Bitcoin price unfazed after $150M hack of major exchange KuCoin

  KuCoin reported a major security breach on Sep. 26, affecting Bitcoin, Ether, and ERC20 hot wallets while BTC and ETH prices remain unfazed.

In an official statement, KuCoin Global CEO Johnny Lyu confirmed a major hacking attack on Sep. 26. 

The breach affected the firm’s Bitcoin (BTC), Ether (ETH), and ERC20 hot wallets, after private keys were leaked. Reports estimate the breach to have affected $150 million in user funds.

Following the security breach, the price of Bitcoin barely moved, however.

 Other major cryptocurrencies, including Ether and decentralized finance (DeFi) tokens also remain relatively unfazed by the hack.

A cryptocurrency exchange security breach historically led to market-wide sell-offs due to the fear of hackers potentially selling the proceeds.

But Tether (USDT) has moved quickly to suspend the transfer of assets that are linked to the security breach.

 Major exchanges, including Bitfinex, also froze USDT associated with the hack.

The swift response from Tether and top exchanges could prevent most of the funds from being moved by the hackers.

KuCoin contacts major exchanges, Tether and Bitfinex freeze $33m

According to Paolo Ardoino, the chief technical officer at Bitfinex and Tether, the two entities froze $33 million in total. 

If early estimates are accurate and $150 million were hacked, that represents 22% of the lost funds. He said:

 “Bitfinex froze 13m Tether USDt on EOS as part of the hack, Tether just froze 20M Tether USDt sitting on this Ethereum address https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23 as precautionary measure. Stay safe everyone!”

In the official statement, Lyu said KuCoin is now in contact with Huobi, Binance, OKEx, BitMax, and ByBit. The company also said it is cooperating with law enforcement and relevant blockchain projects.

Read the full topic at

https://cointelegraph.com/news/bitcoin-price-unfazed-after-150m-hack-of-major-exchange-kucoin