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Even as the crypto industry has gained traction, many digital currency exchanges are still vulnerable to attacks by cybercriminals. In February 2020, Italian crypto exchange Altsbit lost around $70,000 worth of digital currencies. South Korean exchange Upbit reportedly lost around $51 million worth of Ethereum in November 2019. Japanese exchange Bitpoint was also compromised, resulting in a loss worth $30 million. In May 2019, Binance figured in a high-profile incident that had bad players running off with $40 million worth of Bitcoin.
Just recently, KuCoin published an official statement confirming the reported anomalous large withdrawals of Bitcoin (BTC) and Ethereum (ETH) tokens from the KuCoin exchange. The funds were transferred to several crypto wallets listed in an updated statement from Kucoin.
The Singapore-based digital asset