An Asian cryptocurrency exchange’s funds have been compromised in a security breach.
The Singapore-headquartered digital asset exchange KuCoin said in a statement that it detected large withdrawals of bitcoin (BTC) and ether (ETH) tokens to an unknown wallet beginning at 19:05 UTC time on Friday.
In a live stream at 4:30 UTC Saturday, KuCoin CEO Johnny Lyu said that one or more hackers obtained the private keys to the exchange’s hot wallets. KuCoin transferred what was left in them to new hot wallets, abandoned the old ones and froze customer deposits and withdrawals, Lyu said.
KuCoin’s cold wallets were unaffected, Lyu claimed. Cold cryptocurrency wallets are not connected to the internet and are considered more secure than hot cryptocurrency wallets.
Lyu did not disclose the amount of cryptocurrency that was stolen, but said that KuCoin would release the hacker’s wallet…