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30 October 2020

Singapore Crypto Exchange Ku Coin Loses More than $100 Million in Hack | Live Bitcoin News

Singapore Crypto Exchange Ku Coin Loses More than $100 Million in Hack | Live Bitcoin News


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We are locating the reason for the incident and will keep you updated once it is confirmed.

Please rest assured that if any user fund is affected by this incident, it will be completely covered by Ku Coin and our insurance fund.

The first is that Ku Coin offers insurance to its users and looks to keep all digital assets safe under a specific insurance plan.

This is rare for most exchanges, which typically do not offer this kind of coverage considering the cryptocurrency space tends to be very up and down and volatile and doing so typically goes against the decentralized nature of the arena.

The fact that Ku Coin offers such insurance is a powerful thing and suggests that the exchange is big and popular enough to take such steps?

However, the statement clearly shows that the company still employs hot wallet technology to store various cryptocurrencies, which is something that has typically come back to haunt exchanges.

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