good it has been recovered because we all know that many are those which has totally loses their accounts but now they will be happy.

[Quickbee 26]

Good and Bad news. That an exchange was hacked and lost such big funds is shocking. But the Good news that it has recovered most of the funds is heartening. 

[Muhammad zaid 272]

Hakers are in everywhere they damaged lots of side they work badly hakers should no this work i think now hackers are making teams and spread everywhere to scam

[cryptovlek 2597]

Kucoin hack was looking like an amateur job, however more followed, which were either hacks or inside jobs, something that was also said for Kucoin too as an informal accusation by many. We have seen many more exchanges smaller though being hacked as Exmo, Livecoin and Altilly. Most of these didn't have volumes anywhere near Kucoin but worth mentioning as there is little safety in most exchanges .

[Whited35 15285]

Blockchain analysis companies have really helped KuCoin exchange to recover that much lost amounts. Recorded transactions records on the blockchain has really helped a lot to the Blockchain analysis companies to catch the criminals while cashing out the crypto by converting into the fiat currencies. Blockchain's transparency features is beauty for innocent and enemies for the criminals 🤣 ! 

[Sykkuno 2887]

What are the super low fees of Kucoin I wonder. Binance offers 10% but you have to hold BNB, is this the same with Kucoin? The hack proven that exchanges should be for trading only, not even staking, they are not worth it. Kucoin somehow was having a lot of traffic but I wasn't using it and wasn't affected by the hack. It is best ot have a strategy that involves potential hacks in all the exchanges you use, so you won't be caught by a surprise if anything happens.

[Shaza Ahmad 1682]

Recovering that money was in the interest of the KuCoin exchange and the interest of the traders, because that strengthened the position of the Kucoin exchange in front of traders and investors, everyone wanted to withdraw his money at the beginning when opening the withdrawal to ensure the preservation of their money, but after the return of these funds almost returned the matter as if nothing had happened.