In an official statement, KuCoin Global CEO Johnny Liu confirmed the massive hacker attack on September 26th. The breach affected Bitcoin (BTC), Ether (ETH) and ERC20 wallets after the private keys were leaked. $ 150 million in user funds are reported to have leaked.

However, after the breach, the bitcoin price remained virtually unchanged. Other major cryptocurrencies, including token ether and decentralized finance (DeFi), have also been relatively indifferent to piracy.

Security breaches in cryptocurrency exchanges have historically led to market sales in fear of hackers selling the proceeds.

However, Tether (USDT) quickly suspended the transfer of security-related assets. Major exchanges, including Bitfinex, have also frozen USDT, which is linked to the hacking.

The quick response from Tether and the leading exchanges can prevent hackers from transferring most funds.

KuCoin has contacted major exchanges, as Tether and Bitfinex froze $ 33 million
The two companies froze a total of $ 33 million, according to Paolo Arduino, Bitfinex and Tether’s chief technology officer.

If the initial estimate is correct and $ 150 million is hacked, it represents 22% of the money lost. He said:

Bitfinex froze 13 million Tether USDt on EOS as part of the hack, which froze Tether 20M Tether USDt found at this Ethereum address as a precaution. Beware everything! ”

In an official statement, Liu said KuCoin now maintains connections with Huobi, Binance, OKEx, BitMax and ByBit. The company also said it is cooperating with police authorities and related blockchain projects.

At least in the near future it will be difficult for hackers to transfer money. CEOs say:

“We are in contact with several major cryptocurrency exchanges such as Huobi, Binance, OKEx, BitMax and Bybit, as well as blockchain projects, security agencies and police authorities to work with. Some effective measures have been taken and we will provide more information soon.”

While a small percentage of the hacked money is in Bitcoin, most of it is allegedly held in ERC 20 tokens. The risk of tokens is that hackers may use the DeFi protocols in an attempt to get rid of the contaminated tokens.

But according to Primitive Crypto Foundation partner Dovi Wang, the hackers have struggled to deal with the pollutants. She explained:

“Obviously, the hacker who hacked Kucoin is a novice at Defi, tried to sell on Binance and didn’t replace the broken USDT for Curve. All Defi Infra are natural mixers with very low slip … Ordinary IQ hackers will soon realize this is not the same as the Alpha leak. , And Defi Infra for all purposes … if a hacker gets to hack cex, there’s no point they have no idea how they could destroy with dex.

Bitcoin remains stable above $ 10,700
After the return of the $ 10,407 whale group, which became a support zone, Bitcoin experienced a short-term reversal trend.

On September 26, the Cointelegraph reported that flocks of whales rose $ 10,407 after BTC’s recent spike above $ 10,700. The data shows that the whales raised more than $ 10,000, indicating strong market sentiment overall.

Bitcoin’s resilience, despite the notable security breach, shows the strength of the ongoing bullish trend.

Source: CoinTelegraph