Project Teams Freeze $130 Million of the Kucoin Hack, Debate on Centralization of code is Heating
All of the cryptocurrency community has been discussing the Kucoin hack which has been a huge part of discussions the reason being that many ERC20 projects have had their smart contracts frozen, suspended, or canceled after the hack.
Thus saving at least $129 million ERC20 tokens from the clutches of a hacker.
Since the exchange was hacked on September 25, 2020, the Kucoin hack has become the talk of the crypto communities these days.
As per the analyst’s report, they had already stolen about $280 million.
While continuing Larry Cermak, director of black crypto research, said that
“While the initial loss was off about the $280 million. Thus making it the third-largest hack in history but while comparing with the previous hacks in the crypto industry this hack was about 7 times bigger than the Binance hack last year.
Although as per the talks with the firm it has been confirmed a way to freeze the previously stolen funds.
Other token projects that participated in the ‘$129 million re-boot’ included Kardiachain ($9M), VIDT Datalink ($7M), Velo Labs ($76M), Orion Protocol ($8.5M), Aleph token ($510k), Covest ($520k), NOIA Network ($5M) respectively.
Now the project is being criticized for not being decentralized and executing rollback not seen since the 2017 DAO hack.
With this Jameson Lopp tweeted that
“History will not repeat itself, but still the conditions are pretty much the same”. Thus confirming the rollback of the platform.
Although the Kucoin Exchange was directly working under the ERC20 project with other developers people from other platforms such as the Tron and the Omni Layer also reported being frozen after this issue.
An estimate says that a huge percentage abut 50-65% of the Kucoin that were hacked will be removed as per the centralized decision making.
