The recent 150 Million USD hack of the KuCoin may have left the crypto markets stunned; however, the traders are not much worried about impacting the Ethereum price. The hacker of the KuCoins posted them for open market sales, but the traders feel it would not scare the valuation of Ethereum as of now. An unknown hacker breached the KuCoins and is selling the ERC-20 coins on Uniswap. Even when the Ethereum based Decentralized token exchange allows the various hackers to obtain the ETH coins in return of stolen Kucoins, the hacker cannot launder the Ether.
Exchange of Stolen Coins Traceable
The exchange made on the Ethereum blockchain network is exceptionally transparent and monitored; thus, the explorers can trace all the transactions. The stolen coins can be tracked, and the unethical exchanges can be suspended as the exchange addresses related to the illicit funds can be tracked easily.
As per the news doing rounds, the crypto markets hackers garnered crypto worth tens of millions of dollars after the breach. However, it would be precarious to sell off them as the agencies have traced those. The exchanges are already on alert, wherein Tether even froze the various funds linked to the hack (Kucoin). The chief technical officer of Tether and Bitfinex, Paolo Adroino, pressed the need for strict guidelines on freezing the funds. He said that “Tether can decide to freeze funds in 2 situations: – law enforcement / regulator request – funds are sent to unrecoverable addresses (completely at tether discretion) This ability does not entitle crypto users to participate to stupid scams or paying less attention.”
KuCoin Working With Exchanges and Legal Enforcement Agencies
Tether tracks funds across various exchanges. Even the Kucoin CEO, Johnny Kyu, informed that the company is in contact with the different crypto exchanges like Binance, OKEx, Huobi, Bybit, etc. along with the law enforcement agencies to tackle the issue. The company is tracking the case and taking all the measures to mitigate the problem, promising to provide additional details in the coming days.
Since the various exchanges do not employ strict privacy solutions, the ERC-20 tokens stolen from the deals can be traced easily. The analysts are thus not concerned about the sale of Ethereum coins in the market or an impact of the same on the price of Ethereum.