• Kucoin $285M hack recovered insured

    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.

  • KuCoin NFT Market

    Crypto exchange KuCoin to launch a non-fungible token market

    The Seychelles-based cryptocurrency exchange claims to be ‘the first major crypto platform to support the deposit and withdrawal of NFT assets’

    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.”

  • crypto hacks down DeFi surges

    Overall losses from crypto hacks are down—but DeFi attacks have surged

    CipherTrace reports losses from crypto crime have plunged in 2020… but the explosion of DeFi protocols have given hackers and fraudsters an opportunity that’s too good to miss

    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.”

  • Feds are coming for DeFi
    Cryptocurrencies,  Regulation

    The feds are coming for DeFi

    In the wake of criminal charges leveled at exchange and derivatives platform BitMEX, decentralized finance projects may find they’re not untouchable

    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.