rce_url":"https://coinfomania.com/wp-content/uploads/trend-banner-3657a572-03cc-4eaf-baf7-d66f06f1605d-1783299274114.webp"},"medium_large":{"source_url":"https://coinfomania.com/wp-content/uploads/trend-banner-3657a572-03cc-4eaf-baf7-d66f06f1605d-1783299274114-768x432.webp"}},"source_url":"https://coinfomania.com/wp-content/uploads/trend-banner-3657a572-03cc-4eaf-baf7-d66f06f1605d-1783299274114.webp"}}],"wp:term":[{"id":5,"name":"News","slug":"news"}]},"tag":null,"postCategoriesList":{"id":5,"name":"News","slug":"news"},"title":{"rendered":"Circle’s USDC Minting Surge Signals Growing Demand for Stablecoins"},"slug":"circles-usdc-minting-surge-signals-growing-demand-for-stablecoins","readTime":"2 Min","date":"2026-07-06 06:25:18","date_gmt":"2026-07-06 00:55:18Z","modified_gmt":"2026-07-06 00:55:18Z","authors":[{"user_id":2366,"slug":"ayanfe","avatar_url":"https://secure.gravatar.com/avatar/b437095d4ebe131bd08bd9c478e956962ce2e0744c8727e2bf3a075b17c0cb08?s=96\u0026r=g","display_name":"Ayanfe Fakunle","description":"Ayanfe Fakunle is an expert content writer, journalist, and editor at the intersection of crypto, finance, and web3. His mission is to make crypto accessible, engaging, and exciting for everyone.","job_title":"Author","twitter":"prince_ayanfe","instagram":"","linkedin":"https://www.linkedin.com/in/ayanfe","facebook":""}],"category":"News","excerpt":null}],"pageAlternates":[{"hrefLang":"en","href":"https://coinfomania.com/kucoin-hacked-with-large-btc-erc-20-tokens-gone/"},{"hrefLang":"x-default","href":"https://coinfomania.com/kucoin-hacked-with-large-btc-erc-20-tokens-gone/"}],"type":"post","menus":{"main":[{"ID":32421,"title":"Price \u0026 Charts","url":"","isMenuBar":"0","menu_order":1,"subMenus":[{"ID":382043,"title":"Bitcoin (BTC)","url":"/btc","isMenuBar":"32421","menu_order":2},{"ID":382044,"title":"Ethereum (ETH)","url":"/eth","isMenuBar":"32421","menu_order":3},{"ID":382045,"title":"Ripple (XRP)","url":"/xrp","isMenuBar":"32421","menu_order":4},{"ID":382046,"title":"Solana (SOL)","url":"/sol","isMenuBar":"32421","menu_order":5},{"ID":382047,"title":"Cardano (ADA)","url":"/ada","isMenuBar":"32421","menu_order":6}]},{"ID":10063,"title":"Crypto News","url":"/news/","isMenuBar":"0","menu_order":7,"subMenus":[{"ID":393984,"title":"Bitcoin (BTC) News","url":"/btc/news/","isMenuBar":"10063","menu_order":8},{"ID":393987,"title":"Ethereum (ETH) News","url":"/eth/news/","isMenuBar":"10063","menu_order":9},{"ID":393988,"title":"Ripple (XRP) News","url":"/xrp/news/","isMenuBar":"10063","menu_order":10},{"ID":393989,"title":"Solana (SOL) News","url":"/sol/news/","isMenuBar":"10063","menu_order":11},{"ID":393990,"title":"Cardano (ADA) News","url":"/ada/news/","isMenuBar":"10063","menu_order":12}]},{"ID":376041,"title":"Crypto Predictions","url":"/btc/predictions/","isMenuBar":"0","menu_order":13,"subMenus":[{"ID":382040,"title":"BTC Prediction","url":"http://coinfomania.com/btc/predictions","isMenuBar":"376041","menu_order":14},{"ID":376040,"title":"XRP Prediction","url":"/xrp/predictions","isMenuBar":"376041","menu_order":15},{"ID":376042,"title":"ETH Prediction","url":"/eth/predictions","isMenuBar":"376041","menu_order":16},{"ID":376043,"title":"SOL Prediction","url":"/sol/predictions","isMenuBar":"376041","menu_order":17},{"ID":376044,"title":"ADA Prediction","url":"/ada/predictions","isMenuBar":"376041","menu_order":18}]},{"ID":393991,"title":"Crypto Converter","url":"#","isMenuBar":"0","menu_order":19,"subMenus":[{"ID":393992,"title":"BTC To USD","url":"/btc/usd/","isMenuBar":"393991","menu_order":20},{"ID":393993,"title":"ETH To USD","url":"/eth/usd/","isMenuBar":"393991","menu_order":21},{"ID":393994,"title":"SOL To USD","url":"/sol/usd/","isMenuBar":"393991","menu_order":22},{"ID":393995,"title":"DOGE To USD","url":"/doge/usd/","isMenuBar":"393991","menu_order":23},{"ID":393996,"title":"XRP To USD","url":"/xrp/usd/","isMenuBar":"393991","menu_order":24}]}],"footer":[{"ID":385569,"title":"Legal Pages","url":"/","isMenuBar":"0","menu_order":1,"subMenus":[{"ID":385649,"title":"Privacy Policy","url":"/privacy-policy/","isMenuBar":"385569","menu_order":2},{"ID":385652,"title":"Disclaimer Policy","url":"/disclaimer-policy/","isMenuBar":"385569","menu_order":3},{"ID":385571,"title":"Ethics Policy","url":"/ethics-policy-for-coinfomania/","isMenuBar":"385569","menu_order":4},{"ID":388201,"title":"Editorial Policy","url":"/editorial-policy/","isMenuBar":"385569","menu_order":5},{"ID":385570,"title":"Diversity Policy","url":"/diversity-policy-for-coinfomania/","isMenuBar":"385569","menu_order":6},{"ID":385572,"title":"Corrections Policy","url":"/corrections-policy-for-coinfomania/","isMenuBar":"385569","menu_order":7},{"ID":385632,"title":"Diversity Staffing Report","url":"/diversity-staffing-report-coinfomania/","isMenuBar":"385569","menu_order":8},{"ID":385633,"title":"Actionable Feedback Policy","url":"/actionable-feedback-policy-for-coinfomania/","isMenuBar":"385569","menu_order":9},{"ID":385634,"title":"Ownership and Funding","url":"/ownership-and-funding-information-for-coinfomania/","isMenuBar":"385569","menu_order":10}]}]},"trendingNews":[{"id":845831,"title":"Ethereum\u0026#8217;s Bridged ETH to Robinhood Chain Surges — What It Means for Demand","url":"https://coinfomania.com/ethereums-bridged-eth-to-robinhood-chain-surges-what-it-means-for-demand/","slug":"ethereums-bridged-eth-to-robinhood-chain-surges-what-it-means-for-demand","featured_image":"https://coinfomania.com/wp-content/uploads/trend-banner-45bf9313-1801-4134-9b48-de881a947cde-1783282359558-150x150.webp","recent_views_count":49,"author":{"id":69,"name":"Ayanfe Fakunle"},"categories":[{"id":5,"name":"News","slug":"news"}]},{"id":845451,"title":"SpaceX\u0026#8217;s Bitcoin Acquisition Signals Growing Institutional Interest in Crypto","url":"https://coinfomania.com/spacexs-bitcoin-acquisition-signals-growing-institutional-interest-in-crypto/","slug":"spacexs-bitcoin-acquisition-signals-growing-institutional-interest-in-crypto","featured_image":"https://coinfomania.com/wp-content/uploads/trend-banner-2fcffdb7-3ea5-49d2-a82b-d03ea3eb054e-1783239285546-150x150.webp","recent_views_count":46,"author":{"id":69,"name":"Ayanfe Fakunle"},"categories":[{"id":5,"name":"News","slug":"news"}]},{"id":801197,"title":"Why Ethereum Amplified a Viral Post on Community Collaboration","url":"https://coinfomania.com/why-ethereum-amplified-a-viral-post-on-community-collaboration/","slug":"why-ethereum-amplified-a-viral-post-on-community-collaboration","featured_image":"https://coinfomania.com/wp-content/uploads/trend-banner-fc46d52b-d023-410f-977a-d501428d240d-1782260509774-150x150.webp","recent_views_count":38,"author":{"id":110,"name":"Shweta Chakrawarty"},"categories":[{"id":5,"name":"News","slug":"news"}]},{"id":845099,"title":"Token Terminal Reports Surge in ETH Bridged to Robinhood Chain — Here\u0026#8217;s Why It Matters","url":"https://coinfomania.com/token-terminal-reports-surge-in-eth-bridged-to-robinhood-chain-heres-why-it-matters/","slug":"token-terminal-reports-surge-in-eth-bridged-to-robinhood-chain-heres-why-it-matters","featured_image":"https://coinfomania.com/wp-content/uploads/trend-banner-4fd8662f-c10a-48f4-bbfe-b1e1b80673d3-1783221659312-150x150.webp","recent_views_count":28,"author":{"id":69,"name":"Ayanfe Fakunle"},"categories":[{"id":5,"name":"News","slug":"news"}]},{"id":845921,"title":"Solana Sees Tokenized Asset Volume Surge — And Why It\u0026#8217;s Not Just Hype","url":"https://coinfomania.com/solana-sees-tokenized-asset-volume-surge-and-why-its-not-just-hype/","slug":"solana-sees-tokenized-asset-volume-surge-and-why-its-not-just-hype","featured_image":"https://coinfomania.com/wp-content/uploads/trend-banner-26c9b2aa-5bc2-4790-bca7-9ecb9c15445c-1783296170160-150x150.webp","recent_views_count":27,"author":{"id":69,"name":"Ayanfe Fakunle"},"categories":[{"id":5,"name":"News","slug":"news"}]},{"id":845058,"title":"Uniswap Surpasses $3T in All-Time Volume on Ethereum — What It Means for DeFi Growth","url":"https://coinfomania.com/uniswap-surpasses-3t-in-all-time-volume-on-ethereum-what-it-means-for-defi-growth/","slug":"uniswap-surpasses-3t-in-all-time-volume-on-ethereum-what-it-means-for-defi-growth","featured_image":"https://coinfomania.com/wp-content/uploads/trend-banner-9b354c57-d6b2-4a04-bd06-1b0e6aac2ab8-1783211810950-150x150.webp","recent_views_count":21,"author":{"id":69,"name":"Ayanfe Fakunle"},"categories":[{"id":5,"name":"News","slug":"news"}]}],"companyDescription":"\u003cp\u003e\u003cstrong data-start=\"0\" data-end=\"15\" data-is-only-node=\"\"\u003eCoinfomania\u003c/strong\u003e is an independent crypto news platform delivering timely updates, expert analysis, and educational content on Bitcoin, Ethereum, NFTs, DeFi, Web3, and blockchain technology.\u003c/p\u003e\n","homepageCoinTabs":[{"id":4105,"name":"BTC","slug":"btc","link":"https://coinfomania.com/btc/","hasNews":true,"hasPredictions":true},{"id":4113,"name":"ETH","slug":"eth","link":"https://coinfomania.com/eth/","hasNews":true,"hasPredictions":true},{"id":4282,"name":"USDT","slug":"usdt","link":"https://coinfomania.com/usdt/","hasNews":true,"hasPredictions":false},{"id":4288,"name":"BNB","slug":"bnb","link":"https://coinfomania.com/bnb/","hasNews":true,"hasPredictions":false},{"id":4109,"name":"XRP","slug":"xrp","link":"https://coinfomania.com/xrp/","hasNews":true,"hasPredictions":true},{"id":4142,"name":"SOL","slug":"sol","link":"https://coinfomania.com/sol/","hasNews":true,"hasPredictions":true},{"id":4272,"name":"TRON","slug":"trx","link":"https://coinfomania.com/trx/","hasNews":true,"hasPredictions":true},{"id":5807,"name":"USDC","slug":"usdc","link":"https://coinfomania.com/usdc/","hasNews":true,"hasPredictions":false},{"id":4170,"name":"ADA","slug":"ada","link":"https://coinfomania.com/ada/","hasNews":true,"hasPredictions":true},{"id":4936,"name":"SUI","slug":"sui","link":"https://coinfomania.com/sui/","hasNews":true,"hasPredictions":true},{"id":4136,"name":"LINK","slug":"link","link":"https://coinfomania.com/link/","hasNews":true,"hasPredictions":true}],"ads":{"single_before_title":[],"single_after_title":[],"single_after_image":[],"single_top":[],"single_after_content":[],"single_before_author":[],"single_after_author":[],"single_before_related":[],"single_left_sidebar":[],"single_right_sidebar":[],"single_bottom":[]},"messages":{"Footer":{"AboutUs":"About Us","ContactUs":"Contact Us","Sitemap":"Sitemap","Careers":"Careers","AdvertiseWithUs":"Advertise with Us","Company":"Company","TrendingNews":"Trending News","NoTrendingNews":"No trending news available at the moment.","Email":"Email","EditorialPolicies":"Editorial Policies","PublishingPrinciples":"Publishing Principles","CorrectionsPolicy":"Corrections Policy","EthicsPolicy":"Ethics Policy","PrivacyPolicy":"Privacy Policy","PopularCoins":"Popular Coins","News":"News","Predictions":"Predictions"},"Navbar":{"Search":"Search","toggleTheme":"Toggle theme","changeLanguage":"Change language"},"NewsItem":{"read":"read","Author":"Author","latestNews":"Latest News"},"ArticleHeader":{"by":"By","published":"Published","updated":"Updated","quickTake":"Quick Take","quickTakeSlogan":"Summary is AI generated, newsroom reviewed."},"ArticleBody":{"sponsored":"Sponsored","pressRelease":"Press Release","sponsoredDisclaimer":"This is a sponsored article. Opinions expressed are those of the sponsor and readers should conduct their own due diligence before taking any decision based on information presented in this article.","pressReleaseDisclaimer":"This is a paid press release article. Opinions expressed are those of the sponsor and readers should conduct their own due diligence before taking any decision based on information presented in this article.","references":"References","writtenBy":"Written by:","reviewedBy":"Review \u0026 Fact Check by:","contributors":"Contributors:","editorialPolicyLink":"Read more about our editorial guidelines \u0026 standards here.","alsoRead":"Also Read","relatedPosts":"Related Posts"},"AlsoReadCard":{"minsRead":"{count, plural, one {# Min read} other {# Mins read}}"},"ShareButtons":{"telegram":"Telegram","twitter":"Twitter","facebook":"Facebook","linkedin":"LinkedIn","whatsapp":"WhatsApp"},"IndustryLeadersSlider":{"followedBy":"Followed by top voices in crypto","follow":"Follow"},"GoogleNewsFollow":{"followUsOn":"Follow us on","googleNews":"Google News","googleNewsSlogan":"Get the latest crypto insights and updates.","follow":"Follow"},"Layout":{"news":"News","price":"Price","predictions":"Predictions","coinPrice":"{coin} Price","coinNews":"{coin} News","coinPredictions":"{coin} Predictions"},"SearchBar":{"searchPlaceholder":"Search...","searchButton":"Search"},"CustomPagination":{"previous":"Previous","next":"Next","morePages":"More pages"},"CookieConsent":{"title":"GDPR Notice","description":"We use cookies to offer a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. By clicking accept, you consent to our privacy policy \u0026 use of cookies. (\u003clink\u003ePrivacy Policy\u003c/link\u003e)","reject":"Reject Cookies","accept":"Confirm all"},"ContactForm":{"getInTouch":"Get in Touch","fullName":"Full Name","fullNamePlaceholder":"John Doe","email":"Email Address","emailPlaceholder":"you@example.com","telegramHandle":"Telegram Handle","telegramHandlePlaceholder":"Enter your Telegram handle (optional)","inquiryType":"Inquiry Type","inquiryTypePlaceholder":"Select inquiry type","advertising":"Advertising","jobApplication":"Job Application","editorialInquiry":"Editorial Inquiry","areYouAnEntity":"Are you an entity?","entityTypePlaceholder":"Select entity type","individual":"Individual","organization":"Organization","presales":"Presales","tokenProject":"Token Project","exchange":"Exchange","otherOrganization":"Other Organisation","whatAreYouLookingFor":"What are you looking to get?","servicePlaceholder":"Select service","bannerAds":"Banner Ads","pressRelease":"Press Release","sponsoredArticle":"Sponsored Article","organicArticle":"Organic Article","barterPricing":"Barter Publisher Pricing (Promo Mingle)","other":"Other","whatIsYourBudget":"What's your budget?","budgetPlaceholder":"Select budget range","upto100":"Up to $100","from100to500":"$100 - $500","from500to1000":"$500 - $1000","from1000to5000":"$1000 - $5000","plus5000":"$5000+","resumeLink":"Resume Link (Google Drive, Dropbox etc.)","resumeLinkPlaceholder":"https://docs.google.com/document/d/...","anyMessage":"Any Message?","messagePlaceholder":"Your message here...","sendMessage":"Send Message","sending":"Sending...","validationErrorTitle":"Validation Error","validationErrorDesc":"Please check the form for errors.","formSuccessTitle":"Message Sent!","formSuccessDesc":"Thank you for contacting us. We'll get back to you shortly.","formErrorTitle":"Error","formErrorDesc":"Could not send your message. Please try again later.","requiredError":"{field} is required.","invalidEmailError":"Email address is invalid.","invalidUrlError":"Please enter a valid URL (e.g., http://example.com)."},"AuthorPage":{"postsBy":"{name}'s Posts","author":"Author","readMore":"Read more about {name}"},"SearchPage":{"title":"Search Results","resultsSummary":"About {count, plural, one {# result} other {# results}} in {time}s","noResults":"No results found for : {query}"},"Error410":{"title":"Content Removed | Coinfomania","heading":"410","subheading":"This page has been permanently removed","description":"The content you’re looking for is no longer available on Coinfomania. It may have been removed or merged into another article.","goHome":"Go to Homepage","latestNews":"Latest Crypto News"},"Breadcrumb":{"home":"Home","news":"News"},"TechnicalAnalysis":{"title":"📈 Technical Analysis Summary","dataNotAvailable":"Data not available.","priceMovement":"Price Movement","priceMovement_increase":"The \u003cstrong\u003e{change}\u003c/strong\u003e increase indicates Bullish momentum; renewed investor confidence.","priceMovement_decrease":"The \u003cstrong\u003e{change}\u003c/strong\u003e decrease indicates Bearish pressure; potential uncertainty or profit-taking.","priceMovement_neutral":"Neutral movement (\u003cstrong\u003e{change}\u003c/strong\u003e); no significant change in momentum.","avgComparison":"7-Day Average Comparison","avgComparison_above":"Trading above the 7-day average (\u003cstrong\u003e{avg}\u003c/strong\u003e); reinforces bullish trend; market is gaining strength.","avgComparison_below":"Trading below the 7-day average (\u003cstrong\u003e{avg}\u003c/strong\u003e); weak or consolidating trend; watch for support breakdown.","supportResistance":"Support and Resistance Levels","support_above":"Price is above support (\u003cstrong\u003e{support}\u003c/strong\u003e); confirms bullish base. ","support_below":"Price may be losing support near \u003cstrong\u003e{support}\u003c/strong\u003e; caution advised. ","resistance_below":"Room for growth before hitting resistance (\u003cstrong\u003e{resistance}\u003c/strong\u003e).","resistance_below_alt":"Next resistance is at \u003cstrong\u003e{resistance}\u003c/strong\u003e.","resistance_above":"Potential resistance breakout or reversal zone near \u003cstrong\u003e{resistance}\u003c/strong\u003e.","resistance_above_alt":"Currently testing resistance near \u003cstrong\u003e{resistance}\u003c/strong\u003e.","rsi":"RSI Analysis","rsi_oversold":"RSI at \u003cstrong\u003e{rsi}\u003c/strong\u003e indicates Oversold zone; potential buying opportunity.","rsi_neutral":"RSI at \u003cstrong\u003e{rsi}\u003c/strong\u003e indicates Neutral zone; balanced market.","rsi_overbought":"RSI at \u003cstrong\u003e{rsi}\u003c/strong\u003e indicates Overbought zone; potential for correction.","macd":"MACD Analysis","macd_positive":"Positive MACD (\u003cstrong\u003e{macd}\u003c/strong\u003e); suggests bullish momentum.","macd_negative":"Negative MACD (\u003cstrong\u003e{macd}\u003c/strong\u003e); suggests bearish momentum.","macd_flat":"Flat MACD (\u003cstrong\u003e{macd}\u003c/strong\u003e); no strong directional bias.","noData":"No technical analysis data available."},"InfiniteScroll":{"endMessage":"You've reached the end!"},"TrustPopover":{"trigger":"Why Trust Us?","content":"At CoinfoMania, we are committed to delivering accurate, unbiased, and up-to-date cryptocurrency news and insights you can trust..."},"Combobox":{"searchExchanges":"Search exchanges...","noResults":"No results found"},"Common":{"yes":"Yes","no":"No","notAvailable":"N/A","riskLevels":{"low":"Low","mediumLow":"Medium-Low","medium":"Medium","mediumHigh":"Medium-High","high":"High"}},"Gauge":{"sentiment":"Sentiment:","totalGreenDays":"Total green days:","signal":"Signal:","summary":"Based on our analysis, \u003cstrong\u003e{name}\u003c/strong\u003e is expected to experience a \u003cstrong\u003e{change}%\u003c/strong\u003e change, reaching an average price of \u003cstrong\u003e${price}\u003c/strong\u003e by \u003cstrong\u003e{date}\u003c/strong\u003e. The current \u003cstrong\u003e{signal}\u003c/strong\u003e signal is supported by \u003cstrong\u003e{greenDays}\u003c/strong\u003e green days and a volatility of \u003cstrong\u003e{volatility}%\u003c/strong\u003e."},"CategoryPage":{"page":"Page {page}","pageTitleNews":"{coinName} ({symbol}) News: Latest Updates, Headlines \u0026 Analysis","metaTitleNews":"{coinName} News Today ({symbol}): Latest Headlines \u0026 Expert Analysis | Coinfomania","paginatedNewsTitle":"{coinName} ({symbol}) News: Latest Updates, Headlines \u0026 Analysis — Page {page}","metaTitleNewsPaginated":"{coinName} News ({symbol}) — Page {page}: Latest Headlines \u0026 Analysis | Coinfomania","metaDescriptionNews":"Get the latest {coinName} ({symbol}) news, breaking headlines, and expert analysis — updated daily. Follow live {coinName} updates on Coinfomania.","latestNewsIn":"Latest News in {symbol}","schemaName":"Latest {coinName} News and Updates","schemaDescription":"Stay informed with the latest {coinName} ({symbol}) news, analysis, market movements, and expert commentary.","priceChartTitle":"{coinName} ({symbol}) Price, Chart, Market Data \u0026 Insights","metaTitlePriceChart":"{coinName} Price Today ({symbol}): Live Chart, Prediction \u0026 News | Coinfomania","metaOgTitlePriceChart":"{coinName} Price Today ({symbol}): Live Chart, Prediction \u0026 News | Coinfomania","metaOgDescriptionPriceChart":"Live {coinName} ({symbol}) price in USD, real-time chart, market cap, AI-powered predictions, and latest news — all in one place on Coinfomania.","asOf":"As of \u003cstrong\u003e{date}\u003c/strong\u003e, \u003cstrong\u003e{ticker}\u003c/strong\u003e is trading at approximately \u003cstrong\u003e{price} USD\u003c/strong\u003e, reflecting a \u003cstrong\u003e{change}% {changeType}\u003c/strong\u003e from the previous close.","increase":"increase","decrease":"decrease","overviewMetric":"Metric","overviewValue":"Value","currentPrice":"Current Price","priceChange24h":"24h Price Change","avgPrice7d":"7-Day Avg Price","supportLevel":"Support Level","nextResistance":"Next Resistance","marketSentimentTitle":"📊 Market Sentiment","indicator":"Indicator","interpretation":"Interpretation","rsi":"RSI","macd":"MACD","above7DayAvg":"Above 7-Day Avg?","aboveSupport":"Above Support?","predictionPreviewTitle":"{ticker} Price Prediction Preview","forecastRange":"Forecast Range","predictionTrend":"Prediction Trend","daily":"Daily","weekly":"Weekly","monthly":"Monthly","yearly":"Yearly","readMorePredictions":"Read More Predictions","relatedNews":"Related News","readMoreNews":"Read More News","tocTitle":"Table of Contents","faqTitle":"Frequently Asked Questions","tocCollapse":"Collapse {name}","tocExpand":"Expand {name}","aboveSupportCondition_yes":"Suggests price stability above support.","aboveSupportCondition_no":"Suggests potential price weakness below support."}}},"__N_SSG":true},"page":"/[slug]","query":{"slug":"kucoin-hacked-with-large-btc-erc-20-tokens-gone"},"buildId":"s4W5Weug9tTLmQJVriEzD","isFallback":false,"isExperimentalCompile":false,"dynamicIds":[9391,4934,9346],"gsp":true,"locale":"en","locales":["en","ar","fr","de","it","es","vi","tr","no","ru","th","pt","id","pl","hi","ko","ja"],"defaultLocale":"en","scriptLoader":[]}text-white hover:shadow-sm" type="button" id="radix-:R396:" aria-haspopup="menu" aria-expanded="false" data-state="closed">BTC

KuCoin Exchange Hacked With Large BTC, ERC-20 and Other Tokens Withdrawn

By

Wilfred Michael

Wilfred Michael

Singapore-headquartered cryptocurrency exchange, KuCoin reported in the hours leading up to press time that it had suffered a security breach. The funds include part of BTC, ERC-20, and other tokens in KuCoin’s hot wallets that were transferred out of the exchange. Following the KuCoin hack, the exchange is yet to disclose the total sum lost […]

KuCoin Exchange Hacked With Large BTC, ERC-20 and Other Tokens Withdrawn

Singapore-headquartered cryptocurrency exchange, KuCoin reported in the hours leading up to press time that it had suffered a security breach. The funds include part of BTC, ERC-20, and other tokens in KuCoin’s hot wallets that were transferred out of the exchange.

Following the KuCoin hack, the exchange is yet to disclose the total sum lost but confirmed that it “contained few parts of its total assets holdings.”

In a hastily organized AMA session, KuCoin CEO Johnny Lyu provided further information regarding the incident, confirming that hackers stole the private key of the exchange’s hot wallets and that no user data was leaked.

Similar to the Binance hack in 2019, KuCoin will cover user losses from its insurance fund which is set up in 2018.

KuCoin Hack: Johnny Lyu Updates About Timeline and Reopening

Johnny Lyu provided a timeline for the incident which started at 2:51 am Singaporean time when the system provided its first alert from an in-house risk monitoring system.

The exchange subsequently received an alert for abnormal withdrawals of XRP, and notice that its hot wallet is “running out of balance.” That notice was followed by a strange BTC transfer and that of other yet to be unnamed ERC-20 tokens.

The internal security team sought to provide some urgent solutions, including shutting down the wallet server. Even after the shutdown, though, there were still cases of abnormal transfer, leading to the conclusion that the exchange’s hot wallet private keys were leaked.

Within two hours after the initial alert, all remaining balances were moved to the exchange’s cold wallet, with KuCoin simultaneously reaching out to its clients and community. Other big exchanges including Binance, BitMAX, Bybit, Huobi, Beaxy, Bibox, and others have been alerted to assist with tracking and hunting down the stolen funds.

Lyu also mentioned that KuCoin is also in contact with the International Police, important clients, and many industry experts to conduct an in-depth investigation into the incident.

A reward will be offered for information on this hacking event while the hackers’ address details will soon be made available to the public.

However, crypto monitoring platform Whale Alert reported that most of the transfers from Kucoin were sent to an Ethereum address, which currently holds more than $4 million worth of ETH and $152 million worth of more than 100 ERC-20 tokens, including OMG, AKRO, VIDT, SXP, AOA, MKR, etc.

The CEO meanwhile preferred not to disclose the net value of the stolen funds in relation to the company’s crypto holdings. However, he assured that the “affected amount […] is a small amount for KuCoin and the exchange is going to take the loss.”

When Will KuCoin Reopen?

Regarding a potential reopening after the KuCoin hack, Johnny Lyu said in the AMA,

As they already found out the reason and we already come up with some solutions, we are going to rationally open with trust in the next week.

Kucoin Hack Funds Recovery

Hours after the incident, crypto exchange Bitfinex noted that it has frozen approximately $33M in USDT tokens stolen by the hacker.

Google News Icon

Follow us on Google News

Get the latest crypto insights and updates.

Follow