Gandalfs Scam Report Vol II: Urgency Alert!

It is unbelievable and unfortunate that the blockchain industry’s scammers keep on doing their shady business and, sadly, thriving on it. In this article, I write about three incidents that came across to me lately, and here they are.

I assume you all heard about the Kucoin hack, but I’ll collect some bits and pieces about this mystery hack in Singapore 26th of September. It was a colossal scale hack, which resulted in around 280 million theft from the respectable Kucoin trading company based in Singapore. The good news is that approximately 160 million of the stolen assets have been frozen.

This hack tells us lots of different things about the cryptocurrency world in general. The first thing that comes to mind is exchanges and trading platforms volumes have multiplied lately to gigantic proportions. This kind of rapid growth makes platforms more vulnerable to hacks and or information breaks. I think the Kucoin hack proves me right. Even hackers didn’t get cold wallets. They took the coins from the hot ones.

In any case, this kind of hack raises questions, one being the clearest: was there inside man with the hackers, or was somebody indeed so sloppy at Kucoin headquarters that slipped safety keys accidentally to someplace where they could get into the thieves hands? Let’s see how the investigation on Kucoin hack proceeds and let’s do after that conclusion to this Huge scale theft of the year 2020.