{"id":274526,"date":"2020-09-30T06:51:59","date_gmt":"2020-09-30T10:51:59","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=274526"},"modified":"2020-09-30T06:51:59","modified_gmt":"2020-09-30T10:51:59","slug":"wallet-freeze-maintained-at-kucoin-as-hackers-start-laundering-stolen-crypto","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/wallet-freeze-maintained-at-kucoin-as-hackers-start-laundering-stolen-crypto","title":{"rendered":"Wallet Freeze Maintained At KuCoin As Hackers Start Laundering Stolen Crypto"},"content":{"rendered":"

The KuCoin weekend hackers continue to move millions of stolen crypto tokens around as KuCoin keeps the accounts of its clients on lockdown.<\/p>\n

Moving And Laundering<\/strong><\/h2>\n

Whale Alert, the transaction tracing twitter account, flagged a staggering 18.4 million XRP (Worth $4.5 million\u201d has flowed into a hack wallet. This occurred this Tuesday morning, Eastern time. Alongside this, 10,000,000 AGI, worth $550,234, moved to an unknown wallet from the KuCoin Hack<\/a>. Further hack-related transactions are for 1,002,849 ELF ($101,451) and 4,105,295 CVC ($111,477).<\/p>\n

Less than an hour after the hackers routed the XRP, 17 million of that crypto was shunted to another sub-wallet in less than an hour. Four batches, about three million XRP apiece, were then shunted into more sub wallets, with the process doubtlessly going on further.<\/p>\n

Some Bumps In The Plan<\/strong><\/h2>\n

Even with all the XRP, it is only a drop of the stolen crypto the hackers managed to run off with, now estimated to be worth $281 million in crypto. A large portion of these stolen funds consists of Tron, Bitcoin<\/a>, Ethereum<\/a>, and Stellar tokens. Elliptic, a crypto trading firm, had estimated all of this funding stolen over the weekend.<\/p>\n

\"\"<\/a><\/p>\n

Tokens based on Ethereum stand as the lion\u2019s share of the haul, making off with $150 million in ERC-20 tokens<\/a>, such as Chainlink, Tether, and more.<\/p>\n

However, in a small saving grace, the hackers are having trouble to dump these tokens, especially with the closely-guarded centralized exchanges. These exchanges can quickly flag, often blocking, wallets that had illegal funding moved to.<\/p>\n

Laundering Going Slowly; KuCoin Still In Lockdown<\/strong><\/h2>\n

Even so, by Monday, Elliptic had estimated that the hackers had managed to flip millions in stolen tokens, laundering it for $7.5 million in Ethereum (ETH). They did this through decentralized exchanges (DEXs), such as Uniswap and Kyber Network.<\/p>\n

Elliptic had made a blog post<\/a> about the matter at large on Monday, and explained that it was eyeing that ETH. Furthermore, they suspected that the laundering process will still continue on various DEXs.<\/p>\n

KuCoin, in the meantime, has staunchly maintained its withdrawal and deposit freeze since Tuesday, and has been forced to cancel previously-scheduled programming, as a result. A prime example of this would be a trading competition that got booted due to all of this.<\/p>\n

With any luck, all of this can be resolved in due time. KuCoin will take a hit for this, no doubt about that, but hopefully, it can recover in such a way that it doesn\u2019t lose too much of its clientele.<\/p>\n","protected":false},"excerpt":{"rendered":"

The KuCoin weekend hackers continue to move millions of stolen crypto tokens around as KuCoin keeps the accounts of its clients on lockdown. Moving And […]<\/a><\/div>","protected":false},"author":1717,"featured_media":249122,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[734,7598,7599,7893,7591],"class_list":["post-274526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-crypto","tag-market","tag-trading","tag-xrp"],"acf":[],"yoast_head":"\nWallet Freeze Maintained At KuCoin As Hackers Start Laundering Stolen Crypto<\/title>\n<meta name=\"description\" content=\"KuCoin will take a hit for this, no doubt about that, but hopefully, it can recover in such a way that it doesn\u2019t lose too much of its clientele.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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