Bitcoin

Bitcoin’s price hasn’t changed after the $ 150 million hack on the major KuCoin exchange

In an official statement, Johnny Lyu, the CEO of KuCoin Global confirmed a major hack on September 26th. The breach affected the Bitcoin (BTC), Ether (ETH) and ERC20 online wallets the company, after the private keys were leaked. The violation reportedly involved $ 150 million in user funds.

However, After the breach, the price of Bitcoin barely changed. Other cryptocurrencies Major subjects such as ether and decentralized financial tokens (DeFi) They also remain relatively unaffected by attacks.

In the past, a breach of the security of the cryptocurrency exchange has resulted in market-wide sales amid fears that hackers could sell the proceeds.

Bitcoin’s price hasn’t changed after the $ 150 million hack on the major KuCoin exchange
Bitcoin’s price hasn’t changed after the $ 150 million hack on the major KuCoin exchange

But Tether (USDT) acted quickly to suspend asset transfers related to the security breach. Major exchanges, including Bitfinex, have also frozen USDT in connection with the hack.

A quick response from tether and major exchanges could prevent most funds from being moved by hackers.

Bitcoin drains on Kucoin after the hack

Bitcoin spending on Kucoin after the hack. Source: CryptoQuant

KuCoin contacts major exchanges, Tether and Bitfinex freeze $ 33 million

Bitfinex and Tether’s technical director, Paolo Ardoino, said the two companies have frozen a total of $ 33 million.

If the initial estimates are correct, and 150 million has been hacked, that is 22% of the funds lost. He said What:

“Bitfinex frozen $ 13 million in Tether USDt in EOS as part of the hack. Tether has frozen 20 million Tether USDt at this Ethereum address as a precaution: https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23. Except for all!”

In the official statement, Lyu said so KuCoin is now in contact with Huobi, Binance, OKEx, BitMax and ByBit. The company said that too cooperates with law enforcement agencies and relevant blockchain projects.

At least for a short time sIt would be a challenge for hackers to try and move the money. The CEO said:

“We are in contact with many of the major crypto exchanges such as Huobi, Binance, OKEx, BitMax and Bybit, as well as blockchain projects, security agencies and law enforcement agencies to work on it. Some effective steps have been taken, and soon. We will with update further details. “

While a small portion of the hacked funds are in Bitcoin, most are stored in ERC 20 tokens. The risk with tokens is that hackers may use DeFi protocols to remove “corrupt” tokens..

However, according to founding partner of Primitive Crypto, Dovey Wan, hackers have struggled to handle the polluted funds. you explained::

“The hacker who hacked Kucoin is apparently a Defi newbie, has tried to sell Binance and has not changed the amount of USDT tainted on Curve. All Defi Infra are natural mixers with extremely low slip… hackers with normal IQ will soon find out that this is not an alpha leak and that Defi-Infra is designed for all purposes … If a hacker can hack into a centralized exchange (cex), it makes no sense that they have no idea how to successfully handle a decentralized exchange (dex).. “

Bitcoin price remains stable above $ 10,700

After claiming the $ 10,407 worth of whale cluster that has become a support area, Bitcoin has shown a near-term turnaround.

Bitcoin's 4-hour chart

Bitcoin 4 hour chart. Source: TradingView.com

On September 26th, Cointelegraph reported on it Whale heaps of $ 10,407 grew over $ 10,700 after Bitcoin’s recent price hike. The data shows that Whales have gained over $ 10,000 and are showing strong general market sentiment.

Bitcoin’s resistance shows the momentum of the sustained upward trend despite a high profile security breach.

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