“Banteg”—a core developer on the DeFi protocol whose Twitter bio says they are “ahead of the curve”—confirmed that the vault ended up losing $11 million. He went on to sow confusion by saying that deposits had been disabled while an investigation took place… and later confirmed that this isn’t possible given how the ecosystem is decentralized.
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KuCoin CEO Johnny Liu's 2020 would have been a lot worse if not for helpful competitors and good insurance (Photo: KuCoin)KuCoin hack’s $285M recovered or insured: CEO Johnny Lyu
The exchange’s CEO said that all but $44.5 million worth of the stolen crypto was retrieved with help from other exchanges; otherwise it was a great year
According to an open letter by CEO Johnny Lyu, a collaboration between KuCoin, its partners and other cryptocurrency exchanges allowed the firm to recover 78% of the losses—equivalent to $222 million—while cooperation with law enforcement allowed the company to retrieve a further 6%, or $17.45 million.
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CipherTrace CEO Dave Jevans sees crypto crime decreasing, but business is still booming (Photo: CipherTrace)Crypto crime near $2B in 2020, but still down 57% from 2019
Blockchain analytics firm CipherTrace’s annual report said DeFi became ‘the next major threat vector for fraud and money laundering.’
One reason for that decline is that while the number of incidents of thefts, hacks, and fraud remained largely the same, the take by criminals in 2019 was 160% higher than in 2020. This indicates growing “maturity in the crypto space as entities continue to harden systems and take precautions against inside and outside threats,” the report said.
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Survey sheds light on crypto users’ poor security practices
A quarter of the people who took part in the study by hardware wallet maker Ngrave are less secure than they expected to be—and only 1% are safer
While losses were down substantially in 2020, according to CipherTrace, crypto fraud, thefts, and hacks still accounted for $1.8 billion through October. That includes September’s $281 million hack of the KuCoin exchange in September.
