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KuCoin Hack: Culprits Transfer 800 BTC to Unknown Wallets

KuCoin Hack: Culprits Transfer 800 BTC to Unknown Wallets

Since the major KuCoin hack in 2020, cybercriminals have continued to move stolen BTC funds to various unknown wallets. Crypto and blockchain tracking service Whale Alert revealed over 800 BTC has been moved of late.

A series of tweets by Whale Alert have shown multiple BTC transfers conducted by KuCoin hackers. First off, 807 BTC ($10,840,727) at the time of transfer was moved to a new unknown wallet.

Source: Whale Alert
Source: Whale Alert

Prior to the above, two BTC transactions of stolen funds had been conducted by the cybercriminals.  In detail, 196 BTC (2,563,142 USD) and 5 BTC (65,387 USD) of stolen funds from the KuCoin exchange hack were also moved to other unknown wallets.

Regarding the BTC movements, it appears the KuCoin hack suspects have been moving the stolen funds to wallets instead of exchanges. The origin of the stolen funds amounting to 807 BTC was traced to multiple addresses. Therefore, this indicates that the hackers have no intention of selling the BTC stolen funds yet.

The movement of stolen funds by KuCoin hackers has grabbed a lot of attention in the crypto market. Apart from the BTC transfers, they also moved over a million XRP to various cryptocurrency exchanges in batches. For example, they made a number of transfers to the BYEX exchange. Questionably, the exchange is known for shutting its doors in June this year.

 Source: Whale Alert
Source: Whale Alert

Regardless of the KuCoin hack incident, Global CEO Johnny Lyu disclosed that:

Part of Bitcoin, ERC-20, and other tokens in KuCoin’s hot wallets were transferred out of the crypto exchange, which contained few parts of the total assets holdings.

KuCoin exchange has been posting updates regarding the hack that took place on September 26 this year. The exchange now allows deposits and withdrawals for BTC, ETH, and USDT stablecoin. This comes after upgrading wallet security for the aforementioned cryptocurrencies.

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