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Hackers Unload Stolen ERC20 Tokens from KuCoin Hack on Decentralized Exchange Uniswap

Hackers who stole $150 million in cryptocurrency from KuCoin excahnge have started converting ERC20 tokens into Ethereum on the decentralized exchange Uniswap.

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Dumping of 130,000 OCEAN Tokens

Etherscan finds out that hackers have transferred nearly 200,000 OCEAN tokens into an unknown wallet. And then they started swapping OCEAN tokens with Eth on decentralized exchange Uniswap. The data shows the hackers dumped 130,000 OCEAN in 13 batches, and in each batch, they unloaded 10,000 tokens.

Whale Alert reported that nearly $7 million was transferred by hackers in the past 24-hours. They first transferred Synthetix Network Tokens to an unknown wallet and then to Uniswap exchange for unloading. According to Whale Alert, hackers transacted almost $6,741,064 in SNX. They are using decentralized exchange for laundering money and Uniswap can do nothing to stop transactions.

After the dumping of OCEAN, the price value of the token plunged by nearly 13% in just two hours. A crypto user said,” Kucoins hacker begins laundering his $150,000,000. He started swapping his $OCEAN for ETH via Uniswap. He already dragged the price down by around 4% in less than an hour and doesn’t seem to be slowing down. Due to low liquidity for this token, he is going to crash it hard.”

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Blockchain researcher Larry Cermak said that hackers use Uniswap exchange for the first time. “Looks like the KuCoin hacker started using Uniswap to swap from shitcoins to ETH. Started with OCEAN. AFAIK this is the first time Uniswap is used following a hack,” he said.

$280 Million Assets Stolen in KuCoin Hack

According to Cermak, assets worth $280 million were stolen in the recent hacking attack instead of $150 Million. He stated:

“So I did some accounting of the KuCoin hack based on the wallets very likely associated and based on my estimation, there was nearly $280 million of assets stolen, not $150M. This would make it the third-largest hack in history and 7 times larger than the Binance hack last year.”

Similarly, after the dumping of SNX tokens over Uniswap, the price value plunged from $5.50 to $4.70 in just two hours.

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Hassan Mehmood

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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