In a recent tweet, KuCoin CEO Johhny Lyu said that he has “substantial proof” for the hackers who were responsible for a massive $281 million hack of the exchange. The hack occurred on September 26.
“After a thorough investigation, we have found the suspects of the 9.26 #KuCoin Security Incident with substantial proof at hand. Law enforcement officials and police are officially involved to take action.”
The hack occurred on September 26 when hackers leaked private key access to the wallets owned by the exchange. KuCoin noted that it has enough cash in its bank to cover the losses. After the hack took place, some crypto projects actively worked to freeze the stolen assets or render them useless. Some of the blockchains were updated specifically for this purpose,
According to Lyu, at least 72% of the money is not in the control of the suspicious addresses. The hackers sold $13 million worth of cryptocurrencies on decentralized exchanges. On October 1, he announced the recovery of $64 million from the suspicious addresses. The total value of recovered assets in the hack is $204 million.
On September 30, he acknowledged the hack and said that the 3-year old exchange never adopted lax security measures but was still not able to dodge the hack. After the hack, KuCoin paused deposits and withdrawals for the customers. The exchange has slowly started opening up and currently supports deposits and withdrawals for 31 crypto assets, including Bitcoin, Ethereum, and Tether.
KuCoin became the first major case where decentralized exchanges were used to launder funds. According to blockchain research firm Chainalysis, the funds went through mixing services and decentralized exchanges to hide their tracks. It suggests that the hackers stole 1,008 BTC in the attack which was split into two wallets. One of the wallets held 875 BTC which came via centralized exchanges, bought with altcoins stolen in the hack. Of these coins, roughly 683 BTC were sent to mixing services.
China Advertises Crypto, New Bitcoin Addresses Hit 2-Year Highs
The latest data indicates that 22,000 new entities created in one day as one analyst suggests that the added volume will result in price gains. Possibly, China could be behind the huge spike in new Bitcoin (BTC) addresses as the authorities in the country launched a “targeted marketing campaign” favoring cryptocurrencies.
Coming in a series of tweets on October 5, Cole Garner, a market analyst, and market cyclist published a 2-year record increase in the new bitcoin addresses in the past week. While referring to data from on-chain monitoring resource Glassnode, Garner was quick to note that almost 22,000 new bitcoin entities appeared in a single day. Reliable data shows that the normal level is 5,000 to 10,000 every day.
He summarized in the comments:
“New #bitcoin addresses were absolutely off the charts last week.”
Garner was adding his voice to other recent analyses from statistician Willy Woo. In late September, Woo explained what he termed as:
“a spike in activity by new participants coming into BTC not yet reflected in the price.”
Garner believes that new addresses are an important volume indicator and price action is expected to follow as indicated historically by the Glassnode data. “Volume precedes price,” he wrote.
For now, the source of these new addresses cannot be determined with certainty, But, China forms Garner’s best bet. Analysts viewed it as a widely-reported media campaign in the final week of September termed crypto as the best-performing asset of 2020. He wrote in a further tweet:
“Last week the Chinese government began a coordinated marketing campaign to focus Chinese retail investor psyche on crypto. Yes, this is really happening.”
This move caught the attention of Dovey Wan, Primitive founding partner. He described the Chinese state media campaign as ‘curious’. At the time, she commented:
“It’s rare for such a coordinated effort.”
Traditionally, China has been seen as a hostile environment with regards to consumers’ ability to engage with crypto. A ban from 2017 still holds in place with transactions confined to over-the-counter (OTC) trades despite mining activities openly continuing.
According to previous reports, in the meantime, the bullish on-chain metrics for Bitcoin keeps on multiplying. Woo is among those who are calling for a breakout independent of the traditional markets, especially gold, soon.
Coincheck and Dapper Labs to Bring CryptoKitties and other World-Class NFTs Backed by the New Flow Blockchain to Mainstream Japanese Audiences
Coincheck takes a big step in developing its NFT marketplace by partnering with Dapper Labs, the company building accessible sports, entertainment and consumer experiences on blockchain technology
VANCOUVER, BC, Oct. 6, 2020 /PRNewswire/ – Coincheck, Inc., one of the leading cryptocurrency exchange platforms in Japan and subsidiary of the financial conglomerate Monex Group, Inc., and Dapper Labs, the company known for creating CryptoKitties and NBA Top Shot, today announced a collaboration that will introduce famously-successful and highly-anticipated non-fugingble tokens by Dapper Labs to Coincheck’s over 2.1 million users (As of August 31, 2020) .
Coincheck, in addition to being one of the largest digital currency exchange platforms in Japan, was also one of the earliest, and one of the first exchanges to have undergone and passed the rigorous FSA criteria for licensing. They are bringing this same level of dedication and rigor to the creation of their NFT marketplace, choosing to list NFTs by only the most reputable companies. Coincheck will be working closely with Dapper Labs to introduce many of the great IPs Dapper Labs has secured on Flow, Dapper Labs’ new blockchain, to the Japanese audience, starting with CryptoKitties.
“The Japanese art, comics, and gaming markets are some of the most vibrant in the world. The era of NFTs is still in its infancy, but the Japanese community has been one of the biggest supporters of digital collectibles,” said Mik Naayem, Chief Business Officer at Dapper Labs. “Through this important partnership with Coincheck, a pioneer in our space, we will be able to bring NFTs to a much wider and very passionate audience.”
“Dapper Labs has been trailblazing the development of NFTs and shares our vision of bringing forth their mainstream adoption in a secure and accountable way,” said Kensuke Amo, executive officer at Coincheck “We are proud to be partnering with a company that has done incredible work educating some of the most celebrated IP holders and that is building a blockchain that will allow our industry to scale.”
Coincheck, Inc. offers a diverse range of crypto asset services, including Coincheck, a crypto asset exchange service with the highest number of downloaded apps in Japan and more than 2.1 million users(*). With a mission to make the exchange of new values easier, Coincheck is working to develop better services created from crypto assets and blockchain. *As of August 31, 2020
About Dapper Labs
Dapper Labs is the company behind CryptoKitties and the Flow blockchain as well as upcoming titles like NBA Top Shot. Founded in 2018, Dapper Labs uses blockchain technology to bring new forms of digital engagement to fans around the world. Blockchain-enabled applications can bring fans closer with the brands they love, give people a real stake in the communities they contribute to, and create new ways for consumers to become creators themselves. Publicly-announced Dapper Labs partners include the NBA and NBPA, Warner Music Group, Ubisoft, and UFC. Notable investors in Dapper Labs include Andreessen Horowitz, Union Square Ventures, Venrock, Google Ventures, Samsung, and the founders of Dreamworks, Reddit, Coinbase, Zynga, and AngelList, among others.
SOURCE Dapper Labs, Inc.
Author: Dapper Labs, Inc.
India’s first B2B crypto trading exchange ‘DigitX’ starts operations
Author: BS Web Team