KuCoin has been covering crypto space discussions for the past week, following the 25th September hack. The daily chain covered the underlying misfortunes assessed at about $150 million until later, confirmed at more than $200 million. Since the hack, more updates KuCoin is continually issuing updates to equip their users with the necessary information.
Following the hack, the crypto world combined efforts to pursue out the programmer and track the entirety of his dealings. The criminal found it challenging to dispose of his taken assets as trades, and crypto lovers cooperated to flush him out.
Regaining the Stolen Coins
During a live stream, KuCoin CEO Johnny Lyu declared more reports concerning the security occurrence. He referenced that ten coins estimated to be worth over $140 million are currently out of the malicious addresses’ control.
Tether (USDT) effectively solidified a sum of 22 million USDT compromised stablecoins. Velo Labs, as well, reported that it would redeploy and supplant every one of the VELO tokens that moved as a feature of the heist. The 122 million VELO tokens (about $75.7 million) that got looted were considered invalid.
Likewise, a portion of different tokens that the organization professes to have secured since the issue came to public notification include Silent Notary (SNTR), Covesting (COV), Orion Protocol (ORN), KardiaChain (KAI), NOIA Network (NOIA), and Opacity (OPQ)
Despite the security breach, most head cryptos’ cost, just as DeFi tokens, scarcely displayed any hostile activity. Before, powerful hacks, for example, this one, have generally brought about market-wide sell-offs.
KuCoin Deposits and Withdrawals Now Open
The exchange closed deposits and withdrawals of some of the tokens due to the hack. As investigations were ongoing, KuCoin asked users to keep off trading for a week.
Johnny announced the reopening of the withdrawal and deposit services for a growing number of tokens. Namely, Orion Protocol (ORN) deposits have opened. Ocean Protocol (OCEAN), NOIA Network (NOIA), and KardiaChain (KAI) deposits and withdrawals have reopened, as earlier promised.
Getting to the Bottom of the Hack
KuCoin has announced that VIDT Datalink and BetProtocol have declared that they will update their smart contract to help settle the incident.
With the most recent form of the VIDT API, it confirms sensor information from the IOE venture while experiencing the IBM Cloud. Moreover, it sends the guaranteed information through IBM Watson for oddity discovery; moreover, it adds to the AI-fueled investigation (design expectations, for instance) utilizing a Node-Red hub.