Crypto Exchanges
By Ayobami Abiola
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September 26th, the Kucoin crypto exchange announced that hackers have stolen crypto assets worth over $150 million.
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According to transcripts from a live stream with Kucoin CEO, Johnny Lyu on the same day regarding the security breach, it was stated that the funds stolen are from the…
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To recover stolen funds, he stated that the exchange has been in communication with other crypto exchanges and law enforcement to take necessary actions:
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“We are in contact with many major crypto exchanges such as Huobi, Binance, OKEx, BitMax and Bybit, as well as blockchain projects, security agencies, and law enforcement to work…
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However, in a recent revelation from Larry Cermak Director of research at The Block, it was reported that the estimate of the stolen funds from Kucoin is wrong.
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“So I did some accounting of the KuCoin hack based on the wallets very likely associated and based on my estimation, there was nearly $280 million of assets stolen, not $150M.
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From his report, he stated that about 50% of the total hack is likely to be recovered and that it is almost impossible to recover the stolen funds with insurance.
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“Yes, some of these tokens have been frozen, forked, and blacklisted. And the amounts above don't reflect that.
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If the stolen funds are a “small” percentage of Kucoin's funds as stated by Johnny Lyu on 26th September, there is hope that even if the stolen funds are not recovered, Kucoin…
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The issue of the hack has re-surged discussions around Decentralized Exchanges versus Centralized Exchanges options, and the basics of what Decentralization and immutability of…
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