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Babb Statement on KuCoin security incident on 25 September 2020
London, 28 September 2020

BABB has been made aware of the KuCoin security incident on the 25th of September 2020, and based on the information available from Etherscan, we could see that about 11bn BAX were stolen from KuCoin’s pooled BAX client fund wallet. We condemn such criminal actions and are happy to see KuCoin assure that immediate steps are being taken to protect the interests of their customers, which includes BABB, and also work with the relevant authorities to action the matter and protect the reputation and trust of the market in the cryptocurrency industry.

We would like to assure our customers that the security breach at KuCoin is an attack that has not affected the BAX funds held in the BABB Platform, those held in other exchanges such as CoinTiger nor those held in individual Ethereum wallet addresses. There has been no security breach that we are aware of in these wallets. We nevertheless continue to be vigilant of any further hacking attempts and reassure our customers that we are doing our best to protect the funds we hold on their behalf. Our operations continue as usual, but we are evaluating our options to make sure we continue to protect our customers and reduce any potential risk exposure that may unnecessarily affect our customers. We shall keep everyone updated as this situation develops.

Babb continues to follow the updates from KuCoin and we are happy to see KuCoin continue to provide updates and reassure its customers that their funds are protected and that the lost funds will be reimbursed as needed. Please see the updates on their website for further information. We will of course do our best, within the limits of what we can and are allowed to do, to support KuCoin in finding a resolution to this incident particularly as it relates to anything that is necessary to maintain the trust and security of BAX in the market. Let us all be vigilant and work together to keep our industry safe and secure!

Your BABB Team