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Ocean Protocol Takes Steps To Prevent KuCoin Hacker From Cashing Out

Emily Mason

Summary: After the $150 million KuCoin hack, data service Ocean Protocol has suspended its old contract on the Ethereum blockchain. The protocol has migrated from old token addresses to new ones to prevent KuCoin hackers from offloading 21 million OCEAN tokens worth $8.6 million, according to a recent announcement from the Ocean team.  Moving contract addresses ...

After the $150 million KuCoin hack, data service Ocean Protocol has suspended its old contract on the Ethereum blockchain.

The protocol has migrated from old token addresses to new ones to prevent KuCoin hackers from offloading 21 million OCEAN tokens worth $8.6 million, according to a recent announcement from the Ocean team.  Moving contract addresses will make it near-impossible for the hacker to launder their funds. 

KuCoin was hacked on Friday, September 25 when a malicious actor gained access to the platform's hot wallet keys. KuCoin plans to cover the losses with insurance funds. 

By Emily Mason

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