Blockchain and Cryptocurrency: People, Culture and Tech
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.
KuCoin CEO Johnny Lyu said that the firm is paying close attention to the NFT market and “although NFTs don't have enough market attention at present, the potential is great.”
The blockchain intelligence firm says total losses from crypto fraud, thefts, and hack attacks stood at $1.8 billion for the first 10 months of 2020. That’s substantially less than the $4.5 billion seen over the whole of last year. Alas, it’s a little too early to proclaim that the digital assets industry has turned a corner. CipherTrace’s data also shows that half of all crypto hacks this year have targeted DeFi protocols and exchanges—a stark contrast to 2019, when attacks on decentralized finance platforms were “virtually negligible.”
The idea of decentralized finance is that there is no central authority in charge to control the exchange’s operations doesn’t mean they can get away with lax or no know-your-customer (KYC) and anti-money-laundering (AML) compliance. Or that there is no one to be held accountable.
