![\"Kucoin](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/09\/kucoin-hacker-leverages-uniswap-to-dump-vast-number-of-erc20-tokens-768x432.jpg\")
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Since the recent Kucoin hack, the crypto community has been waiting for the hacker to move funds. During the early morning hours (ET) on Sunday, a number of people noticed the Kucoin hacker started to move a large amount of ERC20 tokens to connect with the decentralized exchange (dex) Uniswap.<\/strong><\/p>\n The cryptocurrency exchange Kucoin was hacked<\/a> on September 25, 2020, and early estimates said the trading platform lost around $150 million. On Sunday, the estimate is a bit larger, as the crypto community thinks upwards of $200 million in crypto coins were stolen.<\/p>\n Kucoin CEO, Johnny Lyu, explained the situation during a live stream<\/a> filmed on Saturday and he said that the Kucoin team is continuing to \u201cevaluate the total value.\u201d<\/p>\n Estimates say 1,008 BTC<\/a> was stolen, along with 14,713 BSV<\/a>, 26,733 LTC<\/a>, 9,588,383 XLM<\/a>, Omni and EOS<\/a> based tether (USDT<\/a>) worth $14 million, $153 million of ether and ERC20s, and over 18 million XRP<\/a>.<\/p>\n During the early morning hours on Sunday, the hacker started leveraging<\/a> the dex Uniswap<\/a> to swap a great number of ERC20s. One particular ERC20 the hacker obtained, is the data token called \u201cOcean\u201d<\/a> and the suspect was swapping the token in 10k batches. One observer on Twitter said<\/a> the hacker dragged the price of the Ocean token down by 4%<\/a> \u201cin less than an hour.\u201d<\/p>\n \u201cDue to low liquidity for this token, he is going to crash it hard,\u201d the individual added. Other observers said<\/a> Ocean lost a total of 10% during the early morning (ET) dump.<\/p>\n A great number of other ERC20\u2019s have been obtained by the hacker and armchair sleuths are watching onchain activity<\/a> closely. Tokens obtained by the Kucoin hacker include Alchemy, Ampleforth, V-ID, Trace, Utrust, Digitex, Synthetix, and many more.<\/p>\n Members of the Ocean Protocol team informed the public<\/a> that the developers were aware of the Kucoin hackers\u2019 most recent moves. The Ocean dumping invoked the development team to freeze the Ocean token contract.<\/p>\n \u201cAs a first action to protect Ocean token holders, we have paused the Ocean contract,\u201d the Ocean Protocol team tweeted<\/a>. \u201cWe will update the community with more information in the coming hours.\u201d<\/p>\n The Block Crypto\u2019s Director of Research, Larry Cermak<\/a>, also wrote about the event on Twitter, as he watched the Uniswap dumping in real-time. After the hacker briefly paused the Ocean token dumping, Cermak stressed<\/a> that a \u201chigh profile incident like this could bring Uniswap into regulators\u2019 spotlight. Especially if the swapping continues.\u201d<\/p>\n Many of the customers from Kucoin seem to believe the exchange is handling the hack properly and commented on the situation during Johnny Lyu\u2019s live stream on Youtube. One XRP<\/a> proponent said that Kucoin was being \u201creally transparent.\u201d<\/p>\n \u201cGood for Kucoin,\u201d the individual added. \u201cSorry you had to go through this nightmare scenario, I hope the perpetrators are caught.\u201d<\/p>\n Kucoin says that customers will be reimbursed and the trading platform will come back online again in about a week. Kucoin also noted that it has been working with various exchanges and blockchain networks, alongside law enforcement officials.<\/p>\n The hack has had very little effects on the crypto economy, in general, as the prices of ETH<\/a>, BTC<\/a>, and other top crypto assets this weekend remained relatively stable after the Kucoin incident.<\/p>\n What do you think about the Kucoin hacker dumping on Uniswap? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n The post Kucoin Hacker Leverages Uniswap to Dump Vast Number of ERC20 Tokens<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n![\"Kucoin](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/09\/kucoinhackaadddyyyy.jpg\" "\\"Kucoin")