Source
Kucoin which is a Singapore-based Cryptocurrency Exchange was apparently hacked and funds worth about 150 Million Dollars were stolen. Even though this hack took place quite a time ago I waited for official information before writing about it. So the hackers took a bunch of tokens from their Hot Wallets like USDT, VELO, SNTR, ORN, KAI, and many others. Once the news broke the Exchanges native token which is Kucoin Shares dropped a little but is on a recovery path right now. But what I am really impressed by is how the team of Kucoin has reacted to this setback.
They have immediately contacted officials of the Cryptocurrencies and notified them of the hack and asked help from them which I believe was the right move. Then they have also been constantly keeping their users updated with what's going on and what the actual progress is about the recovery of funds. I believe their response was most definitely awesome and how they are tackling it as well.
Now there is one more small thing to talk about and that is all the negative articles that have been popping up lately which are only showing the loss of 150 Million Dollars but not talking about what Kucoin is doing to get the funds back. So yeah whenever you come across such articles please do a fact check them so that you don't promote the wrong information. Sometimes these small things are meant to be targeted to get token value towards low.
