Cryptocurrency exchange KuCoin confirms recovering 84% of the funds that were lost in a major hack that shook the crypto industry on September 26.
The exchange claims that it has always focused on the users and their needs ensuring a secure trading atmosphere.
KuCoin CEO confirms 84% recovery
Back in September, the KuCoin exchange hack exposed major vulnerabilities in the sector, but now KuCoin has come forward and reported that it has recovered about 84% of the $281 million hacked amount. The exchange’s CEO confirmed the development through a series of tweets mentioning that the recovery was done through on-chain tracking, contract upgrade, and the use of the judiciary system.
“KuCoin has resumed the full service of 176 tokens and all others are scheduled to be re-opened before November 22. Again, I would like to thank all the individuals and institutions who helped us in this incident, together, we will make a stronger crypto community.”
What KuCoin stands for
Lu also mentioned that the KuCoin exchange has been people-focused and they have always maintained a high level of transparency while dealing with the hack. He said that user safety would be its prime responsibility beyond anything else.
KuCoin mentioned that in the hack which happened on September 26 the attackers also had leaked the private keys to the wallets of the exchange. Obviously with private keys in the hands of the attackers, the funds were in jeopardy but the exchange confirmed that it had the funds to compensate for all of the losses. KuCoin still maintains that it is aware of the individual or the group which orchestrated the hack and it is also working with the judicial authorities and law enforcement to grab the real culprit.
The CEO confirmed that once everything is in place it will surely make a public announcement recounting all the details. The exchange confirmed that out of the hacked amount, 72% of it is out of the control of the suspicious addresses but 13% has already been exchanged on decentralized exchanges and was not in the control of the exchange.
Disclaimer
The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.
