Systems Respond to $200 Million KuCoin Cyber Attack Differently

News • 2020/09/28 • by

After the report of a security crime which resulted in a loss of over $200 million value of coins on KuCoin, many systems immediately responded to prevent client's coins from being transferred to other trading firms.

In an interview, the Chief Executive Officer of KuCoin, Johnny mentioned that about $129 million of the cryptocurrencies BTC and ETH were affected in the security breach. Although it had been reported earlier that the criminals stole about $150 million worth of crypto coins, the latest valuation shows the value is almost $200 million.

The perpetrators of the attack got away with some ERC20 coins in the hack, but many systems were immediately forestalled the security crime.
With about $33 million crypto coins that have been reported to be frozen on USDT and Bitifinex exchanges, the CEO said that the firm's also stopped an extra two million in Tether on TRON and OMNI.

He also mentioned that they worked with VIDT to recoup $14 million of the hacked 14.48 million VIDT coins and also working with Covesting to recoup $560,000 coins.