The Singaporean cryptocurrency exchange got hacked on the 26th September and the hackers managed with withdraw Bitcoin and other cryptos from hot wallets to another wallet. The total sum that was loss was 150 million USD. According to a statement issued by the Chief Executive of KuCoin, Johnny Lyu, the hackers obtained the private keys of the exchange’s hot wallets. The moment the exchanged noticed the withdrawal they transferred the rest of the funds to other hot wallets. The theft is being investigated by law enforcement. KuCoin also issued the following statement: “rest assured, if any user fund is affected by this incident, it will be covered completely by KuCoin and our insurance fund,” On the upside, they were insured. But even so, this is a massive theft and it doesn't look good that they were vulnerable enough for it to happen.
Would be curious to hear from experts, how this is even possible??? Isn't every transaction part of ledger, so it is visible when it moves?
most likely another tax optimisation by the exchange aka. exchange gets "hacked" and refunds all out of it's own pocket, which of course would be a tax deductible loss. Lost coins somehow appear in the retired CEO's pocket two decades down the road
They claim the refunds will come from insurance. Surely the company that provides it has the documents for it?