Community Questions: the KuCoin Incident

This article was first published on Ambrosus - Medium

Following the requests from community members, the Ambrosus Team would like to issue this informative statement to community members: we were informed that Native Amber appears to be unaffected in any manner from the KuCoin Hack. While the KuCoin team responded professionally to the hack, and acted swiftly to contain future issues according to the information provided by KuCoin, Ambrosus community members were not affected in any manner as Amber is no longer an ERC20 token, but rather its own native standard. Due to questions and concerns from the community, this is a short overview of what happened, and how Ambrosus is positioned during this event. For any further questions feel free to reach out on telegram!

The KuCoin hack

On September 26, allegedly $200 million worth of a variety of digital assets on KuCoin were transferred out of the exchange, onto Decentralized Exchanges (Forbes, September 2020). KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. The exchange launched in 2017 and has steadily grown on its multiple fronts and conquered a large market share ever since.

Since the recent exchange hack, the KuCoin team took immediate action, effectively setting up an (internal) security audit, suspending all deposit and withdrawal transactions, and more. Moreover, the team has stated that if any user’s funds had been affected by the incident, the KuCoin insurance fund would cover their losses. Meanwhile, KuCoin Global CEO Johnny Lyu stated that the KuCoin Special Task Force has guaranteed that 10 different coins with the total value of over $140 million USD are now out of the control of suspicious addresses (KuCoin).

$AMB on KuCoin

Earlier this year, Ambrosus initiated its token swap procedure, in order to fully transition to its native asset for its custom native Main-Net. Originally, the Amber token ($AMB) ...

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