Recent KuCoin Hack Could Be The 3rd Biggest In Crypto History: Report

The recent KuCoin hack could be the third largest in the crypto history as the latest reports show that the stolen amount is worth $280 million instead of the initial $150 million so let’s find out more in the crypto news today.

The newly gathered data suggests that the hackers that recently compromised the hot wallets of the KuCoin exchange could have taken more than the initial estimation of $150 million. Considering the updated numbers, the recent KuCoin hack could be the third largest in history with about $280 million stolen. As reported recently, an unknown group of hackers exploited the hot wallets of the exchange and the platform instantly issued an official statement informing that the total amount was stolen reached $150 million worth of different digital assets. Furthermore, KuCoin guaranteed that the hack was small and that the insurance fund of the platform will cover for the lost digital assets.

However, the stolen amount could be much higher according to the popular crypto researcher Larry Cermak. By examining the wallets, he estimated that the amount is probably $280 million instead of the initial $150 million. He admitted that some of the tokens were frozen, blacklisted, or forked but the numbers don’t reflect that. Cermak questioned KuCoin’s ability to cover the stolen funds from the insurance fun as well. He offered a list of the coins that will be recovered- Velo $76 million, Tether $22 million, Orion $10 million, Ocean Protocol $9 million, VIDT Datalink $7 million, Covesting $600,000 which equals about 50% of the stolen funds.

If this data is accurate, the KuCoin hack will be the third-biggest hack to date in the crypto field. The most significant one came in 2018 when the Japanese exchange Coincheck crashed. After announcing that the platform seized all of the NEM deposits, Coincheck froze all of the NEM sales and withdrawals. Later on, the exchange confirmed that the hackers swiped about $535 million worth of NEM tokens and all of the stolen funds were taken again from the hot wallets.

The second biggest hack happened on Mt.
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Gox in 2014 when the platform suspended all transactions and declared bankruptcy. A few months later, it became clear that the exchange was hacked for 850,000 BTC worth about $460 million at that time. According to a Tokyo-based security company that showed evidence of the hack, most of the missing bitcoins were stolen right out of the hot wallet of the exchange.