Singapore-based digital currency exchange KuCoin was hacked for roughly $275 million on September 25. The KuCoin team became aware of the security breach when they noticed that large withdrawals were being made from KuCoin’s hot wallet that the KuCoin team did not authorize.
Although the platform has experienced a significant loss due to the hack, KuCoin says that “if any user fund is affected by this incident, it will be covered completely by KuCoin and our insurance fund.”
What was stolen?
According to KuCoin and further research done by Larry Cermak, director of research at The Block, 14,713 BSV, 26,733 LTC, 18,495,798 XRP, 999,160 USDT, 1,008 BTC, 9,588,383 XLM, and 199,038,936 TRX, along with ETH and several ERC-20 tokens were transferred out of the KuCoin hot wallet. In total, it is estimated that the hacker was able to steal an estimated $274.1 million from the exchange, making this security breach the third-largest digital currency exchange hack in history.
Shortly after the security breach took place, the hacker began to liquidate some of their stolen funds through the DeFi platform UniSwap. According to the blockchain tracker and analytics platform Whale Alert, roughly $1,228,341 of stolen SNX token was sent from the hacker’s wallet to UniSwap.