Crypto Projects Froze 65% Of Funds From The Recent KuCoin Hack

Crypto projects froze about 65% of the funds from the recent KuCoin hack attack where more than 0 million was lost according to the data from the exchange.
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The true damage, however, could be greater as we are reading further in our crypto news today.

KuCoin, the popular crypto exchange got hacked on Friday and recently they disclosed additional suspicious addresses to which the hacker sent around $10.7 million worth of BTC but the total addresses with transferred funds according to the Singapore-exchange, reaches an amount lost of $203 million. At the same time, however, the crypto exchanges and crypto projects froze some of the stolen assets in order to minimize the damage and they did a good job.

Orion Protocol updated the smart contract to render $8.5 million stolen funds obsolete, Covesting froze about $520,000 and KArdiaChain invalidated $9 million worth of tokens. Velo Labs announced they will invalidate all of the 122 million VELO tokens stolen in the hack which are worth about $76 million. VIDT Datalink will freeze 14 million tokens that are worth about $6.4 million. SilentNotary will replace all of the tokens including the $94,692 affected, and Ocean Protocol as well paused the smart contract after the $8.6 million lost.

Tether, the company which produced the US-backed USDT stablecoin, froze $22 million worth of crypto. This means that the crypto projects have rendered obsolete or have frozen or intend to do so about $130 million of the stolen funds which is 65% of the haul according to the data by KuCoin. This makes it hard for the hack to sell these funds on secondary markets and crash the economies of the smaller tokens. Some of these assets have not been frozen yet and today the hacker started to launder some of them. the hacker sold a few thousand dollars worth of Ocean Tokens on decentralized exchanges in exchange for Ethereum and also trace amounts of Ampleforth which left the suspicious ETH wallet.

KuCoin is still out of $200 million at least but the company claimed that the hack attack was “small” and that the exchange will cover the losses thanks to their insurance fund. It estimated that withdrawals and deposits will return in a week. The CEO said although he cannot show how much of the company’s total assets were affected, the stolen fund’s amount is small for the exchange and that the company will cover all of the losses with the insurance fund.