KuCoin Hackers Maintain Transferring Stolen Tokens To The Most Important DeFi Trade

After a significant hack at KuCoin cryptocurrency trade, cybercriminals proceed to maneuver stolen crypto to decentralized exchanges, or DEXes.

According to knowledge from crypto transaction monitoring service Whale Alert, KuCoin hackers maintain sending hundreds of {dollars} price of Synthetix Network Token (SNX) to Uniswap the most important decentralized finance (DeFi) protocol by whole worth locked.

On Sept. 28, the hacker accomplished one other batch of transactions transferring stolen funds from KuCoin and to main DEX Uniswap. According to knowledge from Whale Alert, the hackers despatched not less than $1.2 million price of stolen SNX tokens to the DEX in a sequence of 4 transactions as we speak.

Alongside utilizing Uniswap to ship stolen SNX tokens, KuCoin hackers additionally moved $5 million in Chainlink (LINK) and SNX to unknown wallets as we speak, in keeping with Whale Alert knowledge.

Following the KuCoin hack on Sept. 26, quite a lot of centralized exchanges have taken pressing measures to stop hackers from withdrawing the stolen funds, freezing as much as $129 million out of the estimated $200 million misplaced.

Dovey Wan, founding companion at blockchain-based funding firm Primitive Ventures, believes that the KuCoin hackers have been apparently DeFi noobs as a result of they first tried to promote the stolen tokens on the worlds largest centralized trade, Binance. The hacker who hacked Kucoin apparently is a Defi noob, tried to sell on Binance and didnt swap the tainted USDT on Curve, Wan mentioned.

Wan mentioned that DeFi could possibly be a useful instrument for hackers as a result of DeFi infrastructure is definitely composed of pure cryptocurrency mixers companies that permit customers to mix their cash with different customers as a way to protect their privateness:

All Defi infra are natural mixers with ultra low slippage […] Hackers with normal IQ will soon figure out, this is not some alpha leak and Defi infra is designed to serve all purposes […] If a hacker can hack a CEX, no point he/she has no idea how to successfully liquidate via DEX.

KuCoin Hackers Maintain Transferring Stolen Tokens To The Most Important DeFi Trade

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