Connect with us

Exchange

Kucoin Reports Hack, Asset worth $150M Withdrawn

Published

on

  • KuCoin Reports Security Breach
  • Hackers accessed and withdrew $150M in cryptocurrency
  • Cold wallet assets secure, Hot Wallet redeployed
  • Withdrawal and Deposits suspended

Cryptocurrency Exchange KuCoin has reported it detected large withdrawals on its platform some hours ago. The breach of the exchange security has resulted in the loss of user funds amounting to 150 million USD. The security breach which according to KuCoin was detected on the 26th of September, 2020 at 3 AM (UTC+8).

KuCoin revealed that the internal security report shows some part of its Bitcoin holdings, ERC-20 and other tokens in the exchange’s hot wallets were transferred out of the exchange, which contained few parts of its total asset holdings. It went on saying “the assets in our cold wallets are safe and unharmed, and hot wallets have been redeployed.”

kucoin report hack $150 million usd withdrawn

The exchange has said it is locating the reason for the incident and will keep everyone updated once it has been confirmed.

Read also: Kucoin Launches P2P Fiat Trade for the Nigerian Market 

Suspension of Deposit and Withdrawal

Owing to the security breach on the platform, KuCoin has chosen to suspend the deposit and withdrawal of cryptocurrency into the exchange for the period. It also assured users that it will gradually restore the service after ensuring a safe state.

KuCoin shows Assurance and Strength

KuCoin has revealed assets on its cold wallets are safe and unharmed and that those in its hot wallets have been redeployed, it also said it will take ‘full responsibility and maintain transparency’. More updates are due to come as KuCoin revealed its CEO will share some during a livestream.

Continue Reading
Advertisement
1 Comment

1 Comment

  1. Pingback: KuCoin Hack: Fourth Industry Largest Hack, Other Exchanges Rally to Support  - Cryptotvplus

Leave a Reply

Exchange

Naijapay Launches Enabling Bitcoin and Dash Payments

Published

on

Naijacrypto a top indigenous Nigerian exchange has announced the launch of their crypto payment gateway, “Naijapay” to enable businesses to accept crypto payments with easy
conversion to naira.


Nigeria has been a popular crypto hotspot over the years always among the top in ranking of traded bitcoin volumes. This is fueled in part by the huge remittance inflow into the country which was more than the oil revenue of the country in 2018, and the use of crypto for payments.

As more people switch over to using crypto for day to day payments, Naijapay aims to be their top destination.

Naijapay will support Bitcoin and Dash payments at zero transaction fees. It would contain two modes; The “naira mode” would enable businesses to accept crypto but always receive naira.

They do not need to worry about the volatility of the cryptocurrency markets. The “crypto mode” is for those who wish to receive crypto and keep funds in crypto.

The platform has utilities for
users who just wish to accept crypto payments without any complexities as well as utilities for users who wish to integrate payment APIs on their website.

Naijapay is also InstantSend enabled, meaning Dash transactions will be instantly confirmed, and the naira value credited to the receiver.
The Naijapay Platform would also advertise businesses who accept cryptocurrencies, this is in Naijacrypto’s vision to make the Local markets visible to the international community.

Even freelancers can advertise their business to an international community and receive payments easily.


According to Chiagozie Iwu, founder of Naijapay; “Naijapay is set to revolutionize the way Nigerian Businesses and freelance workers receive payments. Gone are the days when payment methods hindered market reach”.

This is a much-needed utility in the Nigerian business space
and also good news to the Nigerian crypto community in their push for more crypto adoption
mechanisms.

Continue Reading

Exchange

Luno to hire over 200+ people, Plans Global Expansion to reach 1bn people by 2030

Published

on

Co-Founder and CEO of leading cryptocurrency exchange, Luno has revealed the firm is looking to hire over 200 personnel. 

This was revealed via a tweet on the 19th of November, 2020. In the twitter post, the CEO, Marcus Swanepoel said Luno was looking at getting 200+ people and anyone who wants to help the firm upgrade the world to a better financial system should keep an eye on its job portal. 

Luno CEO, Marcus Swanepoel

Mr.  Marcus also tweeted about the plan of getting the Luno brand to 1 billion people by the year 2030.

Read also: How a First Time Bitcoin Trader Made 10% Profit in 10 Days on Luno. 

Continue Reading

Exchange

Kucoin’s Web Traffic Drop by Almost half in October After Hack

Published

on

Cryptocurrency exchange Kucoin experienced a drop in its web traffic in the month of October by almost half. The report which was compiled by ICO_Analytics reviewed the web traffic data of 20 top cryptocurrency exchanges for the month.

According to the report, Kucoin experienced web traffic of 1.7 million in the month however, that figure represented a significant reduction in its web traffic when compared with the previous month, September.

The report revealed the exchange experienced a 45% loss in web traffic in the month of October. The likely reason was the attack which occurred on the exchange in late September, which saw the exchange halt significant operations. The hackers were able to withdraw huge some of funds running in hundreds of millions of dollars in several cryptocurrencies such as Bitcoin, Stellar and multiple ERC-20 tokens

Immediately the news of the security breach broke out, industry participants rally round support the thwarting of the hackers plan by freezing stolen cryptocurrency, upgrading contracts to render the some of the stolen funds useless etc. 

With this measures, the CEO of Kucoin Johnny Lyu has revealed the exchange has been able to recover the 84% of the stolen funds and will published the case when it is closed as directed by law enforcement. Johnny Lyu also revealed the exchange has resumed full service for the 176 tokens affected and all others are scheduled to be reopened before September, 22nd.

In a tweet published hours ago, the CEO of Kucoin, said he was glad that the incident was dealth with in an open and transparent manner, always putting users first and it Kucoin looks forward to continue to safeguard users funds and bring more crypto hidden gems to the world as it always does.

Other than Kucoin, the report also revealed Uniswap saw a drop in web traffic of 25%, ZB.com  experienced a 32% drop in web traffic  while Huobi had a one-fifth decline in web traffic in the month of October, 2020.

Continue Reading
Advertisement
Advertisement

Trending