US$ 130 million of KuCoin hack will be frozen by cryptomoeda companies

KuCoin, a hacked crypto brokerage firm on Friday (25), revealed other „suspicious addresses“ to which a hacker sent about US$10.7 million in Bitcoin.

Adding up all the crypto addresses shared by the Singapore based exchange, the total amount lost in the hack is $203 million. (The real damage may be greater if KuCoin shares additional addresses).

But at the same time, Bitcoin Trader companies and projects have frozen some of the stolen assets to minimize the damage. And they’ve done a pretty comprehensive job.

Orion Protocol updated its smart contract to make $8.5 million in stolen tokens obsolete, Covesting froze the $520,000 stolen, and KardiaChain invalidated $9 million in tokens.

Velo Labs has announced that it will invalidate all 122 million stolen VELO tokens in the hack, worth about $76 million. VIDT Datalink will freeze 14 million VIDT, worth around US$ 6.4 million. SilentNotary will replace all its tokens, including the $94,692 affected, and Ocean Protocol has paused its smart contract after the loss of $8.6 million.
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Tether, responsible for the USDT token, has frozen US$ 22 million.

This means that the companies or persons behind cryptomorph projects have frozen or made obsolete about US$ 130 million in stolen funds, or 65% of the total so far, according to information released by KuCoin. This makes it difficult for the hacker to sell these funds in secondary markets and ruin the fragile economies of smaller tokens.

Despite the effort, some of these assets have not yet been frozen and today the hacker has begun to launder some of the money. The hacker sold a few thousand dollars in Ocean tokens at the Uniswap decentralized exchange in exchange for Ethereum, and traces of Synthetix and Ampleforth also left the Ethereum portfolio suspicious.

Despite all this, Kucoin claims that its security fund is large enough to cover losses and reimburse all users. He estimates that withdrawals and deposits will return within a week.