KuCoin recovered 84% of stolen crypto after $280M hack, says co-founder
KuCoin has resumed full services for 176 out of the total 230 tradable assets to date. KuCoin cryptocurrency exchange has recovered the majority of funds lost in a $280 million hacking incident in September, a senior executive has said.Johnny Lyu, co-founder and CEO of KuCoin, announced on Nov. 11 that the exchange has now recovered 84% of stolen assets. Lyu said that the recovery process involved “on-chain tracking, contract upgrade and judicial recovery.” He also noted that the exchange will publish more details on reimbursement once the case is closed.According to Lyu, KuCoin has....
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Kucoin chief executive officer Johnny Lyu revealed Wednesday that the exchange recovered 84%, or $235 million, of the $280 million stolen in one of crypto industry’s biggest hacks in September. In a tweet, Lyu said the affected funds have been recovered “via approaches like on-chain tracking, contract upgrade and judicial recovery. As asked by the law enforcements, we will publish all the details once the case is closed.” The Kucoin co-founder stated that the exchange has resumed trading for 176 tokens and the rest will be re-opened before November 22. Hackers made off....
According to the Kucoin exchange CEO Johnny Lyu, the trading platform has recovered $204 million in crypto assets since October 1. The exchange executive says the hacking suspects have been “found” and the “police are officially involved” in order to take action. On September 25, 2020, the crypto community found out that the Kucoin exchange was hacked for a great number of assets. Estimates say 1,008 BTC was stolen, along with 14,713 BSV, 26,733 LTC, 9,588,383 XLM, Omni and EOS based tether (USDT) worth $14 million, $153 million of ether and ERC20s, and over 18....
KuCoin users were unaffected by the $285 million hack of 2020, as insurance funds covered the $16 million unrecovered from the incident. KuCoin CEO Johnny Lyu has revealed that users did not suffer losses on account of the hack that occurred in 2020. The KuCoin chief made this known as part of a letter titled “2020, 2021, and Beyond.”Back in September 2020, the cryptocurrency exchange suffered a security breach with 230 different cryptos stolen from its hot wallet. At the time, the total theft amounted to about $285 million.In the letter, Lyu revealed that the combined efforts of other....
Some token projects say they're left holding the bag following a hack that drained the KuCoin crypto exchange of $280 million.
Kucoin, one of the leading crypto exchanges, suffered a hacking incident in 2020 where over $250 million was stolen. However, immediately after the hacking was reported, Kucoin began cooperating with various players from the crypto industry. This cooperation ultimately led to the recovery of a large chunk of the stolen funds. Kucoin’s Recovery From Attack It is now close to a year since the hack, yet Kucoin remains one of the leading crypto exchanges in the world and one that is favored by many users in Africa. Kucoin’s quick recovery from the incident can be attributed to many....