Singapore-based cryptocurrency exchange KuCoin discloses hack that emptied its hot wallets Follow Oct 07, 2020 · 1 min read
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New hacking in the crypto coin ecosystem. The KuCoin exchange service confirms a hack that has emptied all its hot wallets of Bitcoin, Ethereum and other digital coins.

A new incident related to the robbery of cryptomontages has taken place this week. The Singapore-based exchange service, KuCoin, has been hacked.

In a statement released today, KuCoin confirms that all of its hot wallets from Bitcoin, Etherium, and other cryptomontages have been stolen, with an estimated value of $150 million. Their cold wallets are safe.

Kryptomonas work like cash. They are not associated to a person, but the owner is the one who has them in his digital wallet. There are hot wallets, which are connected to the Internet, and therefore vulnerable to hackers, and cold wallets, which are stored on hard disks, pendrives or PCs not connected to the Internet and cannot be hacked, unless they are physically stolen.

KuCoin is a crypto currency exchange service. It serves to buy and sell different types of digital currencies, or exchange them for each other.

For its buying and selling operations and exchange KuCoin uses hot purses (connected to the Internet) as intermediate tools to carry out the transfer of cryptomoney between its customers.

According to the statement, last September 25th KuCoin detected a complete emptying of these wallets, which led them to turn off the servers.

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