Cyber criminals were able to steal from the KuCion crypto and stole coins worth millions. On the evening of last Friday, KuCion crypto noticed unusual transactions from the wallet and then shut down the server and saved any remaining money in the wallet. Apparently, the attackers had succeeded in gaining access to the private keys of the wallet – the exchange left open the way in which they were compromised.
The wallet is not affected, said KuCion boss. The stolen money is therefore only a fraction of the available funds of the stock exchange. Crypto wallets usually have a small part of the managed funds available online, with which they run the current business. The majority is then in the wallet.
The exchange said that efforts have already been made to decrease the damage and that numerous token issuers and other trading venues have been contacted. Some of the stolen tokens would be invalidated and crypto money would be added to blacklists so that the perpetrators cannot exchange their money on other exchanges.
KuCion Assumes Damage
Customers don’t have to worry about their money, all damage will be reimbursed. KuCion crypto uses an insurance fund that was set up two years ago for such cases. It could take around a week for normal stock to restart with withdrawals. In general, crypto wallets are always a popular target for hacker attacks.
In an update, KuCion reports that funds in their wallets are safer. Trying to reassure angry investors, KuCion stated, “If user funds are affected by this incident, it will be fully covered by KuCion and our insurance fund. “KuCion, which prides itself on being the most advanced and secure crypto exchange, said it will suspend withdrawals in order to pave the way for a thorough security review.