The present bullish trend in the ever-changing financial asset has definitely brought in some bad players whose motive primarily is to rob crypto traders, investors, and larger entities of their hard-earned assets.
Just a few hours ago an advanced crypto tracker, Whale Alert revealed an Ethereum robber transferred about 1.5 million dollar worth of Ethereum from Kucoin Exchange to another wallet.
⚠ 4,000 #ETH (1,469,285 USD) of stolen funds transferred from Kucoin Hack 2020 to unknown wallet
— Whale Alert (@whale_alert) October 17, 2020
Back story: Some weeks ago, Nairametrics reported KuCoin Global CEO, Johnny Lyu commented on a reported hack after private keys linked to crypto wallets got exposed and might have affected over $150 million in user funds.
He said that the findings of the internal security audit report, revealed part of Bitcoin, ERC-20, and other tokens in KuCoin’s hot wallets were transferred out of the crypto exchange, which contained few parts of the total assets holdings.
That said, the education against crypto fraud seems to be bearing fruit in Africa as a report retrieved from Chainalysis, Blockchain forensics, discovered that crypto players in Africa are less likely to fall victim to scam addresses than crypto traders located in other geopolitical zones.
How to protect your cryptos
Using cold wallets or a proprietary smartphone is recommended. These are specifically designed tools to keep your crypto from falling into the hands of hackers on the internet.
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