Kucoin Global CEO Johnny Lyu officially confirmed the massive hacking attack on September 26. The attack affected the company’s bitcoin (BTC), Ether (ETH), and ERC 20 hot wallets with the leak of private keys. The attack is estimated to have affected $150 million in user funds, according to reports.
Despite the security breach, Bitcoin’s price barely moved after the attack. Other major cryptocurrencies, including Ether and decentralized finance (Defi) tokens, were also virtually unaffected by the cyberattack.
Cyber attacks on cryptocurrency exchanges often lead to mass sales across the Sunday due to the fear that attackers will sell what they get.
But Tether (USDT) quickly suspended the transfer of assets linked to the cyber attack. Major exchanges, including Bitfinex, also froze USDTs associated with the hack.
Rapid intervention by Tether and other major exchanges could prevent funds from being transferred by cyber attackers.
KuCoin contacts exchanges
According to Bitfinex and Tether CTO Paolo Ardoino, the two organizations have frozen a total of $ 33 million.
If initial estimates are correct, it represents 22 percent of the 150 million lost funds stolen. Ardoino, said:
“Bitfinex froze 13 million tethers in Eos as a result of a cyber-attack. As a precaution, Tether, Ethereum has frozen another 20 million tethers at its address. Stay safe! “
In the official statement, Lyu said Kucoin had been in contact with Huobi, Binance, OKEx, BitMax, and ByBit. The company also announced that it is working with law enforcement agencies and related blockchain projects.
At least in the short term, this makes it harder for cyber attackers to carry stolen money. The CEO said:
We are in contact with major crypto exchanges such as Huobi, Binance, OKEx, BitMax, and By a bit, as well as blockchain projects, security companies, and law enforcement working in this field. Some effective measures have been taken and we will inform you with a more detailed update in the near future. “
Bitcoin price is unaffected
Bitcoin experienced a short-term trend change after it was converted into a $10,407 support zone.
The fact that the price of Bitcoin has not been affected by this massive cyberattack proves the strength of the cryptocurrency’s continued rise.
