KuCoin Hackers Continue to Move Stolen Funds to DeFi’s Largest Exchange Uniswap

After stealing a huge amount of funds in cryptocurrency from the major cryptocurrency exchange KuCoin, hackers are now continuously moving these stolen funds into the largest decentralized finance (DeFi) exchange Uniswap. According to the report from the Twitter bot Whale Alert, a large number of Synthetix Network Token (SNX) worth thousands of dollars is being transferred to the Uniswap exchange by KuCoin hackers.

$1.2 Million Worth of SNX tokens sent to the decentralized exchange

Recently, on September 26, hackers hacked the cryptocurrency exchange KuCoin and stole an amount of $150 million in Bitcoin (BTC), Ethereum (ETH), and some other ERC20 tokens. Now, Whale Alert has reported that these stolen funds are continuously being moved to the decentralized exchanges by hackers.

Most recently, an amount of $1.2 million worth of SNX tokens was sent to the decentralized exchange Uniswap. According to Whale Alert, this transfer was completed in four transactions that were made today in a series. Apart from this, within the duration of the last 24 hours, approximately $7 million in stolen funds in the form of SNX tokens was moved by hackers.

Not only hackers have been sending stolen funds to the decentralized exchange Uniswap but also they had shifted an amount of $5 million worth of LINK and SNX tokens into some unknown wallets as well, as per another tweet from Whale Alert. Furthermore, according to Etherscan, 130,000 OCEAN tokens were also dumped by hackers into an unknown wallet in thirteen different batches each consisting of 10,000 coins. Soon after OCEAN tokens were dumped, its price value decreased down immediately.

Hackers are DeFi noobs

Hackers have particularly chosen decentralized exchanges for moving their stolen funds. The Founding Partner at blockchain-based investment firm Primitive Ventures Dovey Wan said that hackers who hacked the KuCoin exchange seem to be DeFi noobs. According to Wan, they first made an attempt to sell these funds on the Binance cryptocurrency exchange.

“The hacker who hacked Kucoin apparently is a Defi noob, tried to sell on Binance and didn’t swap the tainted USDT on Curve.”

Leave a Reply

Your email address will not be published. Required fields are marked *