Hack Update: Over $13 Million of The Stolen KuCoin Funds Sold on Four DEXs


According to Elliptic, which helps track bitcoin and crypto-related transactions, the stolen funds from the cryptocurrency exchange KuCoin are being moved to the decentralized exchanges (DEX).

Just yesterday, another $6 million of the stolen tokens were sold.

As we reported last week, over 10 of the related crypto projects announced that they have frozen the stolen funds and performed the token swap to retrieve the funds.

As such, to sell the tokens before they were frozen by the issuers, the hacker tried to sell some of the tokens at two regular exchanges but, of course, was blocked.

The attacker then went to decentralized exchanges (DEXs), where smart contracts allow one crypto asset to be exchanged for another without going through a centralized service or KYC process.

The thief began to sell tokens on four popular DEXs; Uniswap, Kyber Network, DEX.AG, and Tokenlon and managed to swap nearly $13.3 million tokens for Ether successfully.

Source: Elliptic

Elliptic had confirmed that instead of $150 million first reported, $281 million were the actual amount of cryptocurrency stolen from the Asian exchange on Sept. 25, making the KuCoin hack the third-largest theft ever suffered by a crypto exchange.

Of the stolen assets, about $152 million was made up of ERC20 tokens, including USDT, LINK, and OCEAN.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide