Cryptocurrency exchanges have been hit with hacks in the past, but the recent attack on KuCoin is on a whole other level. Approximately $150 million worth of cryptocurrency was stolen from KuCoin, with the vast majority of it being USDT. In this blog post, we’ll take a look at what happened and how you can protect your cryptocurrency in the event of an exchange hack.
What Happened?
On September 26th, 2020, hackers infiltrated KuCoin’s systems and stole approximately $150 million worth of cryptocurrency. The majority of the funds stolen were USDT, but other cryptocurrencies such as Bitcoin and Ethereum were also taken. Thankfully, KuCoin has insurance that will cover the loss, but it’s still a major blow to the exchange.
How Can You Protect Yourself?
The best way to protect yourself from an exchange hack is to not keep your cryptocurrency on an exchange for an extended period of time. If you’re looking to buy cryptocurrency, transfer it to your own personal wallet as soon as possible. This way, even if an exchange is hacked, your funds will be safe.
Another good way to protect yourself is to diversify your holdings. Don’t keep all of your eggs in one basket, so to speak. If you have all of your cryptocurrency stored on one exchange and that exchange gets hacked, you could lose everything. However, if you store your cryptocurrency in multiple exchanges and wallets, then you’ll still have some left even if one is hacked.
Conclusion:
Exchange hacks are becoming more and more common, so it’s important to take steps to protect yourself. The best way to do this is to not keep your cryptocurrency on an exchange for an extended period of time and to diversify your holdings. By following these simple tips, you can help keep your cryptocurrency safe in the event of an exchange hack.
If your BTC, USDT and other virtual currencies are stolen, do not hesitate to contact us immediately to recover your virtual currency.