The exchange in Singapore reported the security violation of 25 September, but it did not reveal the stolen number. "Bitcoin, ERC-20 and several other tokens were moved out of the exchange in Kucoin 's hot wallets," stated Kucoin in a Saturday post.
"So I did some reporting of the Kucoin breach based on the wallets most likely linked and centered on my calculation, almost $280 million in funds were taken, not $150 million," said Larry Cermak, Director in Analysis at Block Crypto on Monday morning. "It will make it the third-largest hack in history and [seven] times bigger than last year's Binance hack," Cermak said.
One of the main social media and crypto platform discussions this weekend was all about ERC20 ventures that sought ways to undo the hack or suspend the stolen funds.
News. Bitcoin.com has since posted on the froze tether (USDT) for $22 million in stablecoins from the ETH and EOS chains. In addition, the Ocean Protocol also halted the project's smart contract when the intruder began dumping 10k quantities of the Ocean token on Uniswap.
But a lot of ERC20 ventures either restarted, stopped, or halted their protocols to save the tokens from the hacker's dumping.
Other token ventures that participated in the $129 million upgrade included Kardiachain ($9 M), VIDT Datalink ($7 M), Velo Labs ($76 M), Orion Protocol ($8.5 M), Aleph Token ($510k), Covest ($520k), NOIA Network ($5 M) and more. Since then, the ventures have been blamed for not being decentralized and for not operating a rollback since the 2017 DAO hack.
"History doesn't replicate, however it rhymes," Jameson Lopp tweeted after the ERC20 rollbacks and freezes were announced. "Fascinating to see how rollbacks have improved since The DAO."
The app developer has added:
"If a 'decentralized' initiative can invalidate stolen tokens, it can invalidate The tokens. Censorship of opposition to everyone or censorship of opposition to no one".
Source: Bitcoin.com.
