KuCoin Global confirmed a major hacking attack on Sep. 26. The breach affected KuCoin’s Bitcoin (BTC), Ether (ETH), and ERC20 hot wallets. Private keys had been leaked. Reports initially estimated the breach affected $150 million in user funds.
In a live stream on September 27, Johnny Lyu CEO of the Singapore-based cryptocurrency exchange claimed that the hacking was worse than originally understood. And that the total loss of about $193 million, forms just a “small part of our total asset holdings” and that the team is “working on the list” and “evaluating the total value.”
KuCoin assured users they are in contact with Huobi, Binance, OKEx, BitMax, and ByBit. The company also said it is cooperating with law enforcement and relevant blockchain projects. And added that they are insured and will cover any client losses.
“We are locating the reason for the incident and will keep you updated once it is confirmed. Please rest assured that if any user fund is affected by this incident, it will be covered completely by KuCoin and our insurance fund,” according to the cryptocurrency exchange.
