KuCoin Recovered 84% Of All Stolen Funds, CEO Confirmed

It seems that KuCoin recovered 84% of all stolen funds or $235 million from the $280 million stolen a month ago. The exchange promised that all services will return to normal in the next two weeks so let’s read more in today’s cryptocurrency news.

Over a month after being hacked and drained for about $300 million worth of various cryptocurrencies, the exchange KuCoin recovered 84% of all funds. The company’s CEO explained that they will resume full services for the tokens by November 22^nd. As reported back in September, the cryptocurrency exchange KuCoin experienced a “security incident” which resulted in the loss of millions of dollars worth of different digital assets.

(1/3) Latest updates about #KuCoin Security Incident: So far, 84% of the affected assets 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.

— lyu_johnny (@lyu_johnny) November 11, 2020

The initial reports claimed that the stolen amount was about $150 million and became known later that the number was about $280 million. The exchange collaborated with law enforcement agencies to investigate the case. Right after that, KuCoin asserted that they found out the identities of the perpetrators. Earlier today, the company an co-founder and CEO Johhny Lyu provided some more news. He said on Twitter that 84% of the affected assets were recovered via approaches like on-chain tracking, judicial recovery, and contract upgrade.

This percentage means that KuCoin recovered about $235 million out of $280 million stolen. The normal services will return by November 22^nd. KuCoin’s CEO noted that he said he was glad his company dealt with “this incident in an open and transparent manner, always putting our users first. Looking forward, KuCoin will continue to safeguard our users and bring more crypto hidden gems to the world as we did.”

Lyu believes that this incident will result in a stronger crypto community and thanked all of the parties that assisted with the investigation but said that the company will publish further details once the case is closed. It’s worth noting that $280 million stolen places the KuCoin hack as the third-biggest one in the industry.

As reported previously, The hacked KuCoin exchange resumed its deposit and withdrawal services for BTC, ETH, and USDT which were disabled after the recent $280 million hacks. Before opening its services, the platform performed a “wallet security strategy upgrade” for the coins and now to protect the funds, the exchange generated new deposit addresses for BTC, USDT, and ETH. KuCoin was hacked on September 26, and at that time the platform stated that the hackers used a private key that was leaked to access its wallets and to steal more than $280 million worth of cryptocurrencies