Surprise! Yet another centralized exchange has been robbed. Imagine crypto as the wild wild west era – cowboys could walk into a bank with their revolver in hand, stick up the place, and get away with it too! That’s currently where centralized exchanges exist. A lawless wild wild west. Do you want to have your money stored in an unsafe bank or in a bolted down invisible safe in your house?
“We are locating the reason for the incident, and will keep you updated once it is confirmed. Please rest assured that if any user fund is affected by this incident, it will be covered completely by KuCoin and our insurance fund.”– Per KuKoin
It’s amusing how when an exchange gets hacked they immediately become the good guy “funds are safu”, “users will be covered”, etc. In reality, they’re just trying to save face in a dying market. More and more volume has been flowing through Uniswap versus centralized exchanges. This is good news. Centralized exchanges directly go against one of the core values of cryptocurrencies, decentralization.
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Valuations of the crypto loss in this hack are estimated to be north of $150M – but values are still being calculated. Supposedly, KuCoin will cover all user losses, you should still take this as a hint, not your keys, not your coins. This has been said since day one and will continue to hold relevance as we move into our decentralized future.
Secure your funds!