No, KuCoin Crypto Exchange Was Not Hacked: Here’s the Latest Scoop
Specifically, Michael Gan (CEO of KuCoin) tweeted this:
The statement reads:
“Recently some other exchanges got invaded. Our security team monitored the hacker address at once and now we are trying to recover the stolen assets. I am here to call on all exchanges to pay attention to security construction, which is our main responsibility to users.”
After this was initially tweeted, many users interpreted the message to be a subtle admission that KuCoin itself had been breached by hackers. It appears that the phrase, “Our security team monitored the hacker address at once and now we are trying to recover the stolen assets”, is what prompted most to make the assumption that KuCoin had somehow compromised.
Replies to the initial tweet by Michael Gan were along the lines of:
Are you saying Kucoin is hacked?
— Tshepo (@IamCubeSOUL) March 26, 2019
@Narender_Nandy what does it mean??
— Neeraj Garg (@NeerajG22) March 26, 2019
Could you please fix the tweet, a lots of peoples think KuCoin got hacked. Thanks gan
— Ray (@Ray00047941) March 26, 2019
— Exit_SCUM (@EXIT_SCUM) March 26, 2019
— Green.Surgeon (@GreenSurgeon) March 26, 2019
After much confusion and speculation, Michael Gan took to Twitter just a short while later to state that KuCoin had not, in fact, been hacked:
Some Remaining Questions
Despite this much needed clarification (to the relief of many), there were still lingering questions in the community about the nature of Gan’s first tweet.
In specific, users were left wondering:
- What exchanges was Gan referencing when he stated that ‘some other exchanges got invaded’?
- What does Gan mean by ‘invaded’? Does this mean that there was a bug of some sort? A hack?
- Has Gan been in contact with the exchanges that were ‘invaded’?
- Does Gan plan on publicly releasing any information about these invasions for the benefit of customers that may be actively depositing their crypto assets at these exchanges? If not, why not?
- How much in assets, specifically, was lost and why was KuCoin a destination for these funds?
- What does Michael Gan mean when he states that KuCoin is ‘trying to recover the stolen assets’?
- What is the status of that asset recovery attempt?
These questions are extremely valid and hopefully KuCoin/Michael Gan will take it upon themselves to disclose greater information in the future about these matters.
Refusing to provide such information may lead the community to speculate even further about the nature of Gan’s tweets.