{"id":29255,"date":"2020-09-27T13:42:49","date_gmt":"2020-09-27T10:42:49","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=29255"},"modified":"2025-08-27T15:57:22","modified_gmt":"2025-08-27T12:57:22","slug":"hackers-used-uniswap-to-launder-150m-siphoned-from-kucoin","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/hackers-used-uniswap-to-launder-150m-siphoned-from-kucoin\/","title":{"rendered":"Hackers used Uniswap to launder $150m siphoned from KuCoin"},"content":{"rendered":"<p>Hackers who breached the KuCoin exchange are using the decentralized exchange Uniswap to convert altcoins into Ethereum.<!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Kucoins hacker begins laundering his $150,000,000.<\/p>\n<p>He started swapping his <a href=\"https:\/\/twitter.com\/search?q=%24OCEAN&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$OCEAN<\/a> for ETH via Uniswap.<\/p>\n<p>He already dragged the price down by around 4% in less than an hour and doesn\u2019t seem to be slowing down.<\/p>\n<p>Due to low liquidity for this token, he is going to crash it hard. <a href=\"https:\/\/t.co\/gKcsgpUe3a\">pic.twitter.com\/gKcsgpUe3a<\/a><\/p>\n<p>\u2014 Alon Gal (Under the Breach) (@UnderTheBreach) <a href=\"https:\/\/twitter.com\/UnderTheBreach\/status\/1310125971664666624?ref_src=twsrc%5Etfw\">September 27, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Tracking the movement of funds, the user @UnderTheBreach noted that the Ocean Token price had fallen by about 4% in an hour due to the hacker&#8217;s actions.<\/p>\n<p>The Block researcher Larry Cermak noted that Uniswap is being used by hackers for the first time to convert stolen funds.<\/p>\n<p>According to Bitfinex&#8217;s CTO Paolo Ardoino, laundering funds via a DEX could have \u201cinteresting consequences\u201d, casting a shadow over liquidity providers.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">This might have interesting repercussions. While we\u2019re staring at laundering while it happens on a transparent DEX, couple of consideratios arise for me:<br \/>\n\u2014 will liquidity providers be tainted?<br \/>\n\u2014 privacy is key, probably the next DEX should use confidential transactions <a href=\"https:\/\/t.co\/tmDCSf7yun\">https:\/\/t.co\/tmDCSf7yun<\/a><\/p>\n<p>\u2014 Paolo Ardoino (@paoloardoino) <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/1310138360560787456?ref_src=twsrc%5Etfw\">September 27, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Non-custodial, next-generation exchanges will support confidential operations, Ardoino suggested.<\/p>\n<p>On Saturday, September 26, the cryptocurrency exchange KuCoin <a href=\"https:\/\/u1f987.com\/en\/news\/kucoin-bitcoin-exchange-hacked-losses-estimated-at-150-million\">said<\/a> that there had been an unauthorized withdrawal from hot wallets. Preliminary estimates put the damage at as much as $150 million.<\/p>\n<p>Shortly after the breach, Bitfinex froze 13 million USDT on the EOS blockchain, and Tether blocked 20 million USDT at one of Ethereum addresses \u201cas a precaution\u201d.<\/p>\n<p>Similar measures were taken by other market participants, as reported on KuCoin&#8217;s website. From the latest updates:<\/p>\n<ul>\n<li>12FACbewf5Fy9nmeaLQtm6Ugo5WS8g2Hay and 1TYyommJW3uhjhcnHhUSuTQFqSBAxBDPV have been tagged as suspicious Bitcoin addresses;<\/li>\n<li>Orion Protocol <a href=\"https:\/\/twitter.com\/orion_protocol\/status\/1309919891445690369\" target=\"_blank\" rel=\"noopener noreferrer\">reported<\/a> the reissuance of ORN tokens;<\/li>\n<li>The Covesting project <a href=\"https:\/\/twitter.com\/covesting\/status\/1310103008152350725\" target=\"_blank\" rel=\"noopener noreferrer\">froze<\/a> COV tokens sent to a suspicious address. VIDT Datalink is taking similar measures <a href=\"https:\/\/twitter.com\/VIDT_Datalink\/status\/1309880082337615872\" target=\"_blank\" rel=\"noopener noreferrer\">will take<\/a>;<\/li>\n<li>Developers of Silent Notary <a href=\"https:\/\/twitter.com\/SilentNotary\/status\/1309876794372354050\" target=\"_blank\" rel=\"noopener noreferrer\">will reissue<\/a> SNTR in exchange for the tokens that ended up with the hackers.<\/li>\n<\/ul>\n<p>KuCoin chief Johnny Lyu wrote that the exchange is preparing to resume deposits and withdrawals.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Per our current estimation, within a week, we will be gradually enabling the deposit and withdrawal service<\/p>\n<p>\u2014 lyu_johnny (@lyu_johnny) <a href=\"https:\/\/twitter.com\/lyu_johnny\/status\/1310111452947070978?ref_src=twsrc%5Etfw\">September 27, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p>\u201cAccording to current estimates, within a week we will gradually make deposit and withdrawal capabilities available.\u201d<\/p>\n<\/blockquote>\n<p><strong>UPDATE:<\/strong> The hacker began converting on Uniswap the SNX token from the DeFi project Synthetix.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">And more <a href=\"https:\/\/t.co\/1JmW8j0md3\">https:\/\/t.co\/1JmW8j0md3<\/a><\/p>\n<p>\u2014 Larry Cermak (@lawmaster) <a href=\"https:\/\/twitter.com\/lawmaster\/status\/1310206551307759620?ref_src=twsrc%5Etfw\">September 27, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier, hackers <a href=\"https:\/\/u1f987.com\/en\/news\/slovak-bitcoin-exchange-eterbase-hacked-losses-exceed-5-3-million\">broke into<\/a> the Slovak bitcoin exchange Eterbase. The attackers managed to withdraw Bitcoin, Ethereum, Tron, XRP, Tezos and Algorand from the exchange for a total of more than $5.3 million (at the exchange rate at the time).<\/p>\n<p>Follow ForkLog on <a href=\"https:\/\/twitter.com\/ForkLog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hackers who breached the KuCoin exchange are using the decentralized exchange Uniswap to convert altcoins into Ethereum.<\/p>\n","protected":false},"author":1,"featured_media":29256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1154,787,1411,1391],"class_list":["post-29255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crimes","tag-dex","tag-kucoin","tag-uniswap-uni"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/29255","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=29255"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/29255\/revisions"}],"predecessor-version":[{"id":29257,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/29255\/revisions\/29257"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/29256"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=29255"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=29255"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=29255"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}