It seems the hackers who recently robbed the centralised exchange Kucoin, one of the best cryptocurrency platforms of the world and based in Asia, precisely in Singapore, are selling off the stolen funds on decentralized platforms.
The cyber criminals took advantage of the private keys of an employer (that got leaked) and accessed more than $281M in different assets, most in ERC-20 format, and now are selling them in different exchanges (decentralized) around the space. Accordingly with Decrypt, the criminals almost sold $13M in this platforms and chooses Uniswap, Kyler, Dex.Ag among others to dump the coins stolen.
The news site is being guided by the blockchain analytics firms Elliptic who trace and record transactions happening on Blockchain, which accordingly to this firm the total value stolen on exchange is quite high than what the exchange informed and this funds transfer could be monitored online.
Projects who got their assets "ripped off" from the Kucoin platform could manage to freeze the Ethereum smart contracts and blacklist the funds that got robbed but not all the assets had same destiny, part of the funds stolen are in BTC (~1008 Bitcoins) which could not be frozen and anytime could be sold or exchanged by privacy tokens.
The launder of this $13M in decentralized exchanges are also raising some concerns about the unregulated status of this Platforms but in my thinking I believe that DEX are the best places to sell and exchange tokens,when cases like this happen (where criminals steal funds from customers in exchanges) the management company must approach to this Dex firms to let them know about the crypto stolen and together make efforts to freeze and blacklist those values (am pretty sure that is possible to do that) but seems that CEX aren't friendly to do that and what they do is to "point fingers" and try to create instability with this platforms.
It's a fact, Kucoin have been robbed, despite the funds being secured by insurance companies who will replace users assets, but it's needed that efforts could be made to track and investigate more about the incident and if possible arrest the responsible, the hackers will try to sell off more of this funds and together with blockchain firms, law enforcement, joint cryptocurrency platforms and community some of this assets could be saved (blacklist addresses, freeze funds...).
Cyber criminals will always be around, the more crypto space grows the more this bad actors will be around, with new tricks and sophistication than ever so it's needed to always act careful and protect your personal wallet with a stronger password and never giveaway your seed phrases.
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Take care.
Nice