Asian exchange – KuCoin got hacked yesterday and lost more than $150 million dollar worth of cryptos. Such kind of unfortunate events always trigger fear in the market. But it is now evident that crypto market is maturing to handle such kind of mishap.
First of all, bitcoin price did not get crazy when the KuCoin’s news got released. Only the KuCoin’s own token KCS saw some price fall but it also got recovered quickly when the CEO announced “all the losses will be paid”.
Following this news, crypto community came together to block all the moves of hacker. Binance’s CEO committed to all the help needed. Tether froze 13 million USDt that was linked with this hack; SNTR burned all those hacked tokens and announced to provide new token in replacement.
On-chain analysis, security audits and law enforcements are working together in freezing those hacked cryptos by tracing the wallet address movements.
We will keep updating you this news. Meanwhile stay safe out their by securely storing your assets. Use cold wallets like Ledger or Trezor.