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Since the recent Kucoin hack, the crypto community has been waiting for the hacker to move the funds. During the early hours of the morning (ET) on Sunday, a number of people noticed that the hacker Kucoin started moving a large amount of ERC20 tokens to connect with the decentralized exchange (dex) Uniswap.
Cryptocurrency exchange Kucoin was hacked on September 25, 2020, and early estimates claimed that the trading platform lost around $ 150 million. On Sunday, the estimate is a bit broader, as the crypto community believes more than $ 200 million in cryptocurrencies have been stolen.
Kucoin CEO Johnny Lyu explained the situation during a live stream shot on Saturday and said the Kucoin team is continuing to “evaluate the total value”.
Estimates say 1,008 BTC was stolen, along with 14,713 BSV, 26,733 LTC, 9,588,383 XLM, Omni and EOS based tether (USDT) worth $ 14 million, $ 153 million ether and ERC20 and over 18 million by XRP.
During the early morning hours on Sunday, the hacker began to leverage the Uniswap dex to trade large numbers of ERC20s. One particular ERC20 that the hacker got is the data token called “Ocean” and the suspect was trading the token in 10k batches. A Twitter observer She said the hacker reduced the price of the Ocean token by 4% “in less than an hour”.
“Due to the lack of liquidity for this token, it will cause it to collapse,” added the individual. Other observers She said The ocean lost a total of 10% during the morning landfill (ET).
A large number of other ERC20s have been obtained by the hacker, and armchair investigators are watching the onchain activity closely. Tokens obtained by hacker Kucoin include Alchemy, Ampleforth, V-ID, Trace, Utrust, Digitex, Synthetix, and many more.
Ocean Protocol team members informed the public that the developers were aware of the latest moves by the Kucoin hackers. Ocean dumping has relied on the development team to freeze the Ocean token contract.
“As a first step to protect Ocean token holders, we have suspended the Ocean contract,” the Ocean protocol team tweeted. “We will update the community with more information in the coming hours.”
Research Director of The Block Crypto, Larry Cermak, also wrote about the event on Twitter, while watching Uniswap download in real time. After the hacker briefly stopped dumping Ocean tokens, Cermak stressed out that a “high-profile incident like this could bring Uniswap into the spotlight of regulators. Especially if the exchange continues. “
Many of Kucoin’s clients seem to believe that the exchange is handling the hack correctly and commented on the situation during Johnny Lyu’s live stream on Youtube. An XRP supporter claimed that Kucoin was “really transparent”.
“Good for Kucoin,” added the individual. “I’m sorry you faced this nightmare scenario, I hope the writers get caught.”
Kucoin says clients will be refunded and the trading platform will be back online in about a week. Kucoin also noted that he has worked with various blockchain exchanges and networks, along with law enforcement officials.
The hack had very limited effects on the crypto economy, in general, as the prices of ETH, BTC and other major crypto assets this weekend remained relatively stable following the Kucoin crash.
What do you think of the hacker Kucoin who downloads on Uniswap? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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