The Time Farm platform allows users to earn 100,000 $SECOND tokens by answering daily quiz questions. On September 13, 2024, the quiz focuses on a significant event in cryptocurrency history: the KuCoin exchange hack. This incident, which took place on 26 September 2020, resulted in the theft of over $285 million in various cryptocurrencies from KuCoin’s hot wallets.
Time Farm Daily Combo Question 13 September
The KuCoin hack is one of the most significant thefts in cryptocurrency history. On September 26, 2020, hackers exploited vulnerabilities in KuCoin’s hot wallets, resulting in a massive loss. The KuCoin team responded swiftly, transferring the remaining assets to cold storage and collaborating with law enforcement to recover stolen funds.
- The hackers stole over $285 million in BTC, ETH, and other cryptocurrencies.
- KuCoin managed to recover 84% of the stolen funds through cooperation with other exchanges.
- The exchange had to activate its insurance fund to cover the remaining losses.
Lessons from the KuCoin Hack.. Protecting Your Assets
One key takeaway from the KuCoin incident is the importance of using cold wallets to store most crypto assets. In Kucoin’s case, the team moved funds from compromised hot wallets to cold storage to mitigate further losses.
Strengthening Exchange Security
To prevent future incidents, exchanges like KuCoin have invested heavily in upgrading their security protocols and have discarded the compromised hot wallets. Users are encouraged to follow security best practices such as enabling two-factor authentication (2FA) and using hardware wallets for long-term storage.
To participate in the quiz and earn $SECOND tokens, visit the Oracle of Time section on Time Farm’s platform and answer today’s question!
