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KuCoin hackers move stolen tokens to DeFi

September 28, 2020

After a major hack at the KuCoin crypto exchange, cyber criminals continue to move stolen cryptocurrencies to decentralized exchangesor DEX.

According to the crypto transaction tracking service Whale Alert, KuCoin hackers continue to send thousands of dollars in Synthetix Network Token (SNX) to Uniswap, the largest decentralized funding protocol (DeFi) according to the total stored value.

On September 28, the hacker completed another series of transactions by removing stolen funds from KuCoin and the major DEX Uniswap. According to Data by Whale Alert, hacker You sent At least $ 1.2 million worth of SNX tokens stolen in one DEX series of four Transactions today.

KuCoin hackers move stolen tokens to DeFi
KuCoin hackers move stolen tokens to DeFi

In addition to using Uniswap to send stolen SNX tokens KuCoin hackers too They moved Today USD 5 million in Chainlink (LINK) and SNX to unknown wallets, according to Data by Whale Alert.

Following the September 26th KuCoin hack, several centralized exchanges took urgent action to prevent hackers from withdrawing the stolen funds.Freeze up to $ 129 billion of the estimated $ 200 million.

Dovey Wan, founding partner of blockchain-based investment firm Primitive Ventures, believes the KuCoin hackers were apparently “DeFi noobs” because they first tried to sell the stolen tokens on the world’s largest centralized exchange, Binance. “”The hacker who hacked into Kucoin is apparently a newbie to Defi. tried to sell on Binance and didn’t trade the corrupted USDT on Curve “Exclaimed Wan.

Wan said that DeFi could be a useful tool for hackers as DeFi infrastructure is actually made up of natural cryptocurrency mixers, Services that allow users to “mix” their coins with other users to protect their privacy:

“All Defi infra are natural mixers with extremely low slip […] Normal IQ hackers will soon find that this is not an alpha leak and the Defi-Infra is designed for all purposes. […] If a hacker can hack a CEX, it makes no sense that they have no idea how to successfully liquidate through DEX. “

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