KuCoin Exchange Hacked. $150 m stolen. Could Verus ID have prevented this?

According to this article on Decrypt, approx $150 million of BTC, ETH and other crypto were transferred out of KuCoin exchange late on September 25th due to the private keys of the hot wallet being compromised.

I have recently been researching Verus and Bartertrade (@bartertradeio). My understanding is that Bartertrade (main-net goes live next month) will offer off-chain wallet connections, and Verus offer a unique ID protocol which are revocable and recoverable which can prevent unauthorised withdrawal of your crypto.

VerusIDs can be used to receive and send funds, which are controlled by the single or multi-sig addresses specified in the identity itself. If these controlling addresses or the single or multi-sig properties are changed, which can be done by the controller of the identity, all future spends of UTXOs sent to that identity follow the updated spend conditions and are subject to the updated keys. Although Verus 0.6.0 does not include quantum resistant signatures for transactions, VerusIDs are themselves resistant to quantum attack with known algorithms, and we have already started to integrate a quantum secure signature scheme, which we expect to activate on mainnet early next year. When that is available, it will be possible to change an ID and have all of the funds sent to it made retroactively quantum resistant. Verus IDs can also be used to publish ID->destination address mappings on other blockchains, but only the Verus ecosystem has the ability to revoke, recover, inherit, funds in existing UTXOs. Read more about Verus ID's.

I'm still learning about this, but i think that using exchanges with off-chain wallets and Verus ID will be the future of crypto security to avoid future theft of coins.

Namaste Atma

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