Singapore-based exchange service KuCoin has confirmed that all of its clients’ wallets have been stolen with an estimated value of $ 150 million.
Due to the existence of hot wallets, which are those that are connected to the Internet, user accounts are more vulnerable to hackers. Cold wallets, which are stored on hard drives, pen drives or PCs not connected to the Internet cannot be hacked, unless they are physically stolen.
It is important to note that KuCoin is a cryptocurrency exchange service ready to buy and sell different types of digital currencies, or exchange one for another. And for the purchase and sale, hot wallets are used as a tool to carry out the transfer of cryptocurrencies among their clients.
Due to the way the hack was operated, it is easy to figure out which wallet the money went to. However, it will be difficult to recognize their owner, because these wallets are created anonymously and can change hands like someone who exchanges cash.
It is known that the CEO of KuCoin, Johnny Liu, will make a live appearance to give more details of what happened.