During the early morning hours of yesterday Sunday, a number of people noticed that the hacker of the Kucoin platform had begun to transfer a large amount of ERC20 tokens for configuration and exchange on the decentralized exchange platform Uniswap.
Initial estimates indicate that the Kucoin trading platform lost around $ 150 million.
On Sunday, the estimate was slightly higher, as the cryptocurrency community believes that over $ 200 million in cryptocurrencies has been stolen.
Kucoin CEO Johnny Liu explained the situation during a live broadcast filmed on Saturday and said that the Kucoin platform team continues to "evaluate the total value".
It is estimated that 1008 Bitcoins were stolen, along with 14,713 BSV, 26,733 LTC, 9,588,383 XLM, $ 14 million in Omni and EOS backed Thither, $ 153 million in Ethereum and ERC20 tokens, and more than 18 million XRP. .
During the early morning hours of Sunday, the hacker began taking advantage of Uniswap to exchange a large number of ERC20 coins.
One of the ERC20 coins obtained by the hacker is an “Ocean” coin and the suspect was exchanging the coin in split batches of 10,000 Ocean.
An observer on Twitter said that the hacker dumped the coin on Uniswap causing the price of the Ocean coin to fall 4% in less than an hour.
According to Mr. "Larry Cermak", head researcher at the "block" platform, who commented on the Ocean coin:
Given the low liquidity of this digital currency, it will collapse severely.
According to other trackers, "Ocean" lost a total of 10% during the early morning Sunday.
A large number of ERC20 coins were obtained by the hacker and investigators are monitoring the movements of these coins on the blockchain networks.
For your information, the coins obtained by the hacker are "Kucoin Alchemy", "Ampleforth", "V-ID", "Trace", "Utrust", "Digitex", "Synthetix" and other ERC20 coins.
Members of the “Ocean Protocol” team informed the public that the developers were aware of the latest moves by the Kucoin hacker.
The "Ocean" coin dumped the development team's intervention to freeze the coin's smart contracts.
The Ocean Protocol team wrote on Twitter:
As the first measure to protect Ocean coin holders, we have temporarily suspended smart contracts for Ocean
We'll be providing updates with more information in the coming hours.
Larry Cermak wrote on Twitter that:
After the hacker briefly stopped the spamming of the Ocean coin.
A high-profile incident like this could put the spotlight on regulators, especially if the swap continues.
Many Kucoin users believe the platform is handling the hack properly and commented on the situation during Johnny Liu's live broadcast on YouTube that following up from the platform and providing updates was transparent.
One user of the Kucoin platform commented:
Sorry that you went through this horrific scenario, and I hope the culprits get caught.
Kucoin says users will be compensated and the online trading platform will be back again in about a week.
Kucoin also indicated that it works with various cryptocurrency exchange platforms and blockchain networks and in cooperation with security and legal authorities.
The breach had limited effects on the cryptocurrency market in general, as the prices of Ethereum, Bitcoin and other major cryptocurrencies at the end of this week remained relatively stable after the Kucoin incident.
