Several million USDT stranded following KuCoin hack

Following the hack of the KuCoin exchange, millions of Tether (USDT) were blocked on various platforms.

One trader worried about the centralized nature of Tether

Bitfinex’s technical director defended the decision to freeze funds.

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Following the KuCoin hack , Tether “froze” 20 million USDT on an Bitcoin Up address. According to Bitfinex CTO, Paolo Ardoino, Bitfinex did the same for 13 million USDT on EOS. Another million USDT was also frozen on Omni, and 1 million USDT on Tron.

In an announcement posted on its website, KuCoin revealed that it is currently monitoring several addresses related to the hack. He also collaborates with several exchanges and projects in order to stop the movement of stolen parts and to recover them, if possible.

On September 25, KuCoin suffered a devastating hack, losing around $ 150 million from its wallet. On Saturday, Sept. 26, Mr. Ardoino took to Twitter to give several updates regarding the blocking of potentially stolen USDTs on the Omni, TRON and EOS channels as the crypto ecosystem works to contain the situation. .

KuCoin Hack:

Bitfinex froze 13M Tether USDt on EOS as part of the hack

Tether has just frozen 20 million USDT on its Ethereum address as a precautionary measure.

Take care of yourself!

One trader pointed out that Bitfinex’s blocking of USDTs was a worrying move , asking what would keep them from stopping there. Bitfinex’s CTO was quick to defend the move, saying Tether is a centralized stablecoin with obligations to „users, regulators and law enforcement.“

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