Johnny Lyu, the CEO of Crypto exchange KuCoin Global informed all the crypto enthusiasts about the much talked about KuCoin hack case that garnered news headlines for the last few days. The KuCoin hack had startled the crypto world after hackers sniped into the crypto exchange after a security breach on Sep 26, 2020, and caused a total loss of 280 Million USD in digital assets. However, the founder informed that the hackers had been traced now.
KuCoin Team Working With Peers and Legal Authorities To Retrieve Funds
On Sep 26, KuCoin was hacked for the first time, and the hackers transferred crypto assets from the exchange. The KuCoin team took all the necessary prevention steps like contacting the exchanges and the international law agencies to help regulate the case and get back the funds stolen during the hack. The KuCoin founder hosted a Live stream to inform about the same on Sep 26.
On Sep 2 nd he tweeted to inform that the hack was one of the most massive hacks in history and reportedly seven times bigger than the Binance hack that happened last year.
So, I did some accounting of the KuCoin hack based on the wallets very likely associated and based on my estimation. There were nearly $280 million of assets stolen, not $150M.
KuCoin head now gave an important update through his twitter account, which informed the users about the investigation into the matter and snatched the hackers of the Sep 26 hack with robust proof to back the case. They also said that the legal forces and police are taking relevant action against hackers. He also thanked the various counterparts in the crypto industry for all the help during the malignant incident. He informed that 64 Million USD worth assets were brought back from the suspicious addresses
KuCoin Up and Running Now
The company has already opened to trading services i.e., deposit and retrieval for 31 tokens. The trading for more coins would open up in the coming days, including that for USDT, BTC, and ETH. KuCoin chief informed the users that the exchange is coming back to being fully functional soon.