CZ confirms stolen funds not deposited into Coin An, found at MEXC and KuCoin

According to reports, CZ tweeted that after reviewing the transaction analysis by the Coin An team, the stolen funds of Terraport were not deposited into Coin An, and it was detected that some of the stolen funds had been deposited into MEXC and KuCoin.

Coin security team: Some of the stolen funds from Terraport have been deposited into MEXC and KuCoin

As the cryptocurrency market continues to evolve, so do the risks associated with it. One such risk is that of hacks and theft, which can lead to large sums of money being lost by unsuspecting investors. In recent news, Terraport, a cryptocurrency exchange, was hacked and millions of dollars worth of digital assets were stolen. CZ, the CEO of Binance, one of the largest cryptocurrency exchanges in the world, tweeted that after reviewing the transaction analysis by the Coin An team, the stolen funds of Terraport were not deposited into Coin An, and it was detected that some of the stolen funds had been deposited into MEXC and KuCoin. Let’s take a closer look at this incident and what it means for the crypto community.

What happened at Terraport?

Terraport, a cryptocurrency exchange based in South Korea, was hacked on 22nd February 2021. Hackers stole over $30 million in digital assets from the exchange, including Bitcoin, Ethereum, and XRP. The exchange immediately suspended all withdrawals and deposits, and began investigating the incident with the help of external experts.

CZ’s tweet

After the hacking incident at Terraport, CZ tweeted that according to the Coin An team’s transaction analysis, the stolen funds were not deposited into Coin An. He also mentioned that some of the stolen funds had been found at MEXC and KuCoin, two other cryptocurrency exchanges.
CZ’s tweet is significant because it shows that the crypto community is working together to combat hacking incidents and prevent stolen funds from being laundered through other exchanges. It also demonstrates the importance of transparency in the crypto industry, and the need to work together to protect investors’ funds.

What does this mean for the crypto community?

The hacking incident at Terraport highlights the need for increased security measures in the crypto industry. While exchanges are constantly updating their security protocols, hackers are finding new ways to bypass them. This means that investors need to be vigilant and take measures to protect their digital assets, such as using strong passwords and two-factor authentication.
The discovery of the stolen funds at MEXC and KuCoin is also significant. It shows that exchanges are working together to prevent stolen funds from being laundered through the industry, and that the crypto community as a whole is committed to preventing hacking incidents and protecting investors’ funds.

Conclusion

The hacking incident at Terraport is a reminder of the risks associated with investing in the crypto industry. However, the discovery of the stolen funds at MEXC and KuCoin, and CZ’s tweet about the transaction analysis, show that the industry is working together to combat these risks and protect investors’ funds. The crypto community must continue to work together and remain vigilant to prevent hacking incidents and ensure the security of digital assets.

FAQs

1. What is Terraport?
Terraport is a cryptocurrency exchange based in South Korea.
2. What happened at Terraport?
Terraport was hacked on 22nd February 2021, and over $30 million in digital assets were stolen.
3. What was CZ’s tweet about?
CZ tweeted that after reviewing the transaction analysis by the Coin An team, the stolen funds of Terraport were not deposited into Coin An, and it was detected that some of the stolen funds had been deposited into MEXC and KuCoin.