The Singaporean cryptocurrency exchange got hacked on the 26th September and the hackers managed with withdraw Bitcoin and other cryptos from hot wallets to another wallet. The total sum that was loss was 150 million USD.
According to a statement issued by the Chief Executive of KuCoin, Johnny Lyu, the hackers obtained the private keys of the exchange’s hot wallets. The moment the exchanged noticed the withdrawal they transferred the rest of the funds to other hot wallets.
The theft is being investigated by law enforcement. KuCoin also issued the following statement:
“rest assured, if any user fund is affected by this incident, it will be covered completely by KuCoin and our insurance fund,”
It is great that they have an actual insurance fund for such occasions, otherwise the whole situation would have been even more unpleasant.