Bitcoin

KuCoin recovered 84% of stolen cryptocurrencies after hacking $ 280 million, says co-founder

The cryptocurrency exchange KuCoin recovered most of the $ 280 million in funds lost in a September hacking incidentsaid a senior executive.

Johnny Lyu, Co-Founder and CEO of KuCoin, display on November 11th that The exchange had reclaimed 84% of the stolen property. Lyu said the recovery process included “chain monitoring, contract update and judicial recovery.” He also noted that the exchange will post more details about the refund once the case is closed.

According to Lyu KuCoin has resumed full service for trading 176 tokens on its platform. He said the services for the remaining coins should reopen before November 22nd.. As previously reported, KuCoin has a total of 230 tradable assets on its platform.

KuCoin recovered 84% of stolen cryptocurrencies after hacking $ 280 million, says co-founder
KuCoin recovered 84% of stolen cryptocurrencies after hacking $ 280 million, says co-founder

By announcing the news on Twitter, Lyu did not specify exactly how many assets were lost in the hacking incident.. KuCoin initially estimated user losses at $ 150 million, while cryptanalysis firm Chainalysis subsequently estimated the losses at $ 275 million.

Lyu previously told Cointelegraph that The violation concerned hot wallets with Bitcoin (BTC), Ether (ETH) and ERC-20 tokens. A large number of stolen ERC-20 tokens were subsequently frozen by major cryptocurrency projects to prevent withdrawals. In early October, Lyu announced that KuCoin executives had succeeded in finding suspects in the attack with “substantial evidence”.

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