Ethereum Projects Continue to Freeze Tokens Affected by KuCoin Hack
John P. Njui • ETHEREUM (ETH) NEWS • SEPTEMBER 27, 2020
- Multiple Ethereum based projects affected by the KuCoin have intervened
- Some have frozen their ERC20 tokens with others initiating hardforks
- The KuCoin hack amount has increased to $203 Million and could continue climbing
Almost immediately after the KuCoin hack, the team at Tether announced that it had frozen a total of $33 Million USDT stolen from the exchange. Of this amount, $20 Million was Ethereum based USDT. Tether would go on to freeze an additional $1 Million on the Omni network and another $1 Million on the Tron network.
These actions to freeze stolen funds by Bitfinex and Tether set the pace for other affected Ethereum based projects to also take similar action in stopping the hackers from profiting from their heist.
Notable Ethereum Projects Taking Action Against the Hackers
Below is a list of Ethereum projects acting fast to invalidate stolen ERC20 tokens from KuCoin.
- Ocean Protocol initially paused its smart contract and has decided to carry out a hard fork at block height 10,943,665 on the Ethereum mainnet to invalidate $8.6 Million in stolen OCEAN tokens
- Orion (ORN) has decided to do a 1:1 token swap at block 10,939,462 thus invalidating approximately $8.5 Million on stolen tokens
- Covesting has frozen COV tokens associated with the KuCoin hack
- SilentNotary will re-issue new SNTR tokens
- The team at Crypterium has sent out an email to holders advising them not to interact with the Ethereum address with the stolen CRPT funds
Other Non-Ethereum Projects Taking Similar Actions
Furthermore, projects on other networks were also affected by the KuCoin hack and they too have decided to take similar action. They include:
- VELO Labs will invalidate all affected 122 Million VELO tokens on the Stellar network
- Kardian Chain will perform a 1:1 token swap to protect KAI holders from the hack
Total Amount Stolen Has Increased to $203 Million
At the time of writing, the total amount of funds stolen from KuCoin has jumped to $203 Million after KuCoin continued to provide crypto addresses linked to the hack. Below is a list of the new addresses of Bitcoin, Ethereum, Litecoin, XRP, Bitcoin SV, Stellar (XLM), Tether (USDT) and Tron (TRX), that KuCoin has published as being connected to the hack.
Article re-posted on Markethive by Jeffrey Sloe
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