Larry Chermak estimated the damage from the hacking of the KuCoin exchange at $280 million

An unknown hacker could have withdrawn almost twice as much money from the KuCoin cryptocurrency exchange than previously thought. This is the conclusion reached by The Block analyst Larry Cermak.

To assess the damage, he analyzed wallets allegedly associated with KuCoin. According to the analyst, the attackers stole almost $280 million, and not the $150 million mentioned earlier. This makes KuCoin the third largest hack in the history of cryptocurrencies.

Cermak admitted that some of these tokens “have been frozen, forked and blacklisted.” But he doubted that KuCoin could actually cover the stolen funds with an insurance fund.

In his opinion, about 50% of all stolen tokens will be recovered. They include Velo ($76 million), Tether ($22 million), Orion ($10 million), KardiaChain ($10 million), Ocean Protocol ($9 million), VIDT Datalink ($7 million), NOIA Network ($5 million) and Covesting ( $600,000).

As a reminder, on September 26, KuCoin CEO Johnny Liu confirmed the hacker attack on the exchange. According to observers, as a result of unauthorized withdrawal of funds from hot wallets, the damage amounted to $ 150 million.

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