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Blockchain Blockchain

Bitfinex CTO Defends the Freezing of Millions of USDT in Wake of KuCoin Hack

Republished By Plato Republished By PlatoTime Stamp: September 27, 2020

Following the KuCoin hack, Tether has frozen 20 million USDT sitting on an Ethereum address and Bitfinex froze 13 million USDT on EOS, according to Bitfinex CTO Paolo Ardoino. Another 1 million USDT was frozen on Omni and 1 million USDT on Tron.

In an announcement posted on its website, KuCoin revealed that it is currently monitoring several addresses linked to the hack. It is also collaborating with several exchanges and projects to halt the movement of the stolen coins and recover them where possible.

KuCoin on Sept. 25 suffered a devastating hack,  losing an estimated $150 million from its hot wallet. Speaking on his Twitter account yesterday, Ardoino gave several updates regarding freezes of potentially stolen USDT on Omni, TRON and EOS chains, as the crypto ecosystem scrambles to contain the situation.

One trader pointed out that it was a slippery slope for Bitfinex to freeze the USDT, asking what is to prevent them from stopping there. The Bitfinex CTO was quick to defend the move, saying that Tether is a centralized stablecoin with obligations to “users, regulators and law enforcement.”

Bitfinex CTO Defends the Freezing of Millions of USDT in Wake of KuCoin Hack Blockchain, Blockchain PlatoAiStream PlatoAiStream. Data Intelligence. Vertical Search. Ai.Bitfinex CTO Defends the Freezing of Millions of USDT in Wake of KuCoin Hack Blockchain, Blockchain PlatoAiStream PlatoAiStream. Data Intelligence. Vertical Search. Ai.
Source: Twitter
Bitfinex CTO Defends the Freezing of Millions of USDT in Wake of KuCoin Hack Blockchain, Blockchain PlatoAiStream PlatoAiStream. Data Intelligence. Vertical Search. Ai.Bitfinex CTO Defends the Freezing of Millions of USDT in Wake of KuCoin Hack Blockchain, Blockchain PlatoAiStream PlatoAiStream. Data Intelligence. Vertical Search. Ai.
Source: Twitter

Cross-Platform Cooperation

In the meantime, KuCoin confirmed that it is working with other exchanges to track the stolen funds. These exchanges include Binance, Huobi, OKEx, Bybit, Upbit, Bibox, Gate, MXC, BitMax, BigONE, BKEX, BitZ, HBTC, Hoo, Crypto.com, Bingbon, Renrenbit, LBank, Max/Maicoin, CoinW, Bibo, and Bitrue.

Speaking on a livestream on Sept. 26, KuCoin Global CEO Johnny Lyu stated that the following addresses are suspicious and are being monitored:

  • ETH: 0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23
  • BTC: 1NRsEQRg5EjmJHbPUX7YADVPcPzCQBkyU7
  • LTC: LQtFoidy5TmLrPP77MZzgMRffqPsmRfMXE
  • XRP: r3mZvvHVLPtRWAujzBsAoXqH11jhwQZvzY
  • BCHSV: 15mC7zKbLyErSKzGRHpy6gyqS7GyRpWjEi
  • XLM: GBM3PJWNB5VKNOFXCDTTNXPMUNBMYTLAAPYDIIKLHUGMKX7ZGN2FNGFU
  • USDT: 1NRsEQRg5EjmJHbPUX7YADVPcPzCQBkyU7
  • TRX: TB3j1gUXaLXXq2bstiSMfjQ9R7Yh9DdDgK

Velo Labs on Sept. 26 revealed that it will invalidate all VELO tokens moved to the suspicious addresses and replace all of them.

Reactions to the Hack

Despite the nature of the attack, which worked by compromising the exchange’s hot wallet private keys, KuCoin insists that user data is safe and insurance will cover any losses. At press time, it is unclear exactly how many users have been affected and to what extent. But anecdotal evidence from Reddit does not suggest that substantial user losses have been recorded yet.

In a screenshot posted on Twitter showing what appears to be KuCoin Senior Partner Alicia Kao speaking to users in a KuCoin Telegram Channel. She reassures them that their funds are safe and the exchange is investigating the hack.

In the meantime, TRON founder Justin Sun has also reacted to the developing situation, offering his sympathy to KuCoin and pledging to assist in recovering stolen funds.

BeinCrypto will bring more updates as the story develops.

Advertisement

Source: https://beincrypto.com/bitfinex-cto-defends-the-freezing-of-millions-of-usdt-in-wake-of-kucoin-hack/

$USDT Account All announcement Bibox Binance Bitfinex blockchain ceo Coins Crypto Crypto ecosystem Crypto.com CTO data EOS Ethereum exchange Exchanges founder Freeze funds Global Hack How HTTPS Huobi insurance IT Justin Sun keys Kucoin Labs Law law enforcement million monitoring move offering OKEx Omni Other partner press private Private Keys Projects Recover reddit Regulators safe stolen Tether time Tokens TRON Twitter Upbit Updates users Wallet Website What is YouTube

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DeFi protocol Paribus announces the launch of their testnet MVP, the beginning of a new approach to DeFi. Secure, trustless, and truly decentralized, Paribus users will be able to borrow against previously illiquid digital assets such as NFTs. Put simply, Paribus is a cross-chain, DeFi borrowing and lending protocol. With the unique selling point of allowing exotic assets like NFTs, LP tokens, virtual lands and synthetics to be used as collateral for loans. The platform will also utilize standard crypto assets. Being cross-chain, Paribus will be on multiple chains but

World’s biggest deal for Humanoid Robots inked

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Time Stamp: August 4, 2022 11:55 AM - Modified On: August 4, 2022 - Published By:
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Robotics innovator Beyond Imagination, Inc. has entered into an agreement with SELF Labs, Inc. to provide at least 1,000 humanoid robots for use in agricultural “grow boxes''. This is believed to be the largest deal of its kind. SELF and Beyond are announcing a partnership to develop automated off-the-grid grow boxes. Each box will be equipped with solar panels, windmills, atmospheric water generators, 5G, and an advanced version of Beyond Imagination’s Beomni™ robot with its Omni-Purpose AI Brain. By aligning the visions of Milan Cheeks of SELF and Dr. Harry

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