The hacker who stole hundreds of millions of dollars from Singapore-based cryptocurrency exchange KuCoin is reportedly using decentralized exchange Uniswap to launder the funds.

Big Four” accounting firm EY has announced the launch of a new tool to analyze data on the Bitcoin blockchain, as part of the EY Blockchain Analyzer product suite. A beta version of the tool is available free for individual use.

New Zealand’s tax authority has reportedly requested that cryptocurrency firms in the country share their customers’ personal details and cryptocurrency asset values.

Sponsored: Crypto.com announced the launch of "Supercharger” on its Exchange: a liquidity mining platform for the most popular DeFi projects. 

Top stories in the Crypto Roundup today:

• KuCoin Hacker Uses Uniswap To Launder Stolen Funds
• EY Launches New Tool to Analyze Bitcoin Blockchain Data
• New Zealand’s Tax Authority Asks Crypto Firms to Share customer Info
• Sponsored: Crypto.com Launches Liquidity Mining Platform

KuCoin Hacker Uses Uniswap To Launder Stolen Funds

The hacker who stole hundreds of millions of dollars from Singapore-based cryptocurrency exchange KuCoin is reportedly using decentralized exchange Uniswap to launder the funds.

The hacker managed to access KuCoin’s hot wallets for various cryptoassets, including BTC, ETH, XRP, and 150 different ERC-20 tokens. To cash out, the hacker moved at least $1.1 million worth of Synthetix (SNX) to Uniswap, and millions worth of LINK to unknown wallets.

Several smaller cryptocurrency projects, concerned the hacker would dump the funds on the market and affect their tokens’ performance, potentially making them look like pump and dump schemes, froze the funds the hacker managed to steal.

About $130 million worth of ERC-20 tokens were frozen or invalidated by the project teams behind them after the hacker managed to steal them from KuCoin. The cryptocurrency exchange said only its hot wallets were affected, as these were connected to the internet. KuCoin is offering up to $100,000 to anyone who provides valid information on the security breach.

EY Launches New Tool to Analyze Bitcoin Blockchain Data

"Big Four” accounting firm EY has announced the launch of a new tool to analyze data on the Bitcoin blockchain, as part of the EY Blockchain Analyzer product suite. A beta version of the tool is available free for individual use.

The tool, Explorer & Visualizer, will be available as a service in the near future. It ingrates search functionalities with visualization technology, according to EY, to allow users to “explore, track and analyze in-depth patterns and trends for on-chain data.” This analysis, the firm writes, could support the management of legal, compliance, and fraud risks.

EY’s tool reportedly makes it possible for internal audit teams and forensics accountants to search for specific transactions, addresses, and blocks on the Bitcoin blockchain. The tool’s initial release only supports BTC, but subsequent releases supporting Ethereum are planned.

EY has also launched a new procurement solution on its OpsChain platform, dubbed EY OpsChain Network Procurement, set to allow companies to privately and securely conduct procurement activities on the Ethereum blockchain.

New Zealand’s Tax Authority Asks Crypto Firms to Share customer Info

New Zealand’s tax authority has reportedly requested that cryptocurrency firms in the country share their customers’ personal details and cryptocurrency asset values.

In a statement issued to Radio New Zealand, the Inland Revenue Department (IRD) has requested the information on cryptocurrency firms’ customers in order to better understand the cryptocurrency scene in the country, so it can know how to best help taxpayers meet income tax obligations.

Speaking to Radio New Zealand Janine Grainger, chief executive of the New Zealand-based Easy Crypto, said the IRD must be widening its net because crypto ownership is growing in the country. Grainger said the move was a “heartbreaking” breach of privacy and autonomy.

Did SushiSwap Really “Steal” Liquidity from UniSwap?

SushiSwap is often referred to as a “vampire” protocol because of its intention to take some of Uniswap’s liquidity through a migration to its own ecosystem. SushiSwap was launched on August 28, when Uniswap was the leading decentralized exchange.

It introduced the SUSHI token as a reward for users staking liquidity into specific Uniswap pools, with the intention to, later on, migrate that liquidity to its own ecosystem. These pools are in orange on the image above.

The move generated over $1 billion in liquidity in 4 days. On September 5, SushiSwap co-founder Chef Nomi cashed out $14 million, which made some doubt the project. This caused the first deep in liquidity staked in Uniswap Pools.

On September 8, SushiSwap migrated over $800 million in liquidity to its own protocol, following its plan. The amount of people who decided to migrate their liquidity over to SushiSwap is represented in grey. The remaining orange represents the amount of liquidity that stayed in Uniswap after the migration. 

Most chose to migrate over to SushiSwap to keep earning SUSHI rewards for staking. On Uniswap’s liquidity pools, users were rewarded with the 0.3% fee on all trades for providing the platform with liquidity, while on SushiSwap there was an added bonus.

On September 16, Uniswap countered that bonus with the launch of the UNI token. The decentralized exchange minted 1 billion tokens to be released over then ext for years, as a reward for staking in Uniswap liquidity pools. This boosted the amount deposited on Uniswap, which now has over $2 billion in total value locked, while SushiSwap has less than $400 million.

Crypto.com Launches Liquidity Mining Platform

Crypto.com announced the launch of "Supercharger” on its Exchange: a liquidity mining platform for the most popular DeFi projects. 

The first project to launch on Supercharger is Uniswap (UNI). Crypto.com Exchange users will receive UNI tokens as rewards for depositing CRO tokens into the Supercharger liquidity pool. 

Participants can deposit as little as 100 CRO to receive their share of $500,000 USD worth of UNI. The more CRO they deposit, the higher the potential allocation. Sign up for the Exchange to participate, and read more about the event here. 

Event timeline:

• Deposit Period: 30 September 8:00AM UTC - 30 October 8:00AM UTC 
• Distribution Period: 31 October 8:00AM UTC -  30 November 8:00AM UTC

Find out how to calculate your rewards here.

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