After unplanned movement of $150M in funds, KuCoin discloses hack
September 25, 2020, 10:01PM EDT
1 min read
Singapore-based cryptocurrency exchange KuCoin has been hacked.
In a blog post released on Friday night, the exchange disclosed that it had "detected some large withdrawals since September 26, 2020" from its hot wallet. While the exchange has not disclosed the amount lost in the hack, one of the Ethereum addresses associated with the hack shows roughly $150M in funds stolen.
On Friday night, users across various social media platform platforms began to complain that they were having issues withdrawing assets from KuCoin. While the KuCoin team assured users that "funds will be safe," that no longer is the case.
In a livestream, KuCoin CEO Johnny Lyu reassured his users that funds in this hack will be "covered completely by KuCoin and our insurance fund." Lyu also noted that hacked funds were only "a small part of our total assets holdings" and that KuCoin is currently working with other exchanges like Binance and Huobi and law enforcement to track down the assets.