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KuCoin slowly recovering from latest hack

Photo of: Nathan VDH
by Nathan VDH

After more than $200 million worth of cryptocurrencies were hacked in September, KuCoin is now ready to operate normally. The exchange announces that withdrawals and deposits are operational for all tokens.
KuCoin had a turbulent month in September. A hack resulted in the theft of nearly $200 million worth of its wallets – and more, according to Chainalysis. Bitcoin, Ethereum, Tether, and other ERC-20 tokens were disappearing from the exchange.

The recovery was complex for the crypto-market. Since October, the reopening remained partial. KuCoin can function normally again. In a blog post, the company indeed specifies that the deposit and withdrawal services are operational for all the tokens.

Well, almost. Restrictions still apply to withdrawals of certain chips. “Due to ongoing legal proceedings for some chips, daily withdrawal limits will be implemented for a few chips,” acknowledges KuCoin.

Nevertheless, the cryptocurrency exchange can look forward to the future. Thanks to the collaboration of various players in the crypto-sphere, the exchange managed to limit the damage and even to recover a large part of the tokens that had been stolen by hackers.

At the beginning of October, its CEO announced that an additional $64 million in assets from suspicious addresses had been returned to its vaults. This brought the total value of the recovered assets to $204 million.

Better yet, KuCoin believed he had uncovered the identity of the hackers. Last month, the crypto stock exchange claimed to have “substantial” evidence about them.

“After a thorough investigation, we found the suspects in security incident 9.26 #KuCoin with substantial evidence at hand. Law enforcement and police are officially involved to take action,” they wrote.

While the record-breaking hack of 2020 now seems to be a thing of the past, the skies are not completely cloudless for the company. As Cointelegraph reminds us, the exchange is facing legal wrangling in both the United States and Singapore.