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.
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.