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KuCoin towards full recovery resumes BTC, ETH, USDT deposits and withdrawals

Photo of: Sangeetha Golchha
by Sangeetha Golchha

KuCoin hack discussion and aftermath are still trending but while KuCoin tries to salvage the damage, on one hand, it has also started Bitcoin deposits and withdrawals. 

In an official announcement made on October 7th, KuCoin has revealed that it has resumed deposit and withdrawal functions for crypto tokens Bitcoin, Ether, and ERC20-USDT. The platform has notably conducted a wallet security upgrade for these tokens specifically for which the services have been resumed. 

KuCoin has left no stone unturned to ensure that the platform is characterized by features of safety and secure transactions. This is important to instill confidence back in the system and to bring them back to the exchange. In a bid to double ensure the safety of the customer’s funds, KuCoin has acted by generating new deposit addresses for BTC, ETH, and USDT. The old addresses will still be functioning but in the announcement, the platform has advised the users to make the necessary updates. As of now, EOS and TRON’s TRC has been activated only for deposits. 

In another announcement, the platform further revealed that full services for 60 cryptos have already begun. The steps taken were slow but much-required considering it has to consider business continuity. KuCoin is actively engaged with its partners to come out of this turmoil and bounce back to business as usual. A lot of important projects associated with the KuCoin exchange had taken proactive measures so that further damage can be curbed. Some of the prominent platforms’ actions include:

  • Freezing of 22 million USDT tokens by Tether as confirmed by Bitfinex CTO Paolo Ardoino.
  • Ampleforth (AMPL) announced that they disabled transfers of the 14.82 million AMPL tokens (about $10.89 million) from the attacker.
  • Ocean Protocol(OCEAN) said that the tokens recovered from the KuCoin hack were returned to KuCoin wallets. Deposit and withdrawal are available on KuCoin now.
  • Covesting (COV) announced that they froze the 3.12 million COV tokens (about $600K) that were transferred to the suspicious address.

These and many other KuCoin partners had to take action immediately after the news of the hack rolled out. KuCoin also went a step ahead to publish some of the most suspicious addresses that it has been monitoring rigorously for some time. It has requested the necessary stakeholders to block these addresses to avoid any future mishap. 

As reported by Bitreporter hackers went on to exploit KuCoin’s hot wallets and stole $150 million worth of cryptocurrencies. The platform had ensured and appeased the users that will return back the funds to the affected users but as per the latest reports, the amount of the hack could be close to $280 million.

It also was reported that out of the $280 million worth of crypto stolen, the hackers had already sold $17.1 million tokens for Ether at DEXs. DEX was smartly chosen by hackers because there are no obligations for KYC. As of now, KuCoin’s top leadership claims that the ongoing investigation has helped to detect the suspects in the hack with substantiation which will help the authorities nail down the culprit.