KuCoin recovered 84% of stolen crypt coins after a US$280 million hack, says co-founder


KuCoin recovered 84% of stolen crypt coins after a US$280 million hack, says co-founder

KuCoin has resumed full services for 176 of the total 230 marketable assets to date.

The KuCoin crypto exchange has recovered most of the funds lost in a $280 million hacking incident in September, a senior executive said.

Johnny Lyu, co-founder and CEO of KuCoin, announced on November 11 that the exchange had recovered 84% of the stolen assets. Lyu said the recovery process involved „on-chain monitoring, contract updates and judicial recovery“. He also noted The News Spy that the exchange will publish more details on the recovery once the case is closed.

Hacked KuCoin exchange resumes deposits and withdrawals of crypto currencies
According to Lyu, KuCoin has resumed full services for trading 176 tokens on its platform. He said that services for the remaining currencies are scheduled to reopen before 22 November. As previously reported, KuCoin has a total of 230 tradable assets on its platform.

When announcing the news on Twitter, Lyu did not specify the exact amount of assets lost due to the hacking incident. KuCoin initially estimated user losses at USD 150 million, while cryptanalysis company Chainalysis later estimated losses at USD 275 million.

Hacking KuCoin unpacked: More crypto currencies may have been stolen than originally feared
Lyu previously told Cointelegraph that the rape affected hot wallets containing Bitcoin (BTC), Ether (ETH) and ERC-20 tokens. A large number of stolen ERC-20 tokens were subsequently frozen by major cryptomoney projects in an effort to prevent withdrawals. In early October, Lyu announced that KuCoin executives managed to find the suspects of the attack with „substantial evidence at hand“.

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