KuCoin Recovers Majority Of Funds Lost In A $280 Million Hacking Incident In September
KuCoin Recovers Majority Of Funds Lost In A $280 Million Hacking Incident In September
November 13, 2020
KuCoin Recovers Majority Of Funds Lost In A $280 Million Hacking Incident In September
KuCoin Recovers Majority Of Funds Lost In A $280 Million Hacking Incident In September
November 13, 2020

KuCoin, the cryptocurrency exchange, has recovered the majority of funds lost in a $280 million hacking incident in September.

It has been reported that Johnny Lyu, the co-founder and CEO of KuCoin, said that the exchange has now recovered 84% of stolen assets.

However, Lyu said that the recovery process involved “on-chain tracking, contract upgrade, and judicial recovery” as he also noted that the exchange will publish more details on reimbursement once the case is closed.

Lyu further said that KuCoin has resumed full services for 176 tokens trading on its platform. He said that services for the remaining coins are scheduled to be reopened before November 22.

As previously reported, KuCoin has a total of 230 tradable assets on its platform.

Likewise, Lyu did not specify the exact amount of assets lost to the hacking incident.

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KuCoin initially estimated user losses to account for $150 million, while crypto analytics company Chainalysis subsequently estimated losses at $275 million.

Previously, Lyu said that the breach affected hot wallets holding Bitcoin (BTC), Ether (ETH), and ERC-20 tokens. A large number of stolen ERC-20 tokens were subsequently frozen by major crypto projects in an effort to prevent withdrawals.

Thus, in early October, Lyu announced that KuCoin executives managed to find the suspects of the hack with “substantial proof at hand.”

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.