KuCoin left its customers’ accounts on lockdown Tuesday as the exchange’s weekend hackers continued to slosh around millions of dollars in stolen cryptocurrency.
- Transaction tracing twitter account Whale Alert flagged 18.4 million XRP tokens ($4.5 million) flowing into a “hack wallet” on Tuesday morning eastern time.
- Hackers routed 17 million of that haul into a sub-wallet less than an hour later. Shortly after that, four batches of roughly four million tokens apiece flowed into yet more sub-wallets, where they appeared to sit at press time.
- The XRP is only a drop of the $281 million in cryptocurrencies (especially bitcoin, Tron tokens, Stellar tokens and Ethereum tokens) that tracing firm Elliptic estimated was stolen from KuCoin over the weekend.
- Ethereum-based tokens in particular dominate the haul. Hackers made off with $150 million total in tether, chainlink and other Ethereum-based tokens, Elliptic said.
- The hackers have largely failed to sell those tokens on closely guarded centralized exchanges which quickly flag and often block hacked funds.
- Still, by Monday, Elliptic said that hackers had already flipped millions of stolen tokens for $7.5 million in ethereum (ETH) on decentralized exchanges (DEX) Kyber Network and Uniswap.
- Elliptic, which is now eyeing that ETH, said in its Monday blog post that the laundering will likely continue on DEXs.
- KuCoin maintained its post-hack deposit and withdrawal freeze well into Tuesday. It began cancelling previously scheduled programming (including a trading competition) as a result.
https://www.coindesk.com/kucoin-crypto-hack-laundering
